2008 was shit for bonuses tbf. The meltdown started a year earlier.
We are gonna see a huge crash soon, these cunts are responsible but never face any accountability, the bonuses being so high while over 300,000 people have died through poverty is criminal.
Good to see that the TUC keeps track of financial sector bonuses
And what’s wrong with that? Private company pays high salary. A higher salary means higher taxes. If not salary these money would remain inside the company.
Quite frankly I think bonuses should be illegal if your salary/wage is above a specific threshold.
Taxing the rich on their income and wealth isn’t enough because of all the loop holes they use.
They just need to straight up have a cap put on how much they can earn.
Their banks will fail, tax payers will bail them out again, and still they’ll pretend they’re worth millions and that the average taxpayer is not worthy of a loan at a reasonable interest rate.
I don’t think that’s massively unreasonable tbh. It’s been 14 years. In order to get a 101% gain over 14 years the increase would be about 5.11% year on year.
Is it unreasonable to get a 5.11% increase per year for 14 years? I don’t think so. You could argue that it doesn’t look good when the rest of the country were going through austerity, but austerity itself was a load of bollocks that shouldn’t have happened the way it did. The core problem is that many lower earners suffered, and this problem needs to be sorted across the board by raising living standards.
For *some* context, minimum wage increased from £5.52 to £9.50 in the same time frame – an increase of 72%. The TUC isn’t wrong when they state that low wage workers have been held back.
This feels incomplete. The bonuses have gone up; which is the ‘performance related’ part of their pay.
How has the base salary changed? If that’s also doubled, then that means one thing.
If that base salary hasn’t changed at all, and all the inflation based increases have instead gone onto the ‘performance related’ part of their pay, that means a quite different thing.
I can’t help but feel that the writer was well aware of this; and choose not to make that clear.
honestly who cares they aren’t elected by the public if you want a smokescreen good for you btw i am not a banker lol
Why is everyone so fussed about other peoples pay? Bonuses are a thing in tons of industries why the focus on Bankers particularly?
If these banks weren’t paying their staff bonuses then they’d be paying their shareholders the money instead.
I’m ok with this because according to the Prime Minister, them being richer will only make me richer.
Any day now.
Well firstly, if the bankers the bonuses the bankers the bonuses, it’s disgusting.
They doubled because of the cap, and why most bankers don’t want it removed.
The cap forced the banks to share the bonus pool much more equally which greatly increased the average bonus paid.
Those at the top remain earning incredible amounts through immorale and, if not for the government bending their knee to them, illegal practices. As this continues and even grows in scale, those at the bottom end up worse and worse off. Whatever could be the issue I wonder?!
Capitalism rewards failure. Bankers learned a lesson after the 2008 crash; it was the wrong lesson. They learned that there were no consequences for crashing the economy (despite the token sacrifice of Northern Rock here and Leahman Brothers in the USA).
Why should the state be regulating private sector pay?
People in this thread seem to think only the top earners get bonuses. For the UK bank I work at at least everyone in the company gets bonuses, even the lowest paid, entry level staff. They are calculated as a percentage of income so obviously the higher earners get more (though actually within each level of the hierarchy the lower earners get a higher bonus to even things out).
That’s on the retail side though – think a lot of people conflate the high street banks with US style hedge funds that invest in dictatorships and cartels and wank over profiting from misery
The bankers might fuck the economy and get huge bonuses.
But that’s just crony capitalism. Why hate the bankers.
The bankers might fuck the economy and get huge bonuses.
But that’s just crony capitalism. Why hate the bankers.
Surprise surprise
We didn’t even come near to resolving the things which went on and on the ground I don’t think we recovered at all.. its like shoving a plaster on a gaping wound which has peeled off
Like how they bang the drum about being financially responsible and saving/paying into pension.. which is a crock of shit really, my savings got wiped out by care fees and funeral costs in the run up to, and going into the pandemic
As for my pension, I’ve paid in for 20 odd years with the knowledge if I’m alive come my 60’s because of underlying health I’d unlikely not be working, or at the very least had retrained to a different sector by then
I don’t care. Banks are private businesses, who is the govt to regulate a private business payroll?
What’s the point in a bunch of people who just make money out of money? They contribute fuck all to society
If the bankers got their limits lifted, then they did do the Tories any favours with instability in the financial markets.
