How much do you think banking staff get as bonuses?

TEDDYRUKSPIN

Tories urge bank cash-bonus limit

http://news.bbc.co.uk/1/hi/uk_politics/8325302.stm

Tories want a cash cap on bonuses set at £2k for retail bank staff, hence, any staff working in branches. Any bonuses over £2k must be giving as shares.

As I have worked for high street banks before, I find this one of the most stupid and hilarious thing I have read to date.

The media have some how made people think that bankers get paid alot of money. They have somehow mixed the term of bankers with the retail end. The news always point bankers towards the so-called fund manager! Obviously fund manager in the city get paid alot of money.

Just to settle some scores as some badgering:-

(1) Cashiers only get paid roughly £10k a year. Most sometimes get a guaranteed bonus of roughly £1k a year. For any referral - roughly £1200 a year if they are really good. This works out at £12,200 per year. Now, would you want to earn this? Get shouted at and abused on the counter? Or would you rather work for tesco?

(2) Outside retail customer advisers (people that open accounts) - the one's you abuse the most. Salary ranges for new advisers - £12k up to £14k. £17k for people who have been there for 20-30 years. Yes. Shocking!
No guaranteed bonus. Scrapped! Bonuses on average, £300 per quarter. That's being lucky. £1200 per year also. In a so called flag ship branch this can be around £2k. That's being lucky.
So total salary can be a maximum of £14k - £16k. Erm... rather work as decent admin staff.

(3) Mortgage Advisers (trainee) - £16,500. Bonuses? You wish. Heard of clawback of bonus money? Yep. A decent MA will get £2k-£3k bonus over the year. So £19,500. Different for central london. Anyway, that is completely sh--- compared to people working in estate agents who were receiving £30k 6 years ago. Don't expect the bonus anymore! Has been reduced to £1-£2k.

(4) Financial advisers - as low as £16.5k with Co-op. Others start at roughly £19k with experience. Bonus? Biggest joke of all time. Includes clawback, sales quality deduction etc. You get told your bonus is uncapped and sky is the limit. In real terms, you bonus averages £1k to £3k. The top being the best in FA pack.

Anyway, compared with people who a fund managers:

Equity fund manager or High Net Worth FA's

Salary ranges from £30k, £40k to as much as £100k. Bonus can be as low a £10k (you will be sacked) to £1 million.

Now..... who should be capped?

michaelvintner

Totally agree, It's another typical media outcry which as usual is ignoring all the facts.

Majority of bonuses in banks are piddling little amount which make up for the dire pay. I looked at the basic for bank staff when I was looking for work and decided it was not worth it.

My girlfriend works for a bank, one of the ones which did not get bailed out by the tax payer and made Millions in profit last year (Just not as much as the year before). Yet bonuses has been cut overtime has been got rid of.

It's just an excuse to c*ap on the little gut again.

dmg24

TEDDYRUKSPIN, if you are unsure where to post, perhaps you should ask first. This thread should be in Discussion Time.