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Banker's bonuses? What do you think should happen to them?
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To the Bankers or the bonuses?
It would be interesting to see the terms of the bonus schemes - I suspect many of them are nothing other than an excuse to pay out money, and properly drawn up would not pay out anything like as much money. They shoud also ensure that the banker had "skin in the game" as the expression goes - in other words if it all goes wrong for the bank, it also all goes wrong for his/her bonus. There have been too many cases where the bank is failing but the bonus is still paid - if that is the case it is a rubbish bonus scheme..It should mean no performance, no bonus. if they are going to be paid by bonuses, then the base pay should also be set at a lower rate than peole no on bonus, so if the bonus does not pay it, it really hurts. To many remuneration committees are made up of other bankers - you approve my bonus scheme and I'll approve yours etc etc.
It would be interesting to see the terms of the bonus schemes - I suspect many of them are nothing other than an excuse to pay out money, and properly drawn up would not pay out anything like as much money. They shoud also ensure that the banker had "skin in the game" as the expression goes - in other words if it all goes wrong for the bank, it also all goes wrong for his/her bonus. There have been too many cases where the bank is failing but the bonus is still paid - if that is the case it is a rubbish bonus scheme..It should mean no performance, no bonus. if they are going to be paid by bonuses, then the base pay should also be set at a lower rate than peole no on bonus, so if the bonus does not pay it, it really hurts. To many remuneration committees are made up of other bankers - you approve my bonus scheme and I'll approve yours etc etc.
Sorry, get a bit cross about it so too many typos!
"then the base pay should also be set at a lower rate than people not on bonus, so if the bonus does not pay out, it really hurts. Too many remuneration committees are made up of other bankers - you approve my bonus scheme and I'll approve yours etc etc. "
"then the base pay should also be set at a lower rate than people not on bonus, so if the bonus does not pay out, it really hurts. Too many remuneration committees are made up of other bankers - you approve my bonus scheme and I'll approve yours etc etc. "
Its a question whether you think the banker or the bank is responsible for the crisis. The banker is just an employee and if he has earned it by making a huge profit for the bank then he should be entitled to it. Remember soon he will be paying tax of 50% on it plus you have to add the NI so in a way it has benefitted the country.
The bonus tax of 50% is being applied to the banks themselves which they can easily afford from their massive profits and its right they should be subjected to it. The banks could easily have reduced the amount of bonus but instead the shareholders will have to suffer in their dividends.
As this is a one-off bonus tax the banks are fearful this windfall tax could be repeated in future years. Except for the banks themselves it seems to have been met with universal approval including the Tory party.
The bonus tax of 50% is being applied to the banks themselves which they can easily afford from their massive profits and its right they should be subjected to it. The banks could easily have reduced the amount of bonus but instead the shareholders will have to suffer in their dividends.
As this is a one-off bonus tax the banks are fearful this windfall tax could be repeated in future years. Except for the banks themselves it seems to have been met with universal approval including the Tory party.
Totally agree with you both.
I was just wondering because so many people seem to think that bonuses are rediculous, but they don't understand that the bonuses also attract talent to the city.
Goldman Sachs is currently reveiwing its UK Operations because of the new tax rate and goverment is threatening more action on bonus culture.
I just get annoyed when people who know nothing about the economy and how the financial system works start slating it all.
It is clear from the UK's recession how dependent we are on the financial sector. We will be in trouble if other companies like Goldman Sachs consider moving their offices out of the country, as they contribute so much to our economy. Babbling..
I was just wondering because so many people seem to think that bonuses are rediculous, but they don't understand that the bonuses also attract talent to the city.
Goldman Sachs is currently reveiwing its UK Operations because of the new tax rate and goverment is threatening more action on bonus culture.
I just get annoyed when people who know nothing about the economy and how the financial system works start slating it all.
It is clear from the UK's recession how dependent we are on the financial sector. We will be in trouble if other companies like Goldman Sachs consider moving their offices out of the country, as they contribute so much to our economy. Babbling..
When you refer to bankers' bonuses are you referring to all bankers (including counter assistants, cashiers, call centre staff, IT staff or anyone else who works for a bank). Many people think of fat cats getting six or seven figure bonuses but the reality is that most bankers are on salaries somewhere between the minimum wage and £25000 a year, and are lucky to get bonuses of more than a few hundred pounds.
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