Rana Foroohar: Finance Industry Profits
on Wednesday, May 18, 2016Rana Foroohar Money Quote Wall street takes a far bigger slice of corporate profits in America than the small percentage of jobs it creates. Rana Foroohar said:
“The finance industry creates 4% of jobs, but takes 25% of the profits in corporate America” — Rana Foroohar
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Rana Foroohar seems to be pointing out an imbalance between the finance industry’s economic impact and its profits. While the finance sector only accounts for 4% of total jobs in corporate America, it generates 25% of all profits.
This suggests that the finance industry is highly profitable relative to other sectors that employ more workers. Foroohar appears to be implying that the finance industry earns a disproportionately large share of profits compared to its actual contribution to employment in the U.S. economy.
For the past 15 years Rana Foroohar has covered the financial industry for Newsweek and Time and has now written a book looking at what she’s learned during that time
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