Photo: flickr: NickNguyen
Ever since Wall Street (and its like neighborhoods around the world) started paying massive salaries and bonuses, the question has come up — do these people actually deserve this answer?One banking analyst in London gave The Guardian‘s Joris Luyendijk this super candid answer.
“Do I deserve a million? Well, do you and I deserve to live in the first world? Currently I am at director level, with about £150,000 in salary, plus a bonus which last year came to $1m (about £650,000 at the time). This was my best year ever by the way, by at least a factor of two.
“Do I think the balance between skill and pay is right? If a client is managing a £10bn fund and you stop him from making a mistake that would have cost him 2%, and you do that two or three times a year… That is worth a lot.”
So, in short, he’s saying ‘yes… think about it.’ (We’ve thought about it, trust us.)
This analyst goes on to say, though, that one shouldn’t use their bonus to upgrade their lifestyle. It should be just what it’s called, a bonus. Save it for that infamous FU Money. You never know when you’ll need that.