‘We need a pay rise’ bankers demand (Independent)

[Anarcho-Socialist]

Clampdown on bonuses sparks City calls for 10 per cent increase in salaries

Senior City bankers are demanding pay rises of up to 10 per cent this year to make up for the clampdown on the bonus culture, a senior City head-hunter has told The Independent.

Shaun Springer, chief executive of Napier Scott, which specialises in recruiting senior bankers for posts in Europe, Africa and the Middle East, said bankers were attempting to rebalance their financial packages in favour of higher salaries. And he predicted that, over the next few years, city salaries could more than double to compensate investment bankers. “Base salaries are being increased by somewhere between 5 and 10 per cent, by rule of thumb, to compensate for an overall fall in the remunerative package,” said Mr Springer.

(snip)

“People used to, say, earn between £100,000 and £150,000 and receive bonuses of 10 times multiples of their base salary,” he continued. “But a trend is now developing where someone has a basic pay of, say, £300,000 but with bonus multiple of only two or three times that.”

His comments expose the prevailing view in the City that bonuses are no longer about rewarding exceptional performance but have become an integral part of bankers’ financial reward packages and came on the day it emerged that Northern Rock will pay bonuses to about 100 top executives despite the nationalised bank losing £1.4bn in 2008.

More: http://www.independent.co.uk/news/business/news/8216we-need--a-pay-rise8217-bankers-demand-1630307.html

Do you recall 2008 when the financial sector were demanding "restraint" in public sector pay?

[Nihil]

1. It is mind-blowing really ...

> ... that Northern Rock will pay bonuses to about 100 top executives
> despite the nationalised bank losing £1.4bn in 2008.

Taxpayer funds going straight into the pockets of the greedy f*ckers
who sunk the bank in the first place.

:crazy:

[muriel_volestrangler]

2. First, find some competent bankers

If they ever turn up, then we can talk about paying them good salaries.

[Albus]

3. My cousin is a banker

but we tell people he's a rent boy these day to avoid any embarrassment.

[LeftishBrit]

4. I recently discovered this old Ogden Nash poem, which I've posted on GD

MA, WHAT'S A BANKER? OR, HUSH, MY CHILD.

The North wind doth blow
And we shall have snow,
And what will the banker do then, poor thing?
Will he go to the barn
To keep himself warm,
And hide himself under his wing?
Is he on the spot, poor thing, poor thing?
Probably not, poor thing.

For when he is good,
He is not very good,
And when he is bad he is horrider,
And the chances are fair
He is taking the air
Beside a cabana in Florida,
But the wailing investor, mean thing, mean thing,
Disturbs his siesta, poor thing.

He will plunge in the pool
But he makes it a rule
To plunge with his kith and his kin,
And whisper about
That it's time to get out
When the widows and orphans get in.
He only got out, poor thing, poor thing,
Yet they call him a tout, poor thing.

His heart simply melts
For everyone else;
By love and compassion he's ridden;
The pay of his clerks
To reduce, how it irks!
But he couldn't go South if he didden.
I'm glad there's a drink within reach, poor thing,
As he weeps on the beach, poor thing.

May he someday find peace
In a temple in Greece,
Where the Government harbours no rancour.
May Athens and Sparta
Play host to the martyr,
And purchase a bond from the banker.
With the banker in Greece, poor thing, poor thing,
We can cling to our fleece, Hot Cha!