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Thanks, Bureau of Labor Statistics, for confirming what we all knew: Investment banking is extremely lucrative. Based on a recent report, salaries at investment banks are ten times more than all other private sector jobs. The NY Times notes that average i-banking weekly wage is $8,367; all other private sector job average weekly wage is $841. Sigh.
But not all investment bankers are created equal: NYC hedge fund managers can make twice as regular ol' investment bankers, and ones in Connecticut can rake in $23,846 a week. These figures continue to illustrate the extremes of income disparity in the region.
This news probably doesn't make people sympathetic to Wall Street types upset that their bonuses will be less grand this year. And an interesting stat: Investment banking jobs represent one seventh of all private sectors wages in Manhattan.
Photograph of Wall Street by Goggla on Flickr
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Investment banking itself is lucrative, not investment banking pay.
It shouldn't be.
Money lending should be the exclusive province of the State, and all interest should be diverted to the public treasury.
Investment banks ARE NOT lending money given to them by "investors" or the public at large. They are issuing Federal Reserve created funds at interest for ownership stakes in companies, or as part of complex financial transactions.
These operations, along with the federal reserve itself, MUST BE SHUT DOWN!
money exchangers is how the founding fathers phrased it.
Jen Chung strikes again!
That's not ten times MORE. It's ten times AS MUCH. (10 times more would be $8,410 more, which would be 11 times as much, or $9,251.)
Don't let this make you sad. I've heard plenty of stories about i-bankers killing themselves, lawyers killing themselves, etc., despite all that cash. When is the last time you heard of a gym teacher killing himself? Or a construction worker? A doorman? Or other jobs which don't pay even close to what those top guys make.
Job satisfaction is worth a lot you know.