Apparently there was some disagreement about financial pay reform at the British Banker’s Association’s annual dinner on Monday.
UK Financial Secretary Mark Hoban said: “A key way of regaining public trust will be reforming the system of remuneration.”
Here’s how one unnamed banker responded to that, via Here is the City:
“We all know that things have to change and that firms have to align bonus payments with long-term performance, but let’s not hear all this nonsense about regaining the public’s trust.”
“We never had the public’s trust in the first place, and thanks to the political rhetoric of the last 2 years, we’ll never be loved.”
“And, let’s face it, given the choice, most of us would rather be hated and bonused up, than hated and poorly paid.”
Interesting! It’s kind of like he wants to be paid a little extra for being hated. Cigarrette company execs justify getting paid more for that reason, right? Makes sense. And it’s like, take THAT, public! The more you hate me, the more I get paid.
Actually though, what he says is pretty close to what will happen. Pay reform will probably be reformed exactly how he says. It will be tied to long term performance, but still pretty large.
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