FlightMan

I cannot remember the last time I was this angry. This smilie doesn't cut it anymore.

I have seen friends and colleagues have to take pay cuts and redundancy, and these c@~t's are GETTING A F@ck!n@ bonus!!

Northern Rock staff set for bonuses on Friday

By Chris Marshall | 15:48:05 | 21 January 2009
Staff at Northern Rock are set for a 10% bonus on Friday after the government-run bank met its final targets.
The Rock had controversially announced at the end of last year that if a quarter of the taxpayer loan was repaid by 31 December, the bank's staff will receive 10% of their salary, with a further 10% bonus payable if that proportion rises to three-quarters by the end of 2009.
As long as the public loan is paid back in full by the end of 2010 staff will get another 15% of their salary, while staff may get a further 25% bonus if and when the company is returned to private ownership.
Northern Rock employs around 4,500 staff having laid off around 1,500. Not all will qualify for Friday’s bonus.
Northern Rock’s success in paying off its government loan paved the way for an about turn in its strategy this week. The banks will now soften its policy of encouraging existing borrowers to remortgage away to help support the government’s bank rescue plan.

ronjeramy

iTrader: (1)

What a joke

skoobidude

Really sad news for a lot of people...

I had a £5.5k rise in November as our department reformed itself, interviewed us all and I slipped into a higher role..

So all good for me!

Nick

Devildog

Its called incentivising your workforce, and understanding the position with Northern Rock better than most, good on them.

Do you actually want UK plc to go bankrupt?

renny

iTrader: (2)

I might have a very simplistic view on this but does this mean..........

They are getting large bonuses for trying to put right what they f*cked up in the first place and while they were at it using taxpayer's money to bail them out?

darts_aint_sport

Wouldn't you think having a job would be incentive enough though, especially in the financial sector?

dpb

ah but weve to look after these toerags - cos the ecomys based on them

Devildog

No.

Keeping it (very) simple

The employees are getting bonuses for helping to recover the postion that arose due to a business model that Northern Rock's board adopted, a model over which over which those same employees had no control.

dpb

lol

renny

iTrader: (2)

But Northern Rock,as a business brought this on themselves yes?

ronjeramy

iTrader: (1)

Do you not think that it would be better to reward them when they're in the red, and all the debit is repaid, is that not a better incentive to work for? It would certainly look better to the general public too.

ex-webby

So now those employees are being rewarded due to a business model the new Northern Rock's board adopted. A model over which those same employees had no control?

Just checking!

-

In fairness, I don't see the big deal with this. On the surface it appears crap, but things would have been a lot worse if they didn't motivate people to stay and not bail in favour of other banks (remember it didn't appear to the public that they were all going down the toilet at that time).

FlightMan

Their main target was running down the loan book, something Brown has told them to reverse. Just wait in 2010 they'll get bonuses for doing the exact opposite.

hoskib

iTrader: (1)

while it does sting a bit as this is the bank most people associate with being a bailed out failure, doesn't it also show that if the media hadn't blown the whole NR fiasco out of all proportion it may well have sorted itself out to this degree if the bank had been granted the loan (not bail out money) it asked for?
it was the queues of sheep drawing out money that was never in danger that prompted the collapse.

on the face of it, it seems fairly well run.

just my two p's worth, i'm sure it's wrong

Stealth

iTrader: (4)

errmmmmm 10% pay rise..... how about the don't give them a raise and give us (the public who paid for the bank) the money back and use it for something useful........ like say, putting it in to a big pot so us middle of the age band people will actually get a F$cking pension because the youth of today have screwed us over!!!

People in jobs at the moment need no incentive, none what so ever, they should just be gratefull they've got a job and work hard to keep it given the current firing rate of companies

J4CKO

iTrader: (1)

My company is doing very well, has 700 million in the bank but we will get perhaps 4%, not saying they shouldn't get anything but that seems excessive for an organisation that has been the subject of a very public failure and subsequent bail out by the taxpayer, the taxpayers should perhaps have a say.

Moley

iTrader: (9)

I can't personally see why they deserve a bonus. Surely they should just be glad to still have their jobs.

Most companies are giving no bonus, or very small ones to their staff (nowhere near 10%) - so why such a big one?

