ABSTRACT
It would be trite to say that wages are high in the financial industry. From the novels of Zola and the escapades of Michael Milken to the tales of the legendary golden boys and the financial articles commenting on the quality of the annual batch of bonuses, all seem to make the same observation: there is a link between financial activity and the flow of high wages. During the subprime crisis, commentators repeated this ad infinitum, seeing it as the root of all the evils that had descended upon the global economy. This truism is often accompanied by a second cliché: wages in the financial industry are mysterious and secret! These two observations do not sit well together. For is it not true that wages in finance are scrutinised more closely than in other sectors? The remuneration consultancy firms organise annual surveys, headhunters compile the results of their activities as intermediaries, banks regularly monitor their compensation levels, financial operators continually discuss their pay and journalists are always after inside information that will help them write their annual article on the unbelievable and enigmatic wages of traders. Just because their pay levels are so high, they are considered mysterious and thus awaken our curiosity.
