Thursday, March 15, 2012

Bankers to demand a rise in the minimum wage

A dying profession© fintag

News comments:
Well you wanted it and you got it.

I don't know any Investment Bankers. I used to, but they are now called Wealth Managers, Corporate advisors, Asset Protectors, CRMs. Despite banking attracting the smartest, the quickest, the maddest and people who if couldn't work in banking would be computer hackers or international criminals, the most hated profession is still one that attracts hoards of get rich quick graduates.

Given the average Investment Relationship Officer works 120 hours a week and earns an hourly wage less than the minimum (in hope that the bonus pool will give them a deposit on a house in Bishops Avenue), it appears the profession is being forced by the media, the regulators and the politicians into a charity.

Yes, wage pay is falling fast in the nationalised industry of investment banking.

Shareholders are at last starting to get the rewards they deserve. Dividend yields are up and the bonus pools are being raided to pay the people who provide the balance sheet for sad Goldman Types who have earned enough money to feed and house a village to have their 15 minutes of fame. (muppets)

I may have worked at Goldman in the days when it was cooler to work for Lehman, and it was a pretty lame bank. Offices were crap and everyone wore chinos. Thanks to its squid like growth though (just after I left), it has turned into the equivalent of Microsoft (arrogant) except Microsoft's founders are now the world's largest charity givers whereas Goldman Sachs is its own Charity.

Today's shorts:
Goldman Sachs on life support (fintag)

Google plus has ruined Google (cnn)

Today's longs:
Bankers on minimum wage (cityam)

Stressed bankers stressed out: Shareholders feeling Smug (fox)

HBO to launch new show to rival Suits based on two Investment Bankers fighting for their clients - show to be called "Wankers".


Anonymous said...

Indeed!! And they call it QWHHEEEEEEEEEEEEEE!!!!!!!!!!!!!!!!!!!!!!! CBs to intro new measure QEPB

Anonymous said...

e.g. US $363600 - UK £340,000

Anonymous said...

Dear Fintag, when we are talking about, £592 per week as average wage, pls don't equate that to a normal banker's salary, fresh grads start 40-70k these days,