Midlife......

iTrader: (2)

Jacko

My company employs near on a million people and spends about 100 billion a year.. can I have a pay rise over 1% (over the last 2 years) please LOL

Shaun

Luminous

iTrader: (3)

Those bonuses are massive. Cannot see how they can justify such a large payout just for doing your job. There are enough people who would be prepared to fill their shoes if they don't want their jobs....

jods

Didn't it work out to being about 2 large each?

Not mahoosive per person but it soon racks up.

I'm still reeling from the costs of car rental / park tickets etc in the US of A

Have already lost 1 1/2 stone last year (due to illness) Looks like I'm gonna lose a couple more this year due to the economic climate affecting my spending patterns.

The Zohan

Jenny works within the banking sector

Her company has done OK and not subject to a gov't bailout or handouts.

They will not be receiving bonus this year as profits are down and the have been some redundancies and 'restructuring'.

She and her colleagues, whilst a bit peeved have taken it on the chin - however, this sort of thing really irks her, and it does not seem right given the current climate!

jasey

To be fair he's only making this new government backed institution work the same as all the others.

The more incompetent you are the more money you get.

It's may get them (Old Labia) back in next time too

MattW

Real life scoobynet millionaires

JTaylor

Devildog's position on this is absolutely correct. It may smart a bit, but suck it up.

Matteeboy

NHS?

Well from a selfish POV, I am glad NR are a bit more stable as we have a chunk of cash in NR savings!

JPF

iTrader: (1)

If you do a good job why shouldn't you get a bonus? Yes I'm happy and lucky to have a job, but if my work helps improve my company's profit I as all the other staff get a share of those profits in the form of a bonus, seems fare to me...what about the good news? tax payers are getting the money back sooner rather than later and if that's partly due to the workers doing a good job why shdnt they get a bonus as I do?

Negative negative negative...some of this country's population is really starting to pee me off now, gave up with our media a long time ago .
People of this country have had it worse, a whole lot worse in the past and did they whinge, moan, talk conspiracy, show envy, put a negative spin on everything? no they got on with it.

Its the big bosses that fecked things up, for all we know the lower ranks may have done there upmost to prevent things going **** up, if people do well in there job why shouldn't they be rewarded?.

Yes its a shame people are losing there jobs and taking pay cuts etc, I myself have been made redundant in the past and lost a job through injury so I have a lot of sympathy for people that are having a hard time of it, but what would some people have the government and busyness do? not support our economy by helping the banks? that's a good idea, let the banks go under that'll show em...only problem is, if the banks go under then its bye bye economy and we are all even more screwed.

If these peoples hard work has meant a failing bank is now able to payback some of our money and start lending small businesses money again that's a good thing isnt it? and these people deserve a bonus, a new or continuation of a loan from Northan Rock may mean the difference between a company failing or surviving, people losing there job or keeping it.

HankScorpio

Exactly, the big bonuses aren't being paid to the ***** but the workers at the coal face get rewarded for working hard in difficult circumstances.
Yes, a lot of people do but of the people getting bonuses, huge chunks are lower paid customer facing and call centre staff and 10% is neither here or there in the big scheme.

What are the moaners suggesting, every bank who's been helped with a bailout should put their staff on minimum wage until they pay back...?

Hanley

I think you've got your reds and blacks the wrong way round

Moley

iTrader: (9)

Not at all, but a 10% rise is a bit much.

JPF

iTrader: (1)

lol actually after re-reading the initial post, thats some big bonuses!, maybe it reflects on the job they have to do? maybe these people took a pay cut before? anybody know the wages of these people? maybe they aren't being paid as much as some others in banking? maybe the government just wants its money back quicker? There's usually a valid reason behind bonus percentages (when its not the board dishing them out to themselves that is) demonising normal workers that are getting it just seems wrong to me without knowing the facts, even when the percentages are that high.

Though my industry is being effected at the moment my company is actually growing and employing more staff, this is largely due to the hard work and un paid over time of the present workforce who I think deserve the bonus they will get at the end of the year, if they and I didn't work as hard as we do our relatively small company may still survive but it wouldn't be as successful as it is.