Occupy This: Wall Street Pay Rises as Profits Fall

What financial crisis? In 2010, a year when profits on Wall Street fell by more than half, the average salary for securities industry workers in New York City rose 16 percent, to more than $361,000.

So much for New York Mayor Mike Bloomberg’s contention that the Occupy Wall Street protests are misguided because they target people making “$40,000 or $50,000″ a year. He might also be surprised to note (or, more likely, not) how much more pin-stripers in lower Manhattan make than other Gothamites. Securities professionals in New York last year earned roughly 5 times the pay of local private-sector employees, up from twice their average salary in 1981 (see chart at bottom).


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