True enough but most at least have some level of self awareness.

 

It's all very well belittling jobs like used car dealers and traffic wardens, but at the end of the day that is still a job and somebody has to do it. What makes your job any better?

Do you have any idea of how the financial services industry works or how much it contributes to the economy? Lets say the Government gets rid of all the "city muppets", have the banks shut down all the trading desks desks, and get rid of the investment banking side (that's casino banking for you daily mail readers) of the business, what then? What about the rest of the thousands of specialised support staff who support that line of business? The legal departments, compliance, operations, developers, risk and product analysts, researchers, IT etc, etc.

More importantly what industry do you propose that could fill the hole with the loss of an industry that generates 9% of UK's GDP. Note that nearly half of UK's financial services industry is made of of overseas firms. You get rid of the UK side, what incentive is there for the existing overseas firms to stay or to attract those from the emerging markets? In getting rid of the investment banking industry, it will have adverse affects in other industries such as the insurance and reinsurance industry. The UK hosts 20 of the worlds largest insurance and reinsurance firms generating premiums of £37bn. Yes, those working in this industry also gets large bonuses similar to bankers. Remember bankers bonuses generates around £3.5bn in tax revenue, cap their bonus and you effectively cap the tax revenue generated.

Three major banks plan to move 3000 jobs out of the city to Birmingham, Chester, Bournemouth generating jobs and revenue in the area and there will be other banks who will 'nearshore' jobs to other areas in the future. Make it less attractive for banks to business here they may as well move to Paris or Frankfurt and London and the UK will lose is status as the worlds top financial hub and it's influence in the global market. So the EU wants to cap bank bonuses, who will win? Countries like France and Germany as the UK will inevitably enforce EU legislation unlike France and Germany.

 

I can answer this. No, he hasn't got the first clue.

 

Apart from having worked with some of the biggest banks at Director level. Probably more than you in fact Tel, self proclaimed financial expert. Doubt his wisdom and he shall attempt to patronise you....

Jon; some good points and I guess we're in too deep as a nation but while the UK has been brown nosing the industry for decades, what exactly has it done for us?

It's got an iron grip on our government, it rips us off, lies to us, grabs everything then cries to the taxpayer when it all goes belly up. How these so called "experts" are still listened to after such blatant stupidity has been overlooked time and time and again beggars belief.

Every new "shocking new development" in the financial meltdown (this is just the beginning) is just so obvious to anyone with half a brain. Every bit if advice we have had from "experts" has turned out to be rubbish. They have no clue yet still the public desperately seek advice and comfort from a bunch of people that in any other industry, would be fired.

Tel; you are very quick to criticise yet I have never seems single bit of useful advise for you. Not exactly great for credibility.

 

Then if you HAVE worked with Directors in the market, you'd understand what utter $hite you're spouting. Where does it come from?? Not from experience gained from working with these "directors" i will 100% guarantee.

 

Come on then, try and add to the debate rather than just spout abuse.

I'm waiting...


I'm still waiting...

 

But it's pointless. You play the pathetic "worked with Directors" card, convince yourself that we're all lying tossers i think the phrase was, and then start playing childish "still waiting" games. Be prepared to keep waiting, i'm not indulging you. As said, you know nothing about this industry whatsoever. You know i'm right, or at least you will admit it to yourself in a quiet moment tonight. That's good enough for me.

 

Tel; your arrogance knows no boundaries. Which fits the stereotype perfectly. Well done.

I know more than you think. Don't forget that you're a small cog in a very big machine next time to try and shout about your fantastic career.

 

Just fed up of know-nothings throwing stones from the outside, gets kinda boring

 

I'm fed up of bankers telling us "I'll informed, thick" public how we don't understand and how vital they are.

It doesn't take much of a genius to understand that the financial industry as it stands is a whacking great house of cards about to fall over, dragging the UK and Europe down with it. Only Germany has a clue.

 

How so? They're stuck desparately propping up a failing currency. You talk of house of cards, the UK financial industry is nothing compared to that!

 

But they are the only ones ins position to do so.

