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- Wall Street premiums fell 17 percent to an average of $ 153,700 last year.
- Despite the decline, Wall Street bonuses are 52% higher than 10 years ago.
- An analysis reveals that if the minimum wage had followed the same growth as the Wall Street premiums, the basic hourly wage would be $ 33.51 per hour.
Wall Street employees saw their typical annual premium slide 17 percent last year to $ 153,700, according to new data from the New York State Comptroller. But do not feel sorry for the banking system, and even for declining years like those of 2018, bankers' bonuses have jumped 1,000% since 1985.
In comparison, the federal minimum wage increased by about 116% over the same period, according to an analysis by the Institute for Policy Studies, a left-wing research center that used the latest data from the controller . If the minimum wage had grown at the same rate as Wall Street premiums, fast food workers and other low-wage workers would receive a base salary of $ 33.51 at the hour, the group said.
Last year, the total premium pool on Wall Street rose to $ 27.5 billion, more than triple the combined gains of the 640,000 US federal minimum wage employees, who are in the US alone. has been set at $ 7.25 since 2009. New states raise their minimum wage to criticize that the federal base salary is not enough to provide a living wage.
At the same time, the wages of the highest-paid American workers have increased, creating a phenomenon that gets richer and richer, which some economists say exacerbating income inequality. The practice of awarding large bonuses to Wall Street leaders also widens the pay gap between men and women and between men and women, with most recipients being white and male, noted IPS.
As for why Wall Street bonuses fell in 2018, it's not because banks were less profitable last year, said New York Comptroller Thomas P. DiNapoli in a statement. In fact, Wall Street has recorded an 11% increase in pre-tax profits for the brokerage business of the New York Stock Exchange, which, according to the controller, is the traditional criterion of earnings in the securities industry.
According to a controller statement, many banks paid higher premiums in 2017 due to changes in the federal tax code that encouraged them to pay more this year.
"The acceleration of payments in 2017 could have contributed to the decline in 2018," the statement said.
The premiums add up to the average salary of $ 422,500 in 2017, the latest available data for Wall Street salaries, he added.
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