Wall Street pay to grow 4 percent in 2010: report
BANGALORE (Reuters) - Employee compensation and benefits at U.S. financial institutions is set to grow 4 percent in 2010 and is on its way to reach a record high for a second consecutive year, according to a study conducted by the Wall Street Journal.
The 35 securities and investment-services firms are expected to pay $144 billion in compensation and benefits this year, compared with $139 billion paid out in 2009, the newspaper said.
Compensation was expected to rise at 26 of the 35 firms, while revenue was expected to rise at 29 of the 35 firms surveyed, but at a slower pace than pay, according to the Journal.
Wall Street revenue is expected to rise 3 percent, to $448 billion from $433 billion, despite a slowdown in some high-profile activities like stock and bond trading, the newspaper said.
(Reporting by Anand Basu in Bangalore; Editing by Muralikumar Anantharaman)
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