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London bankers say they are underpaid, treated unfairly

Telegraph:

Globally, 67.2pc of bankers were “unhappy with their overall remuneration package” for 2012, compared with 63.9pc in London. In both London and the global survey, 48.4pc of respondents said their pay was unfair even “when asked to take the current market conditions into account”.

Three-quarters of City respondents were paid a basic salary of more than £50,000 and a third received over £100,000. Some 12.9pc earned a bonus of 100pc or more of their salary, but 19.4pc did not receive a bonus at all.

Awww, poor babies!

Think of all the jobs they create buying hookers and blow! (Not that there's anything wrong with that.)

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goldberry's picture
Submitted by goldberry on

Ok, you're not going to believe this but at least at the lower levels, they're probably correct. The analysts and associates work outrageous hours for months onend without much of a break. They're base salary looks ok until you divide it by the hours worked. Then it's barely minimum wage. So they can justify their bonuses by saying theyre deferred compensation. That has the effect of decoupling work vs consequences. Their bonuses are based not on how many hours they worked but how much money they made in deals.
If youwanttofizthe banking systematic the lowest levels,there need to be stricter labor laws. They should be compensated with overtime and have mandatory non-rolloverable vacation time. Bonuses should amount to a small percentage of total compensation, like maybe no more than 20%. That right there would force the lower levels to slow down. And if they slow down,the VPs and managing directors might do so as well.
So, ironically,I sympathize. They need boring,stable jobs with reliable compensation and time off. They're some of the most overworked people the country and when you're tired and your salary depend on makings much money as possible for your bosses, priorities get distorted.
Do they need MORE money? No. They need more time off, limited work hours and a union.

Submitted by lambert on

I love my iPad, but typing is one thing it is not for.

In fact, what you're saying is that these are the people who would greatly benefit from "boring banking."

So sorry we missed you in NY and I hope that PIttsburgh is going well.