New York investment bankers are kings of the hill
The government may want to restrict what bank CEOs and top investment bankers are paid, but that has not shown up in the numbers yet. Not in the U.S. at least.
According to Reuters, "London bankers' mighty pay has fallen from the highest level among global financial centers to the lowest, with Wall Street financiers grabbing the top spot." The value of the British pound did not help the financial employees in the U.K.
The information is likely to add fuel to the financial-executive-pay fire, which seems to burn hotter each week. In the world's major financial centers, managing directors at private banks took home an average of $747,800. That's four-and-a-half times more than the average congressman earns.
But maybe not for long.
Douglas A. McIntyre is an editor at 24/7 Wall St.