> Some 84 per cent of 160 compliance officers that took part in a recent Compliance Institute/Mazars survey said the incoming senior executive accountability regime would make it hard for finance firms to hire people into senior roles that fall under the scope of the rules.
There are few more despicable jobs in the modern world than being a banker, or involved in that level of finance. [Wanking fuckin bankers](https://m.youtube.com/watch?v=q2nA2szz8dY)
“the boom is getting boomier”, its like watching a car crash in slow motion, shouting for people to get out of the way but they are still bending over.
In this thread : lots of angry people with no idea how critical banks are to the world.
The entire modern economy runs on this thing called “money”. So if you want ATMs to work, if you want your payroll to go through, if you want to buy a car, or a house, or get a loan, or go into any business in the country that needed a loan to start up or needs to pay suppliers, if you want to travel to the far side of the world and still have your bank card magically work, or any of the other things that are modern life, then you need banks.
And if you need banks, then you need competent people to run them. And if you won’t pay the going rate for competent people, then you will get incompetent people. Good luck with that.
I’m sure this won’t annoy people.
20k is a red herring.
Its the principle that bonuses are back through the back door thats the worry.
20k will be 200k in a few years and the 500k salary cap will be abandoned.
€20k as a maximum is pretty low compared to other financial services jobs. This won’t change the story at the top, but will allow them to compete better for mid level people.
For everyone saying “the banks cause the crash so we should ban bonuses”, most of the people who caused the crash sailed off into the sunset as they had their money made. The majority of people who will benefit from this were either in school or university when the crash happened, or possibly low level positions. Why should they be paid less because of the sins of their predecessors?
Bank of Ireland is privately owned. Not sure why the government should continue to have a say in how they compensate their staff. Pay isn’t coming out of the public’s pocket.
AIB is potentially a different story.
I can’t really comment on whet represents a fair salary in the banking sector, but from my own sector, employers that are restricted from bonuses (by being semi-state or owned by one of these banks) definitely di struggle more to get good candidates. Because there are plenty of alternative employers who will pay bonuses.
Really depends on who the banks are competing against for candidates. I know we had bery poor competition (i.e. none) for the head of the CBI and imo got a bit of a dud. Need to look at whether that is linked to uncompetitive benefits or it’s just not an attractive position.
All the comments on here by people who think the only people working in banks are “bankers”. The people who set the sort of policies that caused so much trouble and, even those who directly benefited, make up such a small portion of the staff in a bank. All the back office staff, IT, audit etc. are all penalised as a result of the restrictions imposed after 2008.
As a result it’s difficult to hire and even more difficult to hold onto people. They don’t get bonuses, performance related pay or even health insurance. As a result there are departments that are critically short staffed which ironically means the chances of something going bang again are increasing, not decreasing.
On top of that, there are constant complaints (and quite rightly so) about how crappy Irish banks are with respect to digital services. They simply cannot compete with the Revoluts of this world without decent people in the right jobs and that won’t happen until banks are staffed with people other than those only interested in job security and a good pension.
Oh fuck off Paschal you drip
Let me put it simply. I work in one of these banks. Variable and fixedvrate mortgages are being kept way below where they should be while all other European banks raise them. This means we are going to lose billions on the mortgages we are currently writing. Because the higher ups pay is not linked to bank performance using a bonus system they do not give a fuck how much money we lose. Not saying bonuses are the only solution but combined with good regulation it os in my opinion.
They’re like our teachers and nurses, flying off to better pay conditions! /s
A lot of that will go to the government as tax so they’re happy enough I’m sure. 20k bonus would be over 10k tax probably
If you pay peanuts you get monkeys.
I’d happily see good competent staff get bonuses once state watchdogs don’t drop the ball and let them go off the rails again.
We need to look at the bailouts as an expensive lesson , learn from it and move on.
It’s ridiculous that we don’t have a public bank to replace the services of private banks.
How are Irish banks still in the stone-age in comparison to Revolut / N26 etc. Even with billions of tax money flowing into them they hardly progressed at all in the past 50 years.
People seem to be glossing over the fact that this proposal doesn’t just apply to cash bonuses, but allows the banks in question to provide healthcare and childcare to their employees. Hardly unreasonable considering the fact that these are staple for a lot of other workers in Ireland
Fuck them and this!
The main Irish banks are not investment banks. They don’t run trading desks like Barclays, JP Morgan, Credit Suisse etc. Those traders tend to work for bonuses and will quit and move if their bonus doesn’t meet expectations.
The main Irish banks are retail banks. They take money in at x% and lend at x+%. Not really sure how paying bonuses is effective in a plain vanilla retail banking operation. What complex / creative outcome is being sought in return for the bonus?
To be honest I’m not really sure that bonuses produce “good” behaviour in the large investment banks but that’s a discussion for a different thread.
19 comments
> Some 84 per cent of 160 compliance officers that took part in a recent Compliance Institute/Mazars survey said the incoming senior executive accountability regime would make it hard for finance firms to hire people into senior roles that fall under the scope of the rules.
