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Employer Dominance and Worker Earnings in Finance

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Employer Dominance and Worker Earnings in Finance

Written by:
Working Paper Number: CES-24-41

Abstract

CES_working_paper_series
Download Employer Dominance and Worker Earnings in Finance [PDF - > 1MB]

Large firms in the U.S. financial system achieve substantial economic gains. Their dominance sets them apart while also raising concerns about the suppression of worker earnings. Utilizing administrative data, this study reveals that the largest financial firms pay workers an average of 30.2% more than their smallest counterparts, significantly exceeding the 7.9% disparity in nonfinance sectors. This positive size-earnings relationship is consistently more pronounced in finance, even during the 2008 crisis or compared to the hightech sector. Evidence suggests that large financial firms’ excessive gains, coupled with their workers’ sought-after skills, explain this distinct relationship.

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Page Last Revised - November 1, 2024
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