Wall Street pay to reach a record high

first_img KCS-content Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Tags: NULL Wall Street pay to reach a record high whatsapp Share whatsapp Show Comments ▼ Tuesday 12 October 2010 9:16 pm WALL Street pay is expected to reach a record high this year, for the second year running.The 35 top public securities and investment-services firms expect to pay staff $144bn (£90.4bn) in compensation and benefits in fiscal 2010, up four per cent from the $139bn paid out in 2009, a new Wall Street Journal study has found.Of the firms surveyed, 26 anticipate compensation will rise this year. The companies, which include investment banks, hedge funds, banks and securities exchanges, expect to pay about 32.1 per cent of revenues to employees.This is the same level as 2009, but lower than the 33.9 per cent of revenue paid out in 2008 and 36 per cent of revenue paid out in 2007.However pay increases appear likely to outstrip growth in revenue, which is forecast to rise three per cent from $433bn to $448bn. Though profits are recovering, the $61.3bn total anticipated profit in the firms surveyed is still about 20 per cent lower than the $82bn generated in 2006.The survey projects Goldman Sachs’ payout will lift 3.7 per cent from $16.2bn to $16.8bn, despite a forecasted 13.5 per cent revenue drop. last_img

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