Posts tagged banker
Posts tagged banker
They might be getting paid more than the rest of us, but that doesn’t mean they’re complaining less.
More than two-thirds of financial professionals said they were unsatisfied with their pay package last year, according to a recent survey from recruiting firm Selby Jennings. But despite the fact that the average Wall Street salary was $363,000 last year, bankers are still more likely to feel underpaid than their counterparts in other industries.
About one in three workers say they work in a job that is too high-stress and pays too little, according to a recent survey from the American Psychological Association. And about 20 percent of workers said in an August 2012 Gallup poll that they aren’t “satisfied” or “completely satisfied” with their pay.
So why, when bankers make about $300,000 more than the rest of us on average, are they so much more upset? It could be because lawmakers and the media have focused on banker salaries in the wake of the financial crisis. Critics argue that financial industry staffers get paid too much, especially considering the bailouts their companies have received.
It may also be because they’re accustomed to getting paid more. In the wake of the meltdown, Wall Street pay dropped as banks were subject to scrutiny. In recent years, salaries have been working their way back up.
Globally, banker pay rose by $13 billion last year, even as European lawmakers have proposed a cap on senior staffers’ bonuses. But don’t expect similar curbs in the U.S., especially if big bank CEOs have anything to say about it. JPMorgan Chase head Jamie Dimon said late last year that capping banker pay would pave the way for socialism.
Investors should brace for three or four months of jittery markets due to uncertainty over support for Spain and the looming “fiscal cliff” threatening the United States economy, BlackRock Chief Executive Laurence Fink said in an interview on Saturday.
Fink, head of the world’s largest money manager overseeing $3.6 trillion in assets, said he was still bullish on U.S. equities but warned that the stock market could lose 5 to 10 percent in a correction in the final months of the year.
“The next three to four months we are going to probably have greater uncertainty and the market may test itself one more time,” Fink told Reuters during a trip to Tokyo, host to this week’s semiannual meeting of the International Monetary Fund.
Wall Street has plenty of worries heading into autumn, including the stability of the euro zone, persistent United States unemployment and the historically volatile October stock market.
Goldman Sachs has an additional concern: Greg Smith’s book.
Mr. Smith’s memoir, “Why I Left Goldman Sachs,” is set for publication on Oct. 22. The release date comes just seven months after Mr. Smith publicly resigned from the bank with an opinion article in The New York Times detailing his disappointment with Goldman’s business practices that reflected, more broadly, a corrosive culture at the nation’s largest banks.
The article struck a nerve. Within 24 hours, it had more than three million views online. Publishers clamored for the rights to a book. Grand Central Publishing, a division of the Hachette Book Group, secured a deal, offering Mr. Smith an advance of close to $1.5 million, according to people with direct knowledge of the negotiations.