We deal in communications; Britains bank "brand" is currently in very bad shape. As is the ability to communicate with the very people they love to belittle and patronise; the general public.

Yes the industry is currently a scapegoat for some of our economic woes but much of it has a solid case.

 

Very similar to NL then!

Les

 

It's all myth & ledgend in the banking game.Load of rubbish that there are only a handful of people who can do there job,just like any other job.

It's only logical that there must be ,at least, hundreds of people that could & would do the work for a fraction of what they are getting paid.

And don't forget they would have to convince their wives & families to move abroad.

'Sorry love.I can only earn 4 Million instead of 5 million this year so we have to uproot the whole family too Europe'

 

It was only a few posts up where you belittled the jobs of used car salesmen and traffic wardens....

To say that Germany are the only ones with the ability to prop up the Euro is a little overstatement, the truth is they are trapped and have no choice but to.

It's all too easy to lay the blame solely with the bankers, but the truth is everyone is to blame in varying degrees. Not all bankers are greedy and work just as hard as anyone you care to mention, likewise, joe public has been just as greedy as the bankers they like to blame.

 

I can understand your feelings about all that today Pete, but you can't wriggle out of what your heroes did when they were in power. Yours is not a very effective excuse to write it off as though it never happened.

Les

 

Not belittling - both have good examples of fine workers. But you have to admit that neither jobs have a great reputation do they?!

Bankers work very hard and long hours - but some, enough to make a difference, pursue cash at the expense of anything else.

 

So you're favour of writing off a whole industry employing tens if not hundreds of thousands of workers for the actions of what is relatively a small minority of people and jeopardise the UK economy further?

 

Yes. Those in charge/power are THE face of the company.

I doubt my comments will jeopardise the banking industry though!

 

Well I worked with someone that worked with the queen so I win!

 

This is just plain daft. Like anything, there are people who are at the top of their game, be it in sport or business. There are, of course plenty of people whou could do it, but even if it's hundreds, it is still a drop in the ocean of the working population. And, those hundreds are shared amongst all the big businesses.

This notion that people have that they could do it better is utterly baseless, smacks of envy and a basic misunderstanding of what it takes to succeed at the very highest level.

It's just the way of the world, people get paid more than others, whether you think it is fair or not is irrelevant.

Geezer

 

365million bonus pot after losing over 500million this year reaks of REWARDING FAILURE in my book, and the ppi scandal is still ongoing with lloyds with people waiting up to 6months for their money, lloyds have been fined by the banking ombudsmon over this, oh and the bonus is a % of salary so 10% of £15grand a year as a counter tellar is **** all rearly in relation to 10% of 500thousand, our last bonus at work xmas this year was 2% of salary or 200quid minium whichever was greater i got £296 quid for 42.5hours each week of hard graft making the company money. our md got 2% of £485000 thats £9700 for doing **** all, its common knowledge he has surrounded himself with people who do his job for him, i suspect banking is no different at top level but hey thats life

 

I don't think a top premiership manager who took his team from European Cup success to playing in the Conference League would still have their job or their salary.
In fact ,I can't think of another industry where this level of incompetence/lying/cheating/inside trading etc. would be tolerated let alone rewarded.

 

So,so, wrong.

But then, anybody who spells really as rearly, why am i even bothering to reply??

 

I am not incompetent, i don't lie, i don't cheat, i have never been guilty of insider trading. Just WHAT is your point, hmmm???

 

Errr? It's not personal.You don't run an international bank,do you?

I have nothing against people getting wealthy.Just don't do illegally it at the expense of millions of others.

 

Ok so 99.9% of bankers you'll excuse then, is that correct?

 

ok point made i have had a few lol, but the point still stands bonuses are paid as a % of sallary 10% of **** ALL is **** ALL 10% of a lot of money is a lot of money. and imho no one earns £485000 a year end of but they may recieve it

 

£485k is a modest amount. Lewis Hamilton earns many many times more despite failing to win the championship, what's your point?

 

the bonus distribution is unfair % system sucks, and more to the point why are they getting one, after recording losses of over 500million, and correct me if im'e wrong doesn't the taxpayer own them ?