Bank Profits Plunged In 2011, Banker Bonuses Rose

Bank Profits Plunged In 2011, Banker Bonuses Rose

It will come as no surprise to many but everyone’s favorite enemy #1 , the US banker, decided to give himself a well-earned pay-rise in 2011 – according to data from Moody’s Analytics ( via Crain’s ). What is perhaps a little more surprising is the sheer gall of it given that the financial industry profits plunged over 70% from $27.6bn in 2010 to a mere $7.7bn in 2011. While the rise in salaries is not large, and the average man on the street actually saw a bigger rise, the critical point is that for two years in a row – from 2009 to 2010, and now from 2010 to 2011 – banking industry profits have dropped like a stone but the average salary of those oh-so-deserving ‘Wall-Street’ers has risen . Wall Street industry profits: Wall Street average salary (and Main Street): Source: Crain’s New York Business and Zero Hedge

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s