Salaries For CT Bankers Rise In 2010

Banking salaries in Connecticut continued to rise in 2010, illustrating the recovery of the financial services sector. WNPR’s Harriet Jones reports.

Nearly nine in ten commercial bankers in Connecticut received a raise in 2010, according to a new report from The Executive Search Group. The survey says the base salary for a commercial banker in the state is now $117,000. That compares with $145,000 for bankers in New York and $122,000 in Massachusetts.

The report seems to indicate that banks are chasing a limited talent pool, and value both formal credit training and experience in making commercial loans, factors which are driving up salaries and other compensation. It also appears that the workforce, as in other industries, is graying. Lenders with 20 years of experience in commercial banking outnumber those with less than five years by around four to one.

For WNPR, I'm Harriet Jones.