Pay for banks and broker-dealers will hit a record $140 Billion this year.
By Daniel at 16 October, 2009, 9:12 am
Pretty amazing when you consider the fact that compensation was $130 Billion in 2007. On average the largest 23 banks (BAC, GS, JPM, C, etc. etc.) will pay out about $143,000 per employee (and it’s not going to the tellers!). Consider also that most banks have significantly reduced the number of employees since 2007. This is probably tantamount to a 20% to 30% pay hike when you consider the reduction in the work force.
Meanwhile, back at the ranch on Main Street, USA Today (dead giveaway…I’m on the road again) reports average weekly wages have fallen 1.4% to $616.11, or $32,037 per year. This covers 82% of private sector workers but excludes managers and highly paid professionals. (I’m thinking it probably includes the bank tellers but excludes all other managers and execs). Mind you, these 82% of private sector workers are footing the bill for the bailouts of these major banks.
This is pure Insanity! Absolutely Absurd! Beyond Unbelievable! The most outrageous thing I have ever heard.
I need to get this straight.
We paid several $Trillion to bailout the banks and buy their garbage assets;
Due to the stress of doing that we have been forced to suffer a pay-cut and now make (on average) $32,000 per year;
The same people we bailed-out got a 20 to 30% raise and now make (on average) $143,000 per year.
I’m at a loss for words.
Vics
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