Average Wall Street pay headed for sharp drop: Securities industry wages are on pace to drop by more than 20% this year, possibly to $414,000.

A 20% drop would translate to average pay of $414,000 - still four times higher than the average private-sector wage in New York. Pay on Wall Street is likely to drop sharply this year due to the bear market, and remote work is proving to be a sticky concept in an industry with deep misgivings about it. [Extracted from the article]

Copyright of Crain's New York Business is the property of Crain Communications Inc. (MI) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)