By Bernice Napach
While government prosecutors pursue lawsuits against JPMorgan (JPM) and Wells Fargo (WFC) for “misconduct” in the mortgage market and Wall Street firms complain about new regulations, compensation on the Street is rising.
New York State Comptroller Thomas DiNapoli reports that total compensation at Wall Street firms rose 4 % last year to more than $60 billion—near pre-crash levels—and the third highest level ever.
“This is an astounding chunk of change, $60 billion,” says The Daily Ticker’s Henry Blodget. It represents nearly half of all revenue earned by Wall Street firms.
The average pay package of financial industry employees in New York State was $362,950 in 2011, more than seven times the national median household income of just over $50,000, which often reflects the pay of two working adults.
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