In other departments average pay was still £1m a year. Even so, London bankers might consider themselves poorly paid. Those doing the same job in Asia, said the survey, were averaging £1.4m. "If one bank holds down pay, then staff will leave and go to one that doesn't," said one fund manager. "And if London becomes badly paid then there will be an exodus to Mumbai, Shanghai or Dubai."
"If one bank holds down pay, then staff will leave and go to one that doesn't," said one fund manager. "And if London becomes badly paid then there will be an exodus to Mumbai, Shanghai or Dubai."
Bonuses May Fall in London LONDON -- Bonus payout by banks in London's financial district will be about 60% lower this year, marking the emergence of a culture where bonuses will be smaller and based more on long-term results, the Centre for Economics and Business Research said. "The million-pound-plus bonuses are going to be few and far between," Richard Snook, a senior economist at the think tank, said. The research center said it expects the total bonus payout in the City, as London's financial district is known, to slump to £3.6 billion ($6.22 billion) this year from £8.5 billion last year. Next year, the researchers said, it will drop to £2.8 billion.
LONDON -- Bonus payout by banks in London's financial district will be about 60% lower this year, marking the emergence of a culture where bonuses will be smaller and based more on long-term results, the Centre for Economics and Business Research said.
"The million-pound-plus bonuses are going to be few and far between," Richard Snook, a senior economist at the think tank, said.
The research center said it expects the total bonus payout in the City, as London's financial district is known, to slump to £3.6 billion ($6.22 billion) this year from £8.5 billion last year. Next year, the researchers said, it will drop to £2.8 billion.
Good people, for example in the pro video/broadcast/film world, go to work for Sony and Panasonic. But they don't make what the high flyers do in the industry...but eventually, they beat the rest of the industry and eventually the wages within the industry go down.
Now, we need someone to mark the bet, someone to bet against, a few people to buy insurance that either better will pay if we lose, a few side bets, and a few insurance policies on those, tranch a few of those together and sure, I'll buy a couple shares of those and a couple of shorts on them just to cover myself. but, I think the gory and glory days are gone for a long cycle...meaning, we won't see another criminal usurpation of the economy by nihilistic termites for 16 years instead of 8 years.
HT and apologies to whoever (was it rd?) who explained RatBastardCapitalismTM in terms of racetrack betting. Never underestimate their intelligence, always underestimate their knowledge.
Frank Delaney ~ Ireland
