The Idiot Index

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Sector
Labor ShareApplied to banks, insurers, asset managers, and exchanges. The standard Markup formulas (Revenue/COGS) are not meaningful here — banks have no Cost of Goods Sold; their economics run on interest spreads, premiums, and fees. The Shareholder Extraction ratio (which divides by R&D)…
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Labor Share in Financial Services · FY 2023

36 of 52 companies · highest first
  1. 1
    ZIONZions
    251¢ of every $1 of revenue reaches workers
    sector median 0.3550Bottom 1%
    2.5100
    of revenue → workers
  2. 2
    HBANHuntington
    210¢ of every $1 of revenue reaches workers
    sector median 0.3550Bottom 4%
    2.0979
    of revenue → workers
  3. 3
    METMetLife
    169¢ of every $1 of revenue reaches workers
    sector median 0.3550Bottom 7%
    1.6948
    of revenue → workers
  4. 4
    CFGCitizens
    161¢ of every $1 of revenue reaches workers
    sector median 0.3550Bottom 10%
    1.6091
    of revenue → workers
  5. 5
    KEYKeyCorp
    161¢ of every $1 of revenue reaches workers
    sector median 0.3550Bottom 13%
    1.6066
    of revenue → workers
  6. 6
    HIGThe Hartford
    157¢ of every $1 of revenue reaches workers
    sector median 0.3550Bottom 15%
    1.5667
    of revenue → workers
  7. 7
    FNFFNF
    125¢ of every $1 of revenue reaches workers
    sector median 0.3550Bottom 18%
    1.2506
    of revenue → workers
  8. 8
    EVREvercore
    56¢ of every $1 of revenue reaches workers
    sector median 0.3550Bottom 21%
    0.5590
    of revenue → workers
  9. 9
    AONAon
    55¢ of every $1 of revenue reaches workers
    sector median 0.3550Bottom 24%
    0.5526
    of revenue → workers
  10. 10
    BROBrown & Brown
    49¢ of every $1 of revenue reaches workers
    sector median 0.3550Median range
    0.4910
    of revenue → workers

Not yet covered (16)

These companies are in the Financial Services cohort but don't have a Labor Share computed for FY 2023. Either the underlying inputs aren't tagged in their XBRL filings, the DEF 14A pay-ratio narrative didn't parse cleanly, or this fiscal year hasn't been ingested for them yet.

What this measures

Full methodology →

How much of every revenue dollar reaches workers.

Ratio
Labor Share
Sector
Financial Services
Methodology version
v1.0.0
Formula
TotalEmployeeCompensation / Revenue
Sector context

Applied to banks, insurers, asset managers, and exchanges. The standard Markup formulas (Revenue/COGS) are not meaningful here — banks have no Cost of Goods Sold; their economics run on interest spreads, premiums, and fees. The Shareholder Extraction ratio (which divides by R&D) is also not meaningful — financial firms typically report no R&D. The load-bearing indicators in this sector are Labor Share, Executive Extraction, and Capital Extraction (the universal share-of-net-income returned to shareholders). Markup-family rows are intentionally not computed for this sector; future methodology versions may add Net Interest Margin Inversion and Combined Ratio variants designed for bank and insurance economics.

How much of revenue flows to the people creating it. Includes wages, salaries, benefits, and stock-based compensation.

When direct disclosure is missing: approximated as Headcount × Median Pay × 1.30 (1.30 grosses up base pay to fully-loaded compensation including benefits and equity). The approximation is documented per company on its detail page.

Source data: LaborAndRelatedExpense, ShareBasedCompensation (us-gaap), or EmployeeBenefitsExpense (ifrs-full). When approximated: NumberOfEmployees × disclosed median compensation.