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Wall Street’s White Males Make More

Wall Street’s White Males Make More

A study by the City University of New York‘s Center for Urban Research under distinguished professor of sociology Richard D. Alba has found that if you’re white and male and you work on Wall Street, your average compensation (between 2005 and 2009) was $154,500, 55 percent more than for a white woman and Latino man and 72 percent more than a black man.

I know. Big surprise, right?

It’s no myth, all this talk of the 1 percent.

White women on Wall Street also have higher salaries than their counterparts of other races and ethnicities.  The salary for a white woman working on Wall Street is $100,000, 59 percent more than for a Latina woman and 65 percent more than for a black woman.

What’s more, even as those who are members of the “old boys’ club” are retaining their privileges, the workforce on Wall Street actually became more diverse between 2000 and 2009. In 2000, 67 percent of older workers were white men. But between 2005 and 2009, the percentage of white men working on Wall Street fell to 46 percent of the youngest workers.

Both the New York Times and the Wall Street Journal posit that discrimination is he behind the pay discrepancy. Wendi S. Lazar, a partner at the law firm Outten & Golden who has represented women in finance, comments that

“I see the same pattern over and over again. The women who make it to a position where they’re really going to jump up to a high level absolutely get set up to fail at that level, because the hierarchy remains male in this business.”

Indeed. If a woman is a Vice President at a Large Manhattan Investment Bank and her husband’s Global Accounting Firm will be auditing her employer, who do you think is going to take an early retirement due to conflict of interest?

It’s also speculated that the discrepancies in compensation are because there are “few minorities at the elite schools the firms draw recruits from.” In Harvard’s class of 2010, the student body was quite diverse, with 17.7 percent Asians, 10.5 percent African Americans, 9.8 percent Latinos, 1.4 percent Native Americans. There are minority students at Ivy League schools, but the Wall Street pay gap — and hiring gap? — still exist.

Again, in too many ways, none of this is any surprise. As Professor Alba comments, “Wall Street doesn’t really show signs of adapting to the changing labor market.” Precisely why so many of us — the 99 percent — are seeking to get Wall Street to adapt to the reality in the streets.

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71 comments

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4:11AM PST on Dec 7, 2011

Thanks for the article.

3:07AM PST on Dec 7, 2011

And this is surprising??

12:08AM PST on Dec 7, 2011

Mike C. 'We start our audit next week, the audit supervisor is a really competent gal, Dana has been on our audit for the last 3 years. Daniel, the audit partner and I have drinks once a month, Dana is invited but never shows as she has to attend to her kids. She is welcome but will never make partner. It's a matter of priorities, if you want to get to the top you eat nails Just an example, it's really to bad, she is a bright gal.'

Let me get this straight, Bright 'gal' is doing everything right besides siding up to the bar to throw a few ones back with the good old 'boy' club because she has kids at home?

Mike C. 'We start our audit next week, the audit supervisor is a really competent gal, Dana has been on our audit for the last 3 years. Daniel, the audit partner and I have drinks once a month, Dana is invited but never shows as she has to attend to her kids. She is welcome but will never make partner. It's a matter of priorities, if you want to get to the top you eat nails Just an example, it's really to bad, she is a bright gal.'

Let me get this straight, Bright 'gal' is doing everything right besides siding up to the bar to throw a few ones back with the good old 'boy' club because she has kids at home?

Damn...I really do understand how really damaging such a thing can do to your career. So if slugging back a whiskey or two rather than not being at home with your family gets you ahead all I can say it better be a business ready to be hit with a discriminati

12:06AM PST on Dec 7, 2011

Mike C. 'We start our audit next week, the audit supervisor is a really competent gal, Dana has been on our audit for the last 3 years. Daniel, the audit partner and I have drinks once a month, Dana is invited but never shows as she has to attend to her kids. She is welcome but will never make partner. It's a matter of priorities, if you want to get to the top you eat nails Just an example, it's really to bad, she is a bright gal.'

Let me get this straight, Bright 'gal' is doing everything right besides siding up to the bar to throw a few ones back with the good old 'boy' club because she has kids at home?

Damn...I really do understand how really damaging such a thing can do to your career. So if slugging back a whiskey or two rather than not being at home with your family gets you ahead all I can say it better be a business ready to be hit with a discrimination suit.

Competency at work, not the bar, not a company picnics, and certainly not trying to fit into the Mano a Mano club, is the only thing relevant towards a promotion. Period. The rest is illegal.

12:43PM PST on Dec 6, 2011

Jamie, I 100% certainly earn less than a woman on Wall St.

But then, she has to work on Wall St., so it's all swings n' roundabouts, I guess.

12:39PM PST on Dec 6, 2011

and I probably earn a lot less than a woman who works on wall street.

3:55AM PST on Dec 6, 2011

Lennon sang. "women are the N*****s of the world." but in this case they're not! white women earn more than black men and women and! This article is promoting the plight of the second highest paid category and not the lowest paid! there seems to be some kind of racial bias and colour blindness. Those people on wall street, whoever they are do not need our help and support they are doing fine by themselves, this article is so institutionally racist but doesn't even know it! Look! European Americans are on top and everyone else are below! That's the truth! So all you lot whining about the fate of the white women, look in the mirror, you may be biased.

3:54AM PST on Dec 6, 2011

Lennon sang. "women are the niggers of the world." but in this case they're not! white women earn more than black men and women and! This article is promoting the plight of the second highest paid category and not the lowest paid! there seems to be some kind of racial bias and colour blindness. Those people on wall street, whoever they are do not need our help and support they are doing fine by themselves, this article is so institutionally racist but doesn't even know it! Look! European Americans are on top and everyone else are below! That's the truth! So all you lot whining about the fate of the white women, look in the mirror, you may be biased.

10:07PM PST on Dec 5, 2011

Mike C:

The problem we have in this thread, as in so many on this board, is that one person consistently posts inaccurate and incorrect information -- sometimes apparently wholly imaginary -- then takes offense when she's corrected.

Correcting her is something of an obligation of honor. If you paid attention to the huffy spiteful defenses that strive to be haughty rejoinders, you'd understand why.

9:26PM PST on Dec 5, 2011

unfair

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