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Two-thirds of bankers say they are underpaid, survey finds

March 12, 2013|By Shan Li
  • Despite often hefty salaries, two-thirds of finance professionals say they were unhappy with how much they made last year.
Despite often hefty salaries, two-thirds of finance professionals say… (Scott Eells / Bloomberg )

Perhaps proving the old adage that money cannot buy happiness, two-thirds of bankers say they were unsatisfied with their pay last year.

Nearly 70% of finance professionals from New York, London and Singapore reported they were "unhappy" with their salary and bonus packages in 2012 and should have been more amply compensated, according to financial headhunting firm Selby Jennings.

When asked to take into account recovering economies around the world, nearly 50% concluded that their pay was still unfair.

In New York, Wall Street professionals rake in an average of $363,000 a year when salaries and bonuses are tallied up, according to a report from New York's comptroller office.

The average Joe shares in the banker's dissatisfaction, if not their paycheck. Nearly 30% of American workers said they were unsatisfied with the amount of money they earned, according to a Gallup Poll conducted last August. And the American Psychological Assn. recently reported that more than 1 out of 3 workers said they suffered from chronic stress, small salaries and too much work.

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Follow Shan Li on Twitter @ShanLi

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