According to the Independent online, bankers are demanding a pay rise to compensate for the loss of bonus payments. “Base salaries at investment banks across the board will have to rise to compensate people for the falls in bonuses they have seen,” said one senior corporate finance investment banker.
Surely the laws of supply and demand suggest that this is completely perverse, as there is a currently a significant reduction in the demand for bankers as the sector contracts. If members of the financial services community are managing to pull the wool over the eyes of their shareholders, this suggests that the problems of governance in the sector are even deeper than we imagined.
The continued ability of the semi-nationalised banks to put highly paid staff ahead of taxpayers shows that the Government has been far too detached and pathetic in its arms-length approach to them.
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