Average pay for bankers in New York? $471k. But 70% earn less than $250k

The New York State Comptroller's new report on the state of the Wall Securities Industry confirms that bankers, salespeople and traders in the state are very well paid on average. But averages can be deceptive. 

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As the chart below shows, the average salary (including bonus) for securities industry employees in New York City fell to $471k last year. This was down again from the peak of 2021, but still far higher than pay in almost any other industry. 

However, the comptroller's report notes that the average is skewed by some very high earners. In 2022, the most recent year for which the breakdown is available, 68% of securities professionals in New York City were earning less than $250k.

The report is a reminder that some people in financial services are paid exorbitantly well, while the rest are paid very well. It's also a reminder that some areas of financial services pay more than others. The comptroller notes that average pay in Long Island last year was $539k (down nearly 20% year-on-year) by virtue of the congregation of hedge funds there. 

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