PDA

View Full Version : market research - 28.5 Billion Reasons it pays to work in Manhattan



Melonie
03-14-2015, 07:40 PM
from

(snip)Wall Street bonuses. In records going back to 1986, the biggest total ever set aside for bonuses on Wall Street was $34.3 billion, in 2006, the last year of bubble-era profits. In 2007, despite huge losses, the bonus pool was $33 billion. In 2008, despite bigger-than-huge losses and bailouts galore, it was $17.6 billion. The next year, it had rebounded to $22.5 billion. It has been pretty much uphill since then. In 2014, it was $28.5 billion or $172,860 on average for Wall Street employees.

There are several ways to put those figures into perspective, all of which indicate that the bonuses are excessive. The Washington Post pointed out that Wall Street’s profits in 2014 were the ninth largest in the past 20 years, while the bonus pool and the average bonus were the third highest over the same period. Profits down, bonuses up. Go figure.

The comptroller, Thomas DiNapoli, pointed out that the average annual salary plus bonus on Wall Street, at nearly $356,000 in 2013, was five times as high as that for workers in the rest of the city’s private sector. The bonuses alone were more than three times the median household income in the United States of about $52,000 in 2013.(snip)


To put the sheer magnitude of Wall Street earnings in perspective, the article links to a study which shows that the 28.5 billion dollars worth of bonus money being paid to ~168,000 Wall Street bankers and brokers is almost 50% higher in total dollar terms than the 18 odd billion dollar cost of giving a $5 per hour pay raise to the nation's 2.9 million bartenders and waiters.


From an adult entertainment industry perspective, of course, with or without a $5 an hour raise, bartenders and waiters aren't ever going to be able to afford to spend significant amounts of money on dancers or escorts. A very different story for Wall Street workers with average earnings of $356,000 per year. And remember that we're talking about 168,000 Wall Street workers who are concentrated in and around a single city !!!

423texas
03-17-2015, 02:11 PM
Good post Mel,

And it's been good to have you back. I generally just scan SW and read the good posts these days. It wasn't the same without you.