Wall Street Bonuses Are Up 8%! Happy Hump Day!
No better time than a Wednesday to hear a headline we're unfortunately (yet willingly) accustomed to.
New York State Comptroller Thomas DiNapoli announced yesterday that the collective pool of Wall Street bonus rewards is now up to $20 billion, showing a 8 percent rise in extra paychecks to the denizens of Downtown. And, to affirm this feeling of modern anxiety to lower-class lonely hearts, statistics point to a 10 percent drop (translation: 20,000 jobs) in the overall Wall Street job market due to companies' recent inclination to downsize.
In other words, there's much more money going around... just for less people.
Keep in mind that the average salary for a Wall Street worker is $362,900 - an amount that is somehow larger than what it was before 2008's financial implosion and, of course, five times larger than what most Joe Schmoes make. These numbers are from 2011, too; if the bonuses are any indication, the still-unavailable numbers from 2012 probably say what we're all helplessly thinking: maybe business school was the way to go.
Stay strong out there on this drenched Hump Day.