Wednesday, December 1st, 2010

The Price of Bankers

If you want to be a banker you should probably stay out of Phoenix. According to the latest quarterly survey of employment and wages by county. Of the 10 largest counties in the country, Maricopa is where financiers earn less. In the first quarter of the year they only made $1,176 a week, on average. This amounts to $61,152 a year –just a tad above the income of the typical American family.

But if you want to be a banker you probably already know this: you want to live in New York. There, the average remuneration in the financial services industry hit $7,709 a week, which is more than $400,000 a year. It amounts to a 23 percent increase from the first quarter of 2009. It can pay for a better living. Of course, to be a banker in New York you can’t just be a banker, taking deposits and making loans to your local mom and pop business. Here you have to be a real Giant Vampire Squid.

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