RBS Chairman: banker pay is too high

[gingerjedi]

Those NY banks must be so naive, no-body will ever know.

Indefensible shameless shysters in my eyes, off course if I was hanging on to their coat tails I might well post a sycophantic rant just like bobspud.

Come the revolution...

[bobspud]

Those NY banks must be so naive, no-body will ever know.

Indefensible shameless shysters in my eyes, off course if I was hanging on to their coat tails I might well post a sycophantic rant just like bobspud.

Come the revolution...

Actually I haven't worked in banking since 2001 I did have previous heavy IB experience in the 90's though.
The other point that it's worth mentioning is that when I left the church of endless money, I got a raise of 20k because the consultancy firm that took me said we need to pay better than the banks if we want to attract the best in the field.

So many of the rates in London are pinned to try and have a chance to compete with banks or get close. If the IB's managed the market for a java solution architect down to 300 per day from the 900 it currently is, do you think the rest of the market would still be paying 650 - 700?

For the record I blame the FSA and credit junkies for this mess. The banks just did what they were allowed to do in a competitive market. If the FSA spent more time constraining the markets and regulating the banks, then perhaps RBS would be in a better state, having been blocked from buying a crock of tulipe.

Personally I support high IB pay rates and long may my own rate be pinned to be competitive with them.