‘We need a pay rise’ bankers demand

[Anarcho-Socialist]

Source: The Independent (UK)

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.

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

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:puke:

[stillcool]

1. was their bank bail-out like our's?

[Anarcho-Socialist]

3. Yes, the Northern Rock was the first to be bailed out

[GinaMaria]

2. Have they heard of pay for performance?

This is out of control.

[Deja Q]

4. Well, if it's like offshoring it's little pay for who-gives-a-damn- about-performance.

Or so it seems; I've only read more stories than I've experienced firsthand...

[Anarcho-Socialist]

7. Yes, but they think it shouldn't apply to them

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.

[DJ13]

5. Banker

[Donnachaidh]

17. .....

:spray: :rofl: :rofl:

[ShockediSay]

21. Used to be that partners, like in LLoyds, got bonuses for profitable yrs,

but partners were liable for losses in bad years.

If you wanna get treated like a partner,
yagotta pay the piper in bad years.

[bemildred]

6. Don't let the door hit your butt on the way out. nt

[AllentownJake]

8. Yes the work you do is so important and you've done such a bang up job at it

If this is really the best and brightest we have, we are fucked.

[w4rma]

9. What do they produce? Their only jobs in society are to transport and store money.

They are not worth anywhere near the money that they want.

[Frank Booth]

10. How's this for a bonus?

If they do a good job, they get to keep their job. Otherwise, they're fired. That's the way capitalism works, right?

[salin]

11. I don't know about in the UK... but in the US we have had near stagnant wages

and great cost of living expenses. Welcome to our world. Except many of us living in it (our world) had NOTHING to do with the current crisis - we didn't take out a loan or mortgage that we couldn't afford, nor did we make thousands of loans without any due dilligence to determine whether the lendee could actually repay the loan. We are just hoping to hold on to our jobs. Many of you are directly culpable for this financial crisis - and you want tax payers who are being screwed to pay you raises - while many of us have had NONE that meet the annual cost of living increase for the past three or more years? Get real and good luck with that. Again: welcome to our world.

[pitchforksandtorches]

12. Yeah.....well bring your dog around and we'll give him a bone-us too!

Thank you W.C. Fields for that one.

[salguine]

13. I got a size 12, steel-toed pay raise for ya right here, bitch.

[krispos42]

14. Fuck Napier Scott with a rabid badger

I haven't gotten a fucking raise in two years. I have never gotten ANY stock options. And the sum total of my company bonuses are two (2) $50 supermarket gift cars and a Vikings tailgate chair.


You get a bonus when you do a good job that makes the company money. Since your company LOST money last year, you don't get a fucking bonus. Stop bathing the fucking dog in Perrier and try the damn garden hose instead. I'm sure Muffy will get over it.

[Mr. Hyde]

15. Here's a better idea you pricks, open the window and jump the fuck out.

And try not to hit anyone on your way down.

[dysfunctional press]

16. then why are they called "bonuses"..? if they're an intregal part of the overall compensation?

:shrug:

[AngryAmish]

23. Because of taxes

These people make a lot of money and they intend to keep doing so. A decade or so ago in the US a law was passed that said companies cannot deduct from taxes salaries over $1 million (or so, I forget the exacty figures). Bonuses - pay for performance - were excluded.

So they rigged the figures so the bonuses were easy to get and became part of the expected pay structure.

(This was in the US. I am not sure the tax system in UK.)

Unintended consequences.

Also, for a long time activist shareholders (Calpers and others) have been banging on about pay for performance. The current bonus situation made them happy.

[Donnachaidh]

18. okay -- so go through the ledgers and figure the percentages of the losses

And then DEDUCT the same percentage from each and every one of these bloated f*cknugget's base pay. "Oh - the bank had losses of 50% last year? Well, then YOUR salary will be CUT by 50%, starting from the day the bank received bailout money. And if you owe US money, we'll take the difference in the stock options you so generously received in the past."

Stop kowtowing to these bloated egos and lower a few booms.

[AyanRand Is Dead]

19. Bonuses of "only 2 to 3 times" their base salary?!

ONLY!!! ONLY?!!! WTF! These blood sucking self-entitled bastards have no shame.

[aquart]

20. Let them try unemployment.

[conspirator]

22. What they need is a guillotine blade rise nt