There are few more despicable jobs in the modern world than being a banker, or involved in that level of finance. [Wanking fuckin bankers](https://m.youtube.com/watch?v=q2nA2szz8dY)
“the boom is getting boomier”, its like watching a car crash in slow motion, shouting for people to get out of the way but they are still bending over.
In this thread : lots of angry people with no idea how critical banks are to the world.
The entire modern economy runs on this thing called “money”. So if you want ATMs to work, if you want your payroll to go through, if you want to buy a car, or a house, or get a loan, or go into any business in the country that needed a loan to start up or needs to pay suppliers, if you want to travel to the far side of the world and still have your bank card magically work, or any of the other things that are modern life, then you need banks.
And if you need banks, then you need competent people to run them. And if you won’t pay the going rate for competent people, then you will get incompetent people. Good luck with that.
I’m sure this won’t annoy people.
20k is a red herring.
Its the principle that bonuses are back through the back door thats the worry.
20k will be 200k in a few years and the 500k salary cap will be abandoned.
€20k as a maximum is pretty low compared to other financial services jobs. This won’t change the story at the top, but will allow them to compete better for mid level people.
For everyone saying “the banks cause the crash so we should ban bonuses”, most of the people who caused the crash sailed off into the sunset as they had their money made. The majority of people who will benefit from this were either in school or university when the crash happened, or possibly low level positions. Why should they be paid less because of the sins of their predecessors?
Bank of Ireland is privately owned. Not sure why the government should continue to have a say in how they compensate their staff. Pay isn’t coming out of the public’s pocket.
AIB is potentially a different story.
I can’t really comment on whet represents a fair salary in the banking sector, but from my own sector, employers that are restricted from bonuses (by being semi-state or owned by one of these banks) definitely di struggle more to get good candidates. Because there are plenty of alternative employers who will pay bonuses.
Really depends on who the banks are competing against for candidates. I know we had bery poor competition (i.e. none) for the head of the CBI and imo got a bit of a dud. Need to look at whether that is linked to uncompetitive benefits or it’s just not an attractive position.
All the comments on here by people who think the only people working in banks are “bankers”. The people who set the sort of policies that caused so much trouble and, even those who directly benefited, make up such a small portion of the staff in a bank. All the back office staff, IT, audit etc. are all penalised as a result of the restrictions imposed after 2008.
As a result it’s difficult to hire and even more difficult to hold onto people. They don’t get bonuses, performance related pay or even health insurance. As a result there are departments that are critically short staffed which ironically means the chances of something going bang again are increasing, not decreasing.
On top of that, there are constant complaints (and quite rightly so) about how crappy Irish banks are with respect to digital services. They simply cannot compete with the Revoluts of this world without decent people in the right jobs and that won’t happen until banks are staffed with people other than those only interested in job security and a good pension.
Oh fuck off Paschal you drip
Let me put it simply. I work in one of these banks. Variable and fixedvrate mortgages are being kept way below where they should be while all other European banks raise them. This means we are going to lose billions on the mortgages we are currently writing. Because the higher ups pay is not linked to bank performance using a bonus system they do not give a fuck how much money we lose. Not saying bonuses are the only solution but combined with good regulation it os in my opinion.
>Donohoe says the three surviving banks are in a situation where staff are leaving, and are hard to replace, because of bank pay limits
https://twitter.com/gavreilly/status/1597592200694882305?s=46&t=ZyfgEcE4ls8knSlJPsPReQ
They’re like our teachers and nurses, flying off to better pay conditions! /s
A lot of that will go to the government as tax so they’re happy enough I’m sure. 20k bonus would be over 10k tax probably
If you pay peanuts you get monkeys.
I’d happily see good competent staff get bonuses once state watchdogs don’t drop the ball and let them go off the rails again.
We need to look at the bailouts as an expensive lesson , learn from it and move on.
It’s ridiculous that we don’t have a public bank to replace the services of private banks.
How are Irish banks still in the stone-age in comparison to Revolut / N26 etc. Even with billions of tax money flowing into them they hardly progressed at all in the past 50 years.
People seem to be glossing over the fact that this proposal doesn’t just apply to cash bonuses, but allows the banks in question to provide healthcare and childcare to their employees. Hardly unreasonable considering the fact that these are staple for a lot of other workers in Ireland
Fuck them and this!
The main Irish banks are not investment banks. They don’t run trading desks like Barclays, JP Morgan, Credit Suisse etc. Those traders tend to work for bonuses and will quit and move if their bonus doesn’t meet expectations.
The main Irish banks are retail banks. They take money in at x% and lend at x+%. Not really sure how paying bonuses is effective in a plain vanilla retail banking operation. What complex / creative outcome is being sought in return for the bonus?
To be honest I’m not really sure that bonuses produce “good” behaviour in the large investment banks but that’s a discussion for a different thread.