Tories bank on money (From York Press)

So, to get round the problem of reduced bonuses, the bankers will simply benefit from massive salary increases instead. If anybody is shooting themselves in the foot, it's the (highly paid, with our money) bureaucrats and dictators of the EU who don't look far enough ahead to see the consequences of their actions.

sparkseffect wrote:
So, to get round the problem of reduced bonuses, the bankers will simply benefit from massive salary increases instead. If anybody is shooting themselves in the foot, it's the (highly paid, with our money) bureaucrats and dictators of the EU who don't look far enough ahead to see the consequences of their actions.

Exactly, It is only the CEO's etc who have the salaries in the millions and they are relatively few. I have no connection with the industry, but the traders who get the lions share of the bonuses are on relatively modest salaries and they are out within the hour when their masters have no use for them. They are just going to get a five or ten fold pay rise, and a nice big redundancy cheque instead of a cardboard box to put their belongings in when they are surplus to requirements.

If banks etc ramp up salaries instead of paying bonuses, there are solutions. Like progressive taxation, you know 40%, then 60%, 80% then 100%, so effectively limiting top UK salaries to a multiple of the minimum wage. And if banks moves bankers desks offshore or whehever , make all UK passport holders subject to UK taxation. Tough but fair, & there is no alternative as we are all in this triple dip together.

Mulgrave wrote:

sparkseffect wrote:
So, to get round the problem of reduced bonuses, the bankers will simply benefit from massive salary increases instead. If anybody is shooting themselves in the foot, it's the (highly paid, with our money) bureaucrats and dictators of the EU who don't look far enough ahead to see the consequences of their actions.

Exactly, It is only the CEO's etc who have the salaries in the millions and they are relatively few. I have no connection with the industry, but the traders who get the lions share of the bonuses are on relatively modest salaries and they are out within the hour when their masters have no use for them. They are just going to get a five or ten fold pay rise, and a nice big redundancy cheque instead of a cardboard box to put their belongings in when they are surplus to requirements.

Barclay's must have plenty of CEOs with over 400 staff get over £1,000,000

PKH wrote:

Mulgrave wrote:

sparkseffect wrote:
So, to get round the problem of reduced bonuses, the bankers will simply benefit from massive salary increases instead. If anybody is shooting themselves in the foot, it's the (highly paid, with our money) bureaucrats and dictators of the EU who don't look far enough ahead to see the consequences of their actions.

Exactly, It is only the CEO's etc who have the salaries in the millions and they are relatively few. I have no connection with the industry, but the traders who get the lions share of the bonuses are on relatively modest salaries and they are out within the hour when their masters have no use for them. They are just going to get a five or ten fold pay rise, and a nice big redundancy cheque instead of a cardboard box to put their belongings in when they are surplus to requirements.

Barclay's must have plenty of CEOs with over 400 staff get over £1,000,000

Have you got the breakdown of the pay?, £1m+ salaries will be included and presumably £250k 'basic' with £750k+ bonus will also be in there which is what was being discussed.

Please spare the crocodile tears. If Mulgrave seriously expects the average person in the street to feel sympathy for traders and their £1m bonuses, I suspect his cries will fall on stony ground. Libor and PPI were not victimless abuses by the banks! We, not the banks were the victims!

If, as we are led to believe you have to pay the best to get the best, I would hate the see the worst. And as for the job insecurity of traders , wake up for heaven's sake , what do think has been going on in the real world for some time now. I hasten to point out , it is not their money they are gambling with, its ours! A £750k bonus on a top of £250k basic, how do they get by?

perplexed wrote:
Please spare the crocodile tears. If Mulgrave seriously expects the average person in the street to feel sympathy for traders and their £1m bonuses, I suspect his cries will fall on stony ground. Libor and PPI were not victimless abuses by the banks! We, not the banks were the victims!

If, as we are led to believe you have to pay the best to get the best, I would hate the see the worst. And as for the job insecurity of traders , wake up for heaven's sake , what do think has been going on in the real world for some time now. I hasten to point out , it is not their money they are gambling with, its ours! A £750k bonus on a top of £250k basic, how do they get by?

Where do I say I have sympathy with the bankers? Sounds like you will be moaning more than anyone when the £250k trader is on £1m basic next year.

"I have no connection with the industry, but the traders who get the lions share of the bonuses are on relatively modest salaries and they are out within the hour when their masters have no use for them."

Sounds fairly sympathetic to me. But what would I know? I believe LIBOR was tantamount to fraud and someone should have been sent to prison. You are absolutely right I don't think any of our traders are worth a £1 million plus. There are not many industries where people are rewarded for incompetence and fraud and in the case of RBS it is we the public who have to pick up the bill! It is a sacrifice, those who are having their benefits cut or treatment rejected would I am surely entirely understand.

If you read ALL my comment you may just get the jist of what I said. Your point is that pay fullstop is too high and I wouldn't disagree.