Thanks, Bureau of Labor Statistics, for confirming what we all knew: Investment banking is extremely lucrative. Based on a recent report, salaries at investment banks are ten times more than all other private sector jobs. The NY Times notes that average i-banking weekly wage is $8,367; all other private sector job average weekly wage is $841. Sigh.
But not all investment bankers are created equal: NYC hedge fund managers can make twice as regular ol' investment bankers, and ones in Connecticut can rake in $23,846 a week. These figures continue to illustrate the extremes of income disparity in the region.
This news probably doesn't make people sympathetic to Wall Street types upset that their bonuses will be less grand this year. And an interesting stat: Investment banking jobs represent one seventh of all private sectors wages in Manhattan.
Photograph of Wall Street by Goggla on Flickr
