Having déjà vu? Top Wall Street firms will once again break their own salary record this year. If that’s not a sign we’re in economic boom times, I don’t know what is! MSNBC reports:
Wall Street pay is on pace to break a record high for a second consecutive year, according to a report in Tuesday’s Wall Street Journal.
Some three dozen top banks and securities firms will pay $144 billion in salary and benefits this year, the paper said. That’s a 4 percent increase from the $139 billion paid out in 2009, according to a survey conducted by the Journal. Compensation is expected to rise at 26 of the 35 firms surveyed, including banks, investment banks, hedge funds, money-management firms and securities exchanges.
Large Wall Street banks are unlikely to accelerate bonus payouts, however, to help their employees avoid the higher tax rates that may be coming when tax cuts enacted by the Bush administration expire on January 1.