Rich Bankers Often Feel Underpaid: Survey

Rich Bankers Often Feel Underpaid: Survey
Trader Sean Spain rests his head in his hand as he works on the floor of the New York Stock Exchange Tuesday, March 5, 2013. Five and a half years after the start of a frightening drop that erased $11 trillion from stock portfolios and made investors despair of ever getting their money back, the Dow Jones industrial average has regained all the losses suffered during the Great Recession and reached a new high. (AP Photo/Richard Drew)
Trader Sean Spain rests his head in his hand as he works on the floor of the New York Stock Exchange Tuesday, March 5, 2013. Five and a half years after the start of a frightening drop that erased $11 trillion from stock portfolios and made investors despair of ever getting their money back, the Dow Jones industrial average has regained all the losses suffered during the Great Recession and reached a new high. (AP Photo/Richard Drew)

They might be getting paid more than the rest of us, but that doesn't mean they're complaining less.

More than two-thirds of financial professionals said they were unsatisfied with their pay package last year, according to a recent survey from recruiting firm Selby Jennings. But despite the fact that the average Wall Street salary was $363,000 last year, bankers are still more likely to feel underpaid than their counterparts in other industries.

About one in three workers say they work in a job that is too high-stress and pays too little, according to a recent survey from the American Psychological Association. And about 20 percent of workers said in an August 2012 Gallup poll that they aren’t “satisfied” or “completely satisfied” with their pay.

So why, when bankers make about $300,000 more than the rest of us on average, are they so much more upset? It could be because lawmakers and the media have focused on banker salaries in the wake of the financial crisis. Critics argue that financial industry staffers get paid too much, especially considering the bailouts their companies have received.

It may also be because they're accustomed to getting paid more. In the wake of the meltdown, Wall Street pay dropped as banks were subject to scrutiny. In recent years, salaries have been working their way back up.

Globally, banker pay rose by $13 billion last year, even as European lawmakers have proposed a cap on senior staffers’ bonuses. But don’t expect similar curbs in the U.S., especially if big bank CEOs have anything to say about it. JPMorgan Chase head Jamie Dimon said late last year that capping banker pay would pave the way for socialism.

(Hat tip: Business Insider)

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