I don't want to pay any more bankers bonuses

le_loup

dunstonh wrote: »

Panorama have been making so many mistakes in recent years with their reporting or just plain mischief making without facts that you shouldnt rely on them any more. Its not just the financial areas (like the disgracefully inaccurate pensions one, its also non financial areas as well). Panorama is not the force it once was.

Very true. It has been dumbed down and sensationalised to an enormous extent. Great shame, it used to be so authoritative.

huw01

chazzee wrote: »

Not a personal attack on yourself, but keeping on theme... the Co-op has strong ties with Labour, a former Government that is more at blame for the current economic mess in Britain than the financial services sector.

Personally, bonuses form part of the total compensation package, most bankers are fully entitled to what they earn based on the profits they generate for the benefit of the shareholders, and median salaries and bonuses are actually extremely fair. If they continue to be targets, both the bankers and the banks WILL leave and take their contribution to GDP with them. It's rediculous to continue to bite the hand that feeds a siginifcant part of the British economy.

Very true. In addition to the co-operative bank themselves they also part own Unity Trust Bank which provides banking facilities to trade unions, constituency labour party branches etc.

The waters are never that clear when someone wants to select a whiter than white bank. Whilst I'm not a fan of big bonuses I'm neither a fan of other elements.

davidgmmafan

I to was going to suggest credit unions. There are some cards which you just top up, but they're mostly backed by the big banks I think.

I don't think there is an option to do exactly what you want to do which is why the idea of a people's bank comes up now and again.

In fairness I thought the big bonusses were in the invesntment (casino) banking arms, although there are certainly CEO's of some building societies who seem to be joining n the party.

JoseChungsDoomsday

Marie_BL wrote: »

Who can I bank with that doesn't pay bonuses?
Yes, I know I shouldn't have watched last night's Panorama programme! :mad:

So who is it you don't want to pay a bonus to, the person behind the counter in your branch or the faceless scum that have invested in bad property deals etc?

Reason I ask is -

Your custom pretty much only effects the branch/call centre people you deal with - they are sales based and scored on customer service. On average, only get, atmost, £1k in bonus per year (as quoted by Eric Daniels).

The casino arm bonuses are based on the big trades and investments that almost brought a lot of banks down. You will have little to no effect on this.

thor

chazzee wrote: »

Personally, bonuses form part of the total compensation package, most bankers are fully entitled to what they earn based on the profits they generate for the benefit of the shareholders, and median salaries and bonuses are actually extremely fair.

It is the pursuit of these bonuses that caused bankers to take ever greater risks in the first place. They did not care about the short termism of their activities as they were blinded by their greed.

chazzee wrote: »

If they continue to be targets, both the bankers and the banks WILL leave and take their contribution to GDP with them.

If it means getting rid of the likes of Sir Fred 'the shred' and his ilk then good riddance! Banking as a profession is highly overrated (as has been proven by Goodwin and countless others). It is not rocket science and these leeches can be replaced easily.
BTW where are they all going to go? They have all been so discredited that any bank willing to take them on must be bonkers!

Nothanks

To respond to OP: i personally raise issue with chief exec bonuses in terms of the disparity between high and low earners in a company. To this end i'd choose a bank that has a trades union agreement (eg natwest or barclays) over one that doesn't (eg santander). This is in the hope that at least some people in the organisation are working to close that gap. Studies by the tuc have shown that the gap between highest & lowest paid is reduced proportionally in line with union density.

If it's all staff renumeration that you object to, then i'd suggest going to some high street banks recruitment websites to have a look at what people in your bank actually earn, this would give you a bit more info.

Good luck!

arthurk

I don't mind them getting a bonus but the thing that is most anyoing is that they have my money, they borrow them to other people, or invest, make profits, and what I get ? 0.05% ! Banks know we have no alternative and they use their position to make as much profit as they can and don't share this with us customers.

dunstonh

arthurk wrote: »

I don't mind them getting a bonus but the thing that is most anyoing is that they have my money, they borrow them to other people, or invest, make profits, and what I get ? 0.05% ! Banks know we have no alternative and they use their position to make as much profit as they can and don't share this with us customers.

If the bank is getting 2.75% on an SVR mortgage, the running charges of the bank are around 1.3% (the net interest margin), that leave around 1.45% to go to you. The finance requirements are higher at the moment (as they usually are during and after recession). So, savers rates in the 1% range are acceptable based on that.

They will of course have fixed term deposits available at higher rate which are paid for by fixed rate borrowing.

However, how do you expect a bank to pay you more on savings than they are getting on lending minus their costs?

If you are really getting 0.05% on your savings then you have to really consider what you are doing posting on this website.

arthurk

dunstonh wrote: »

If you are really getting 0.05% on your savings then you have to really consider what you are doing posting on this website.

I am not, I was exaggerating a bit. But still, I think what savers get in the UK is extremely poor.

opinions4u

arthurk wrote: »

the thing that is most anyoing is that they have my money, they borrow them to other people

They lend it to other people. They don't borrow it to other people.

and don't share this with us customers.

Do Currys share their profits with customers? Or Morrsions? Or Marks and Spencer?