Lifestyle & Belief

Report finds that white men still dominate Wall Street


Traders work on the floor of the New York Stock Exchange before the closing bell on November 1, 2011 in New York City. Despite the fact that there are fewer white men in the racially diverse financial industry, they earn most of the money.


Spencer Platt

The City University of New York's Center for Urban Research released a study Friday showing that when it comes to Wall Street, white men still rule.

The study, entitled "The Progress and Pitfalls of Diversity on Wall Street," reported that white men earned double the amount of money annually compared to other ethnic groups. According to The Wall Street Journal, "Their median earnings shot up 15 percent, to about $154,500, between the 2000 federal Census and the 2005 to 2009 American Communities Survey, the report said.

Income generally increased across all other races and genders. But their rate of change was a far cry from the increased earnings of white men, who on average earned about $100,000 annually between 2005 and 2009. African American men on the other hand earned about $90,000, and African American women earned $60,770.

Latinos were shown to make higher gains within their incomes compared to those in the African American community.

Furthermore, the report found that not only did the amount of Asian men in Wall Street double, but also that "Asians account for the majority of the diversification of Wall Street, going from 5 percent of older workers in 2000 to 19 percent of younger ones in 2005-09."

From 2000 and on, women make up about 25 percent of the workforce ages 45 and up and about a third of the youngest workers.

Richard Alba, who co-authored the report and is a professor of sociology at the Graduate Center of CUNY, told The Wall Street Journal that the statistics regarding women in the workforce were particular surprising.

"We know women now outperform men in the educational system," said Alba. "They have higher rates of getting [bachelor's of arts degrees] and post-graduate degrees and that they still lag so much behind in terms of their position on Wall Street I find really remarkable."

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