Arrogant bankers - should we vote with our feet?

[camicaze]

I can't get over the arrogance of bankers quoted today as threatening to relocate the businesses they are entrusted with, rather than countenance lower bonus payments for themselves. I don't think I'm anti a free market in wages but thats not what exists.
How about people supporting an online pledge to switch current accounts if their bank continues to threaten to re-locate over the issue?
If it took off would it work?
The banks say they are international and can move and therefore imply they don't need our business. Actually many banks didn't seem very international when they needed British money to bail them out. I've got a hunch they rather take our custom for granted.

good idea.

What is your aim in a boycott? Because if the bailed-out banks became less profitable in their retail arms, would this hasten or delay the day when the sale of taxpayer owned share would return (perhaps even with excess) the money put in?

Also, what would it mean for the UK economy as a whole if the financial sector shrunk? Everything I've come across so far suggests that would be highly detrimental. Have I missed an up-side, or an obvious growth area of the economy who could replace what we will definitely lose on one or more major bank relocations?

Its not the people in the high street banking sector that make the big money or the bank nor receive the big bonuses - you will be targetting the wrong people.

And the government can't afford for the banks to relocate - they get huge tax revenue from both business taxes and income tax from those nasty bankers as well as their money trickling down into the economy recruiting builders, plumbers, cleaners, paying or gym membership and buying waitrose groceries!

I use nationwide who are a building society, one of the few left.

Another option would be the co-op.

You don't have to use the "big 5" or however many there are if you don't want to - I think that switching to a company you feel better about is a sensible move.

Just googled the co-op seems their current account is really good and they have lots of awards and stuff.

Go for it you will feel better

Tell your friends and family if they are good - that's all you can do but it'll be something!

I know that if banks actually relocate that is not good news for our country. I know that bonuses are not just paid to bankers in the high street arms of banks.
However, my point is that customer pressure - people voting with their feet- could stop banks choosing to relocate. Surely they would have to give in over bonuses before their business became truly threatened by customers leaving.
Also by lots and lots of people changing from (say) Barclays to Coop (or RBS?) the pressure is put on Barclays as a whole as there are not the 'firewalls' there should be between the different parts of the bank's business.