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Wall Street Employees Received Higher Salaries in 2011, Survey Says

Wall Street Employees Received Higher Salaries in 2011, Survey Says

The majority of Wall Street employees holding finance jobs received higher salaries in 2011, with workers at boutique banks and alternative asset managers experiencing the highest pay increases, according to a new survey.

The study, conducted by eFinancialCareers.com, included responses from nearly 3,000 financial professionals, Bloomberg reports. Overall, 54 percent reported salary increases last year, while 40 percent said they experienced no change from 2010.

However, when year-end bonuses were included in the total, compensation dropped for workers at a number of major firms including Goldman Sachs and JPMorgan Chase's investment bank, according to the survey. With declining year-end bonuses, some banks decided to increase base pay, noted Constance Melrose, managing director of eFinancialCareers North America.

"Historically it's always been about bonus, and now we're seeing that salary is another tool that firms have," Melrose noted. "The less variable component has become more important."

Reuters reports CEO pay in the U.S. also climbed last year largely because of a rally in the stock market.