Street Pay May Rise 15% in '03

Hahn, Avital Louria
June 2003
Investment Dealers' Digest;6/16/2003, Vol. 69 Issue 24, p9
Trade Publication
After two of the most dreadful years in recent memory, Wall Street's overall compensation may rise 10% to 15% this year versus 2002, assuming the slight recovery evidenced near the end of the first half continues throughout the second, according to a forecast by financial services consulting firm Johnson Associates Inc. The forecast excludes asset management, where pay may fall 10%, the Johnson study said. But pay of senior managers, investment and commercial bankers, debt and equity staff and retail brokers will stay flat or even gain, according to the study, which covered various financial institutions including investment and universal banks. The Securities Industry Association (SIA) is projecting a slight improvement in Wall Street pre-tax profits, which it expects to edge up to $7.4 billion in 2003 versus the $6.9 billion of 2002. The SIA also reports that job losses seem to have stabilized, but hiring has barely nudged up, reinforcing Johnson's point that the jobless recovery may mean that better profits for almost the same number of employees may mean a slight increase in pay.


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