Should City Workers Voluntarily Return their Bonuses to the State?

[rabbitstew]

Would that be the Big Society in action? ie an acceptance that the City owes the State a lot of money at the moment which it is only refusing to return in the form of not paying out bonuses because it argues that the problems we now have are not the responsibility of any one individual.

And do City workers genuinely believe they only do a good job in order to get a huge bonus? That it is only the scent of money that makes them financially astute? It's not as if that theory has worked very well to date...

(yes, this is a flagrant attempt to carry on my Big Society thread...).

Good. And just be honest about being stressed and having a hard time - all this obscurity hasn't helped you. There's lots of fun threads to join in, lots of politics stuff if you are interested, but you definitely to have the correct motivation for the subject matter or you will utterly confuse yourself.

Ironically, it has helped me feel less confused, but a bit emotionally battered!

Rabbit

Goodness, the time when you are trying to find out if and what your dcs issues may be is one of the hardest.
Go post on sn. They are a lovely bunch and many of us have been there and know how raw and confusing it is.

I really do wish you well.

do what pagwatch says, she is a kind & sensible person

I have! I hope she responds!!! And others, too.

I think Rabbitstew that you should crawl back to Ed M and tell him it's not working that MN is too anarchic.

Rabbitstew - a question. This year my dh will make £10,000,000 for his bank in commissions. How much do think he ought to be paid? I'll give you a clue, he gets a percentage.

Pelvic, most people work for their basic salary/wage why does he need a bonus to do his job properley. If he dosent make money the next year does he have to give the bonus back.

That said and as I am an honest person I have a job with a relatively large basic salalry and commission on top.

Why should he give his bonus back next year if he makes nothing?

He won't be able to lose money next year since he isn't taking risk ... hence the word "commissions". If he makes nothing then x% multiplied by zero = zero. Seems fair.

Most people at banks in the front-office are paid on a total compensation basis. The salary is simply deducted from the total comp number to leave the "bonus". Banks could just as easily pay people a bigger salary for the following year (effectively amortizing the bonus over 12 months). In fact given new rules this seems to be direction. Salaries doubled last year and are likely to go up again this year. At this rate bonuses will vanish and you'll be left with people with seven figure salaries.

Will that make you happier?

Will that make you happier?

If all staff have the same % rises then just maybe

Why do all staff need the same % pay rises?
Most of them just press buttons and process transactions and are replaceable. They are cost centres, not profit centres.

Paying a graduate in the back office £45k/year starting salary and someone with a few years experience £75k (plus 10% bonus) seems reasonable.

They are not generating £ millions in revenue.

Double standards and hypocrisy seem at large here.

Because it is morally right.

Siasl - you are correct. Large bonuses are vanishing. Banks are simply chosing to pay their front office staff $300, 400, 500, 600, 700k and then hand out smaller bonuses.

Newwave - He doesn't need a bonus to do his job properly, it is an incentive to make him work extra hard and generate additional business. He endures crazy hours (first meeting every day at 7am), mad levels of stress, speaks to v demanding clients. At work, he sits in front of four computer screens. Out most evenings with clients. Works sometimes at weekends. His bonus relates to the preceding financial year so if he makes nothing next year then no he won't have to give it back, instead his bonus for that period will reflect his performance.

His bank didn't receive TARP monies nor does he work in an area that is remotely "casino"-esque.