State of the Bank Employee on Wall Street

By: The Committee for Better Banks

The  findings  of  this  report  raise  major  concerns  that  this  is  the  tale  of  two  banking industries  –  one  of  high  paid  executives  and  the  other  of  struggling  regular  workers.

Key  findings:

  • While  average  wages  have  steadily  declined  on  Wall  Street  since  the  financial  crisis  of  2008,  the  top  fifty  financial  CEOs’  compensation  collectively  rose  by  26%  in  2010  and  by  20.4%  in  2011.
  • Bank  worker  wages  are  so  low  that  almost  1/3  of  bank  tellers  receive  some  sort  of public  assistance  nationwide.
  • There  are  now  19,800  fewer  people  employed  in  the  financial  industry  in  New  York City  than  before  2008.
  • The  Office  of  the  State  Comptroller  estimates  that  every  financial  services  position  lost means  two  more  in  other  industries  are  shed  in  New  York  City  and  that  one  job  is lost  elsewhere  in  the  state.
  • As  the  hub  of  the  financial  industry  is  located  in  New  York  City,  our  city  and  its communities  are  bearing  the  brunt  of  Wall  Street  banks’  cost-‐cutting  strategies.  Despite receiving  huge  subsidies  from  New  York  City  to  create  more  jobs  and  develop  its economy,  bank  executives  are  trying  to  move  already  relatively  low  paid  jobs  out  of the  city.  This  report  also  finds  that  the  finance  industry  can  afford  to  maintain  and create  the  new  and  well-‐paid  jobs  for  regular  New  Yorkers  that  would  help  rebuild the  New  York  City  economy.

Read the full report: Bank-Worker-Campaign-Report

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