There Are 26 And 27-Year Old Financial Idiots Earning Half A Million Dollars In Australia

Three men in suits.

20 six and 27-year olds who simply take orders from their superiors are earning $500,000 in Australia, according to┬áBendigo and Adelaide Bank managing director Mike Hirst.Hirst blames short-term profit-seeking banks that must want to hire these idiots so that they don’t question the long-term implications of anything and simply help generate 20% returns rather than build a longer term strategy.

Hirst says:

”You sit in front of these 26- and 27-year-olds earning half a million dollars and they’re asking you questions: ‘This is what’s going to happen in the next three months – what are you going to do about it and what number do I plug into my spreadsheet.”

”There’s no attention to what’s the strategy or how long it takes to play out [or] what does it mean in terms of value to the organisation.”

”It’s a frustration – I just sit there, take it, and hear what they’ve got to say and walk out shaking my head.”

Thank goodness this doesn’t happen in the U.S.

Via eFinancialCareers

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