WTF Posted February 18, 2009 Share Posted February 18, 2009 i could never work out why banks even have the bonus scheme, especially the really big paying ones. a few hundred at crimbo all round is probably ok. but apparently it is so they can actually give the staff a reasonable wage ( the folks you see when you go in type bods ) but NOT be liable for a pension on it. if the wages are 300 a week, they only have to finance a pension based on that salary, if at the end of the year you get a 5K bonus. another 100 quid a week over the year, so 400 a week earnings really? they only have to sort a pension on 3/4 of it. its just a con to pay less into pensions, and in the long run the bankers should get smaller pensions than someone who actually earns 400 a week. but this is ofset during their working life in the bank with favourable loan and mortgage rates. the whole bonus scheme should be scrapped, proper wages paid, and any 'profits' ploughed back in or paid to investors as an extra on their interest rate. Link to comment Share on other sites More sharing options...
John Wright Posted February 18, 2009 Share Posted February 18, 2009 In the old days bank clerks had a career with promotion prospects and were not just, mainly numpties in call centres. They got benefits and also jobs for life and good pensions. They got no bonuses or very little. Of course then retail bankibng was just that, retail banking. Investment banking was something else. First they were partnerships, you put your entire wealth on the line and got a share of the dosh at the years end, unless you were just a pen pusher. So Investment bankers got huge profits and there were bonuses for loyal staff. same sort of thing applied in stockbroking and in Lloyds syndicates. They could also suffer huge losses. Retail banking was respectable, safe and slow, unspectacular. Not so investment banking it became brash, flash and spectacular Retail banks wanted in, so they bought out the partners and kept them on. So now they had to have salaries and of course bonuses to reflect what had gone before in profit share, forgetting they had had their capital paid out As banks took over ever more esoteric trading entities, metal broking, I ask you? They took over similar structures and had to pay bonuses to stop top tradaers leaving to set up in competition and to motivate in what must actually be a pretty stressful job Link to comment Share on other sites More sharing options...
%age Posted February 18, 2009 Share Posted February 18, 2009 Stressful job my arse. They look well enough when I see the bastards up on the Ski slopes or sunning it in the Caribbean. Flashing about the place in fucken big BMWs too. Link to comment Share on other sites More sharing options...
La_Dolce_Vita Posted February 18, 2009 Share Posted February 18, 2009 I was under the impression that the large bonuses given to line managers and upwards were simply to ensure compliance and the chasing of profit. Link to comment Share on other sites More sharing options...
Declan Posted February 18, 2009 Share Posted February 18, 2009 numpties in call centres. Why are you always so dismissive of people who are of a lower station in life to yourself? Link to comment Share on other sites More sharing options...
thebees Posted February 18, 2009 Share Posted February 18, 2009 Declan have you used telephone banking?...I think Mr Wright is being a bit too kind, numpty is quite endearing (if not a tad derogatory) none of my dealings with telephone banking staff have ever endeared them to me. Idiots with high ideas about themselves would be a better description. I have a couple of friends who get these bonuses, they are of the opinion that they have earned them by achieving targets. I used to go to work and do my job to the best of my ability just because I liked my job and my boss, it must be really bad hating your job so much you only do it to the best of your ability for money. Link to comment Share on other sites More sharing options...
La_Dolce_Vita Posted February 18, 2009 Share Posted February 18, 2009 I have a couple of friends who get these bonuses, they are of the opinion that they have earned them by achieving targets. I used to go to work and do my job to the best of my ability just because I liked my job and my boss, it must be really bad hating your job so much you only do it to the best of your ability for money. It isn't opinion how their bonuses are set, it IS about meeting and exceeding targets. In that sort of role there is no reason to work to the best of your ability for anything other than the money. Link to comment Share on other sites More sharing options...
Declan Posted February 18, 2009 Share Posted February 18, 2009 Declan have you used telephone banking?...I think Mr Wright is being a bit too kind, numpty is quite endearing (if not a tad derogatory) none of my dealings with telephone banking staff have ever endeared them to me. Idiots with high ideas about themselves would be a better description. Yes, and I've found them to be polite and efficient. But then I treat them with politeness. It strikes me as bizarre someone, like yourself, who generally speaks up for people at the bottom, takes such delight (and this isn't the first time from you either) in treating people at the bottom of these organisations with contempt. Is it because they are at the end of the phone, and are therefore one step removed from you? Link to comment Share on other sites More sharing options...
Sebrof Posted February 18, 2009 Share Posted February 18, 2009 numpties in call centres. Why are you always so dismissive of people who are of a lower station in life to yourself? Do you ever post anything which isn't critical of somebody else? I've never heard anybody so negative. S Link to comment Share on other sites More sharing options...
%age Posted February 18, 2009 Share Posted February 18, 2009 To be fair, there used to be some excellent stories would emerge. But that was in the olden days of the internets. Link to comment Share on other sites More sharing options...
Tempus Fugit Posted February 18, 2009 Share Posted February 18, 2009 is it something about not paying N.I. on bonuses as well as pension ? Link to comment Share on other sites More sharing options...
WTF Posted February 18, 2009 Author Share Posted February 18, 2009 I was under the impression that the large bonuses given to line managers and upwards were simply to ensure compliance and the chasing of profit. i know someone in a bank a bit further up than counter clerk, they said they are given targets to meet each year, and if they reach the target by the end of the year they get the good bonus. so they worked hard giving it some effort to meet the target set. BUT, they actually met the target figures around half way through the year which meant NO incentive to 'work' for the rest of it. the bonus was secured and just ticking over 'idling' so to speak, from then on was ok till next years target was given out. TF may have a point about the NI too, maybe that is what was meant by pension when i was told?? unless they are 2 seperate issues?? JW's point about paying big bonuses to keep the good staff makes sense, but they were obviously paying way above any point in keeping the staff with them ( who supposedly lost billions?? ) all they have done is let the indespenceable bankrupt them at our expense. so the big earners were just greedy folks out for them selves and must have realised what was happening but just thought fuck us. perhaps bankers/investors should be required to bank all their own where they work, see how well they do then?? Link to comment Share on other sites More sharing options...
thebees Posted February 18, 2009 Share Posted February 18, 2009 Declan, I don't generally say things without a reason (its a good reason but I do not have time to tell you about it). Anyway, I have not used telephone banking since 1980something so my views might be somewhat out of date Please do not think I am being prejudice about the low end bank workers, I hold managers and directors with the same contempt. Suppose it is like all things, there are good and bad staff at all levels of all organisations, tis the way the cookie crumbles. Link to comment Share on other sites More sharing options...
Declan Posted February 18, 2009 Share Posted February 18, 2009 Did they even have telephone banking in the 80's? At my bank at that time the calls went through to the branch itself, where the secretary/receptionist dealt with it. Link to comment Share on other sites More sharing options...
%age Posted February 18, 2009 Share Posted February 18, 2009 and when are you going to give us one of your stories Link to comment Share on other sites More sharing options...
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