Source: Committee for Better Banks, 2013
From the summary:
The findings of this report raise major concerns that this is the tale of two banking industries – one of high paid executives and the other of struggling regular workers. Following are some key findings:
– While average wages have steadily declined on Wall Street since the financial crisis of 2008, the top fifty financial CEOs’ compensation collectively rose by 26% in 2010 and by 20.4% in 2011.
– Bank worker wages are so low that almost 1/3 of bank tellers receive some sort of public assistance nationwide.
– There are now 19,800 fewer people employed in the financial industry in New York City than before 2008.
– The Office of the State Comptroller estimates that every financial services position lost means two more in other industries are shed in New York City and that one job is lost
elsewhere in the state.
Low bank wages costing the public millions, report says
Source: Danielle Douglas, Washington Post, December 3, 2013
A Third of Bank Tellers Rely on Government Assistance, Study Says
Source: Karen Weise, Bloomberg Businessweek, December 04, 2013
Workers of the (finance) world unite – and unionize
Source: E. Tammy Kim, Al Jazeera America, December 3, 2013
New effort to organize low-wage bank workers in US targets entire industry
One New York for All of Us: Leveraging New York’s financial Power to Combat Inequality
Source: New Day New York Coalition, 2013
– The city and associated entities pay $160 million a year for bad deals with banks.
– The city, its pension funds, and the MTA pay $563 million in base Wall Street fees each year.
– New York City and State give banks subsidies worth about $300 million a year, without ensuring that New York City communities will benefit.
– Because their wages are so low, 39% of bank tellers and their family members rely on at least one public assistance program, at a total government cost of $112 million.
– During the past 5 years, foreclosures have cost New York City $1.9 billion in expenses and lost revenue.
Source: New Day New York Coalition, December 2013