The concentration of wealth on Wall Street
Title: It pays to be the boss
Date: May 9, 2004
From the article:
- Combined pay for 10 top executives at New York City's brokerage and financial firms was up a striking 68.3 percent in 2003 over the previous year as the leading men -- yes, they are all men -- took home more than $231 million, a review of corporate filings shows
- The huge rise in top executive salaries comes as Wall Street continues to limit hiring and pursue layoffs, especially in the "back-office" ranks.... Wall Street employment has been the hardest hit, plummeting 21 percent in the same period, according to industry figures. The latest available data show that securities industry employment in New York City fell by 900 jobs during the first two months of this year, according to a report from the Securities Industry Association. Wall Street employs about 158,000 people in New York."