'Should bankers' bonuses be stopped?' poll discussion

Crispj80

I work for a bank, one that has not taken any money from the government, and one that I consider to be a very responsible lender.

I am sick of people blaming banks for their debt, why should banks play mummy just because the general public have eyes bigger than their bellies?

How can the person who applied for a credit card/mortgage/loan that they cannot afford not be responsible when they cant keep up with repayments?

Now most people would be happy if banks were stopped from paying any bonus, why should I not get mine? I work hard and do a good job, but because people have assigned blame to my sector penalising me is fine...

Why not stop the retail sectors bonuses instead? surely your local checkout girl should be penalised, her company are the ones who make that new ipod with a whole 20 gig more space so desirable you have to go out and spend another £200 to replace your old crappy 80 gig one...

What about sky? they should pay too, sky travel made that 2 week break to egypt look unmissable...

or you could just blame the bank you likely begged/omitted info to to get the max you could possibly get on credit, and who you would have shouted at and taken to the ombudsman if they had dared to say "no".

Let the private banks spend their profits how they like, heaven forbid they use them to bring out another credit product to entise customers into more unmanagable debt...

brewerdave

Crispj80, 2 questions - 1. is your bonus tied to the bottom line performance of the whole company?
2. Is it also dependent on acheivement of your personal, measurable objectives?

If both answers are "yes" then good luck to you!


If you are guaranteed the reward regardless then no way!!

bitemebankers

Option...none of above.

For my own personal gratification, I'd like to see the bankers bonuses scrapped entirely, but I don't think it would solve anything. The banking system is fundamentally unfit for purpose and will collapse sooner or later anyway, and when it does, this recession will look like a birthday party.

wildthing01

jmb2808 wrote: »

I work for the government and work my hardest and I never get a bonus or even a letter of thank you every year and to top it all off the government are in talks about stopping a pay rise next year for us!
How dare they!!!
Why should they get a bonus each year for just going to work and doing their job???? I don't!!!!

here here!! i do a job that actually benefits people who would otherwise have a lot of problems, i work for the government, we are being asked to provide ever increasing services with ever decreasing resources (direct result of recession), and it appalls me that the bankers should get extra money, when the net result of their efforts over the last few years has been to create mass unemployment and hardship for people. they should be made to donate their bounes to the nhs or education system!!!

sb65

jmb2808 wrote: »

I work for the government and work my hardest and I never get a bonus or even a letter of thank you every year and to top it all off the government are in talks about stopping a pay rise next year for us!
How dare they!!!
Why should they get a bonus each year for just going to work and doing their job???? I don't!!!!

Sorry, but that's the worst argument I've ever heard. I don't get it so others shouldn't either. Bonuses should not be pandered by public outcry.

The difference in your role is that you don't generate ACTUAL money for your firm. Its either a cost saving area or support. If someone earns £5m for their firm (bank or otherwise) then that firm is going to pay this person well because if they don't, some other firm will hire them knowing that that firm can earn an extra £5m on its bottom line.

sb65

eas wrote: »

No bonuses whatsoever

Another one living in a dream world.

Let me put another question to you. Say I could make you £500K next year doing some trading, corporate finance, whatever in investment banking. And I ask for £1 salary only but if I make you £500K minimum next year what bonus would you pay me.

As longs as bonuses are structured to long term goals why shouldn't someone be rewarded.

djhworld

People who say "I do a job that's worth something!" are completely deluded as to how this country (and other nations with similar economic policies) works.

Our economy relies on The City. It's one of the biggest contributors to the UK GDP.

If we moved away from this focus the country would completely fail.

ses6jwg

Its because most people are actually more socialist than they could ever believe and have little grasp of economics.

I'd say most of it amounts simply to jealousy.

"I don't get a bonus so nor should you, I hate bankers, ner ner ner!"

icefall

Lots of bankers on this thread.

MSE_Martin

I must say I am surprised at the strength of the vote to ban bonuses - personally I have no issue with rewarding good performance and competitive pay - providing we're judging it properly. ANd I think people may've thought of this in the abstract rather than realising a ban of bonuses in one sector would likely trickle down to all.

This is why I would support option C.

I have a well paid city friend who works for a private equity firm - each year there is a big and growing pot of money which depends on the long term success of companies they've bought and sold - and if things go bad that pot is reduced - after a number of years he will get a payout probably of a vey large amount of money.

I have little problem with that.

The worry of course is the bonus structure which (im vastly exagerrating here - to explain the point)

You may your company £100m on the markets in a day - get a £10m bonus
THe next day you lose the company £100m - you dont get a bonus

So you're overall performance is zero but you've got a £10m bonus.

Martin