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发帖数: 4704 | 1 Wall Street Salaries Rose in 2011 for Most Workers, Survey Finds
2012-04-04 04:00:00.2 GMT
By Christine Harper
April 4 (Bloomberg) -- Most Wall Street employees got higher salaries
in 2011, with the biggest bumps going to those at boutique banks and
alternative asset managers, according to a survey by eFinancialCareers.com.
The online survey of 2,860 financial professionals found that 54
percent received salary increases -- excluding bonus -- and 40 percent
reported no change from 2010, according to an e- mailed description of the
survey’s findings. Workers at so- called bulge-bracket banks got an average
increase of 3 percent, compared with a 14 percent gain for people at
boutique banks and a 13 percent raise for those at fund managers.
When year-end bonuses were included, average pay last year fell for
workers at companies including Goldman Sachs Group Inc.
and JPMorgan Chase & Co.’s investment bank amid declining revenue. As year-
end bonuses dropped, some banks raised base salaries that in past years
contributed just a fraction of pay for senior employees.
“Historically it’s always been about bonus, and now we’re seeing
that salary is another tool that firms have,” Constance Melrose, managing
director of eFinancialCareers North America, said in a phone interview. “
The less variable component has become more important.”
Melrose didn’t identify the survey respondents’ employers.
Bulge-bracket banks include large diversified lenders and investment banks,
and boutique banks are smaller, specialized advisory firms, she said.
Alternative asset managers typically are hedge funds, Melrose said.
Satisfaction Gauge
The survey, conducted Jan. 2 through Feb. 16, found that 12 percent of
respondents were “very satisfied” and 35 percent were “somewhat satisfied
” with their 2011 salaries. Thirty- seven percent reported being “very
dissatisfied” or “somewhat dissatisfied,” down from 38 percent a year
earlier.
While 35 percent of respondents said they plan to change firms this
year, 55 percent said that a higher salary would persuade them to stay,
according to eFinancialCareers, a unit of New York-based Dice Holdings Inc.
“When you ask ‘What would it take for you to stay?’ the No. 1 thing
is salary,” Melrose said.
A survey released by eFinancialCareers in February found that more than
half of Wall Street employees said their year-end bonus met or exceeded
their expectations.
The latest survey, conducted by e-mail, started with 7,194 people and
was pared to 3,819 to exclude certain respondents, including those who were
students or unemployed. Of those who remained, 2,860 provided salary
information, according to eFinancialCareers.
--With assistance from Lisa Abramowicz in New York. Editors:
Peter Eichenbaum, Dan Reichl
To contact the reporter on this story:
Christine Harper in New York at +1-212-617-5983 or c*****[email protected]
To contact the editor responsible for this story:
David Scheer at +1-212-617-2358 or
d*****[email protected]. |
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