Friday, August 31, 2007
Tweet[IWS] BLS: WAGES & BONUSES in INVESTMENT BANKING [30 August 2007]
IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Issues in Labor Statistics
Summary 07-07/ August 2007
Wages and Bonuses in Investment Banking [30 August 2007]
http://www.bls.gov/opub/ils/pdf/opbils60.pdf
[full-text, 2 pages]
[excerpt]
For people working in investment banking, especially those in and around
Wall Street, it�s hard to deny that late 2005 and early 2006 was very,
very good to them. With steady employment totals, very handsome bonuses
being handed out in fourth quarter 2005, and even larger ones awarded in
first quarter 2006, it would seem to be an understatement to say that
investment banking was thriving. In first quarter 2006, private sector
investment banking and securities dealing recorded average weekly wages of
$8,367, well above that of any industry with the exception of the other
Wall Street bonus giant, securities brokerage. The investment banking
industry�s quarterly total wages ranged from $6 billion to $18.9 billion
in late 2005 and early 2006 and the industry�s average weekly wage was
nearly 10 times the national average.
Within this industry a small number of counties accounted for a large
proportion of the wages. Five counties were responsible for 71.8 percent
of total wages in investment banking during the first quarter of 2006.
Fairfield, Connecticut, New York, San Francisco, Los Angeles, and Cook
County, Illinois, combined for wages of $13.5 billion from January through
March 2006. During this time, 38.3 percent of March employment in
investment banking was within these five counties.
AND MORE...including Chart and Table....
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
Issues in Labor Statistics
Summary 07-07/ August 2007
Wages and Bonuses in Investment Banking [30 August 2007]
http://www.bls.gov/opub/ils/pdf/opbils60.pdf
[full-text, 2 pages]
[excerpt]
For people working in investment banking, especially those in and around
Wall Street, it�s hard to deny that late 2005 and early 2006 was very,
very good to them. With steady employment totals, very handsome bonuses
being handed out in fourth quarter 2005, and even larger ones awarded in
first quarter 2006, it would seem to be an understatement to say that
investment banking was thriving. In first quarter 2006, private sector
investment banking and securities dealing recorded average weekly wages of
$8,367, well above that of any industry with the exception of the other
Wall Street bonus giant, securities brokerage. The investment banking
industry�s quarterly total wages ranged from $6 billion to $18.9 billion
in late 2005 and early 2006 and the industry�s average weekly wage was
nearly 10 times the national average.
Within this industry a small number of counties accounted for a large
proportion of the wages. Five counties were responsible for 71.8 percent
of total wages in investment banking during the first quarter of 2006.
Fairfield, Connecticut, New York, San Francisco, Los Angeles, and Cook
County, Illinois, combined for wages of $13.5 billion from January through
March 2006. During this time, 38.3 percent of March employment in
investment banking was within these five counties.
AND MORE...including Chart and Table....
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
# posted by SBasefsky : 8:37 AM
