I-Bankers Struggle to Send Their Kids to School on $1.6 Million

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Photo: iStockphoto

An anonymous Wall Street "paymaster" has warned that salaries for mid-career investment bankers are leaving them, at least psychically, with the same woes as the rest of us. The average median pay is now $1.6 million pretax, down from $2.2 million pre-crisis. Although the base cash pay is up to $400,000, bonuses are more likely to be paid in deferred compensation, which means after taxes they're taking home a measly $320,000 (down from $700,000). Ungodly hours and travel with the promise of retiring in piles of cash in ones forties or early fifties has given way to "the prospect of the banker toiling deep into his 50s or even his 60s," says The Wall Street Journal.

"The reality has only partially sunk in," said the paymaster. "It's harder to put the kids through school."

In case you're keeping track, both the president of the United States and i-banking are now off the table as career choices that will let you pay for your kid to go to college.

Believe It: Bankers' Pay Takes a Tumble [WSJ via Dealbreaker]