Bankers want 10% more pay to make up for loss of bonuses

SGE1

Hmmm, very mob-like all this...

I don't sympathise either, but I've managed to overcome the frothing mouth complex, to understand their position. Bankers work hard, long hours, for probably little job satisfaction, they're hated by your average Joe, so I'm not surprised they want financial incentive for it. It's a bit of a no-brainer. Whether they really deserve it is another matter, but if they don't get what they want, we'll end up with fools running the system - and then financial turmoil is likely to be the norm, not the exception.

ad44downey

vivatifosi wrote: »

I'm finding it really hard to be sympathetic on this one...

It just shows how messed up our society is. Fred Goodwin and the rest of the crooks should be given a brush each and forced to clean the streets.

daveb975

SGE1 wrote: »

Hmmm, very mob-like all this...

I don't sympathise either, but I've managed to overcome the frothing mouth complex, to understand their position. Bankers work hard, long hours, for probably little job satisfaction, they're hated by your average Joe, so I'm not surprised they want financial incentive for it. It's a bit of a no-brainer. Whether they really deserve it is another matter, but if they don't get what they want, we'll end up with fools running the system - and then financial turmoil is likely to be the norm, not the exception.

I partially agree, but there must be a question of degree. It may be seen as ok to pay a banker 2 or 3 times what they would earn in another sector, but a lot of these guys a looking at 50 times what they would realistically earn AND not having to prove themselves to do that.

The jobs market for decent grads in London/SE has been long distorted by the financial sector. There is a choice:

1. Go into a traditional grad recruitment scheme outside of banking where you are likely to have to take further qualifications in order to earn c£50k in a few years if you are good.

2. Go into banking with the prospect of earning mega money if you are good, and still doing very well if you are not. I know quite a few people in the City who earn £75k+ for a PA-type role that would probably be worth under half that anywhere else. As you get up to middle and high-end City jobs the % differences get much higher.

RecoveringAlcoholic

And The Fat Cats Just Get Fatter.

lostinrates

daveb975 wrote: »

I partially agree, but there must be a question of degree. It may be seen as ok to pay a banker 2 or 3 times what they would earn in another sector, but a lot of these guys a looking at 50 times what they would realistically earn AND not having to prove themselves to do that.

The jobs market for decent grads in London/SE has been long distorted by the financial sector. There is a choice:

1. Go into a traditional grad recruitment scheme outside of banking where you are likely to have to take further qualifications in order to earn c£50k in a few years if you are good.

2. Go into banking with the prospect of earning mega money if you are good, and still doing very well if you are not. I know quite a few people in the City who earn £75k+ for a PA-type role that would probably be worth under half that anywhere else. As you get up to middle and high-end City jobs the % differences get much higher.

I agree with a lot of this, and incidently SGE1's post BUT feel obliged to point out that DH hates out of London due diligence at banking headquarters because they like to close up. On the one hand, nice because he gets to have nice food and a nice night out exploring whereever he is and enjoying the luxury of a nice hotel room, but on the other hand frustrating when he needs to get on with the work and back to the rest of the files in his in tray. I'm sure on an individual basis bankers and banking staff wrk as hard as anyone, but lots of other people also work as hard or harder than bankers

I also understand that the sums of money are seriously offensive to very, very many people, and while I would agree with the arguement of the need to adaquately remunerate good people for good work, I think the bogus-bonus culture has soured the minds of 'hard working familes' et al.

ad44downey

daveb975 wrote: »

2. Go into banking with the prospect of earning mega money if you are good, and still doing very well if you are not. I know quite a few people in the City who earn £75k+ for a PA-type role that would probably be worth under half that anywhere else. As you get up to middle and high-end City jobs the % differences get much higher.

Over half the graduates from one of our premier scienific institutions, Imperial College London, go into the City rather than enter the scientific and engineering careers they have been trained to do. This is crazy. They could be doing something useful but because there's no money in it they end up in the City doing god knows what.

lynzpower

taken out for privacy

Old_Slaphead

neas wrote: »

Their pay should be frzoen for a year and a small rise next year... then they will learn to budget like the rest of us.

I would suggest that they don't get ANY further rises until the banks are profitable and starts to repay the taxpayer.

Many manufacturing SMEs haven't been able to afford payrises for years.

SamIAm_3-2

lynzpower wrote: »

One girl I sort of know is posting on her facebook page that she has to pay her bonus back at X amuont APR.

Errr...isn't that normally called a loan? How did her employer manage to get away with that?

lynzpower

SamIAm wrote: »

Errr...isn't that normally called a loan? How did her employer manage to get away with that?

taken this out for privacy....