The UK economy is going down thank to Brexit, they are looking to financial serviecs to lift tax rates.
The Tories are in favour of big corportation. Labour in favour of nationalising everything. None work for small home grown UK companies to grow….
I’ve got a genuine concern about lifting the bonus cap, but the coverage and discussion has lacked context.
The bonus cap formed part of the EU’s push for regulation to address issues that either caused the 2008 crash, or amplified it’s impact. More specifically it was part Capital Requirements Directive 4 (CRD IV) and it caps ‘Material Risk Takers’ (MRT’s) bonus to 100% of their salary, or 200% with shareholder approval. There have been a host of revisions and other directives in financial services over the last decade such as MIFID II, Solvency II, Ring-fencing, UCITS V, AIFMD etc.
The goal of the cap was to address concerns that [MRT’s](https://www.handbook.fca.org.uk/handbook/SYSC/19G/5.html#:~:text=A%20material%20risk%20taker%20is,assets%20that%20the%20firm%20manages.) may take larger risks to get a bonus that is several times the size of their base salary. Reward should not attract risk taking in jobs those pose material risks I don’t see enough justification to lift the cap. The argument of it limiting access to talent doesn’t hold water. Airline pilots may just push into 6 figures but that’s after years or decades of experience after going through years of expensive training.
Just be aware that over 1 million people in the UK work in financial services, with 98% likely earning around the median UK wage with median UK bonuses linked to their preformance reviews. Your bank teller isn’t getting a £20,000 bonus, and folk do assume thing like that when seeing bankers discussed on the news. Context is key!
Tories fight for these cunts, and fight against kids that go hungry at school.
Kwasi and Liz got their cut. in a deal? Countries with weaker currencies have gained One wonders was it all in the ‘Count down plan’ Everyone gains. No losers on the top..
Second part of plan
Tories forgive Liz. She gets exactly what she wants (continued position) and agreeds to go along with whatever the Party now says… Like. AGood little girl..
Coming out richer..
Find a nice quiet place, sit down on a comfortable chair, close your eyes, take a deep breath and hold it for 5 minutes. Poof! All problems gone!!!
Aussie here. Why to you care about, let alone regulate, salaries in a free market? Are you communist?
28 comments
2008 was shit for bonuses tbf. The meltdown started a year earlier.
We are gonna see a huge crash soon, these cunts are responsible but never face any accountability, the bonuses being so high while over 300,000 people have died through poverty is criminal.
Good to see that the TUC keeps track of financial sector bonuses
And what’s wrong with that? Private company pays high salary. A higher salary means higher taxes. If not salary these money would remain inside the company.
Quite frankly I think bonuses should be illegal if your salary/wage is above a specific threshold.
Taxing the rich on their income and wealth isn’t enough because of all the loop holes they use.
They just need to straight up have a cap put on how much they can earn.
Their banks will fail, tax payers will bail them out again, and still they’ll pretend they’re worth millions and that the average taxpayer is not worthy of a loan at a reasonable interest rate.
I don’t think that’s massively unreasonable tbh. It’s been 14 years. In order to get a 101% gain over 14 years the increase would be about 5.11% year on year.
Is it unreasonable to get a 5.11% increase per year for 14 years? I don’t think so. You could argue that it doesn’t look good when the rest of the country were going through austerity, but austerity itself was a load of bollocks that shouldn’t have happened the way it did. The core problem is that many lower earners suffered, and this problem needs to be sorted across the board by raising living standards.
For *some* context, minimum wage increased from £5.52 to £9.50 in the same time frame – an increase of 72%. The TUC isn’t wrong when they state that low wage workers have been held back.
This feels incomplete. The bonuses have gone up; which is the ‘performance related’ part of their pay.
How has the base salary changed? If that’s also doubled, then that means one thing.
If that base salary hasn’t changed at all, and all the inflation based increases have instead gone onto the ‘performance related’ part of their pay, that means a quite different thing.
I can’t help but feel that the writer was well aware of this; and choose not to make that clear.
honestly who cares they aren’t elected by the public if you want a smokescreen good for you btw i am not a banker lol
Why is everyone so fussed about other peoples pay? Bonuses are a thing in tons of industries why the focus on Bankers particularly?
If these banks weren’t paying their staff bonuses then they’d be paying their shareholders the money instead.
I’m ok with this because according to the Prime Minister, them being richer will only make me richer.
