Graphic Sociology linked to a study by the Office of the State Comptroller aiming at understanding the importance of the securities industry to New York City’s economy. It reveals something we already know quite well — that compensation to financial services sector workers is extraordinarily high (~350,000/year) — but also that the relative compensation of financial services sector workers, compared to the average worker in New York City, has increasingly advantaged the former.
This figure, included in the report, shows just how disproportionately compensation in the finance sector has been growing compared to compensation for everyone else. While workers in other private sectors have seen their incomes about triple since 1981, workers in securities are making, on average, eight to ten times what they were making 30 years ago. This means that, while people in finance made about twice what the average worker made in 1981, they now make about six times the income of the average private sector worker.
Comments 7
pduggie — October 19, 2011
is there a chart that tracks profitability of finance companies relative to the profitability of other industries and compares compensation based on that?
What if security companies are also, on average, proportionately more profitable than other industries?
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Guest — October 31, 2011
Perhaps this is alluding to an oft-underrepresented actuality: that workers in the securities industry are often many times smarter than those of other private-sector industries.
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