Any day now.
Well firstly, if the bankers the bonuses the bankers the bonuses, it’s disgusting.
They doubled because of the cap, and why most bankers don’t want it removed.
The cap forced the banks to share the bonus pool much more equally which greatly increased the average bonus paid.
Those at the top remain earning incredible amounts through immorale and, if not for the government bending their knee to them, illegal practices. As this continues and even grows in scale, those at the bottom end up worse and worse off. Whatever could be the issue I wonder?!
Capitalism rewards failure. Bankers learned a lesson after the 2008 crash; it was the wrong lesson. They learned that there were no consequences for crashing the economy (despite the token sacrifice of Northern Rock here and Leahman Brothers in the USA).
Why should the state be regulating private sector pay?
People in this thread seem to think only the top earners get bonuses. For the UK bank I work at at least everyone in the company gets bonuses, even the lowest paid, entry level staff. They are calculated as a percentage of income so obviously the higher earners get more (though actually within each level of the hierarchy the lower earners get a higher bonus to even things out).
That’s on the retail side though – think a lot of people conflate the high street banks with US style hedge funds that invest in dictatorships and cartels and wank over profiting from misery
The bankers might fuck the economy and get huge bonuses.
But that’s just crony capitalism. Why hate the bankers.
The bankers might fuck the economy and get huge bonuses.
But that’s just crony capitalism. Why hate the bankers.
Surprise surprise
We didn’t even come near to resolving the things which went on and on the ground I don’t think we recovered at all.. its like shoving a plaster on a gaping wound which has peeled off
Like how they bang the drum about being financially responsible and saving/paying into pension.. which is a crock of shit really, my savings got wiped out by care fees and funeral costs in the run up to, and going into the pandemic
As for my pension, I’ve paid in for 20 odd years with the knowledge if I’m alive come my 60’s because of underlying health I’d unlikely not be working, or at the very least had retrained to a different sector by then
I don’t care. Banks are private businesses, who is the govt to regulate a private business payroll?
What’s the point in a bunch of people who just make money out of money? They contribute fuck all to society
If the bankers got their limits lifted, then they did do the Tories any favours with instability in the financial markets.
The UK economy is going down thank to Brexit, they are looking to financial serviecs to lift tax rates.
The Tories are in favour of big corportation. Labour in favour of nationalising everything. None work for small home grown UK companies to grow….
I’ve got a genuine concern about lifting the bonus cap, but the coverage and discussion has lacked context.
The bonus cap formed part of the EU’s push for regulation to address issues that either caused the 2008 crash, or amplified it’s impact. More specifically it was part Capital Requirements Directive 4 (CRD IV) and it caps ‘Material Risk Takers’ (MRT’s) bonus to 100% of their salary, or 200% with shareholder approval. There have been a host of revisions and other directives in financial services over the last decade such as MIFID II, Solvency II, Ring-fencing, UCITS V, AIFMD etc.
The goal of the cap was to address concerns that [MRT’s](https://www.handbook.fca.org.uk/handbook/SYSC/19G/5.html#:~:text=A%20material%20risk%20taker%20is,assets%20that%20the%20firm%20manages.) may take larger risks to get a bonus that is several times the size of their base salary. Reward should not attract risk taking in jobs those pose material risks I don’t see enough justification to lift the cap. The argument of it limiting access to talent doesn’t hold water. Airline pilots may just push into 6 figures but that’s after years or decades of experience after going through years of expensive training.
Just be aware that over 1 million people in the UK work in financial services, with 98% likely earning around the median UK wage with median UK bonuses linked to their preformance reviews. Your bank teller isn’t getting a £20,000 bonus, and folk do assume thing like that when seeing bankers discussed on the news. Context is key!
Tories fight for these cunts, and fight against kids that go hungry at school.
Kwasi and Liz got their cut. in a deal? Countries with weaker currencies have gained One wonders was it all in the ‘Count down plan’ Everyone gains. No losers on the top..
Second part of plan
Tories forgive Liz. She gets exactly what she wants (continued position) and agreeds to go along with whatever the Party now says… Like. AGood little girl..
Coming out richer..
Find a nice quiet place, sit down on a comfortable chair, close your eyes, take a deep breath and hold it for 5 minutes. Poof! All problems gone!!!
Aussie here. Why to you care about, let alone regulate, salaries in a free market? Are you communist?