ABI demands banks act to cut bonuses and overhaul pay

[AtW]

Why not concentrate your efforts on saving your failing business rather than posting crap about an industry you don't understand?

I've quoted article that talks about people who actually own banks - they say same things I've mentioned over many years now, better late than never.

[TimberWolf]

Why cut bonuses and curb pay when the tax payer is there to help out when bets don't pay off. Capitalism at its best.

[gingerjedi]

I thought we had done this? The Daily Mash - High pay report calls for piss to be directed at wind

[sasguru]

Why not concentrate your efforts on saving your failing business rather than posting crap about an industry you don't understand?

[AtW]

In the latest attempted crackdown on excessive pay, the Association of British Insurers (ABI) has told banks to award smaller bonuses to investment bankers without resorting to increasing base pay to make up for it.

The ABI said that now is the time to curb total pay because bankers are unlikely to quit for a competitor, with very few banks hiring and most cutting jobs.

The letter is the latest development in the intensifying row over "out-of-control" executive pay and comes as the Bank of England is considering changes to the way bankers' bonuses are measured, making it far harder to justify multi-million pound awards.

The letter from the ABI, sent to UK listed banks on Monday, said: "Our members are concerned about the level of returns that shareholders receive compared to the returns given to employees. Members believe that in recent years this balance has been inequitable, with too much value being delivered to employees in contrast to the dividends paid to shareholders.

"The reduction in employee pay-out ratios needs to be achieved by reducing individual remuneration pay-outs to highly paid employees, including executive directors, and not by just reducing employee numbers."

More from the source: ABI demands banks act to cut bonuses and overhaul pay - Telegraph

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I've been saying this for a while - bankers were shafting shareholders left right and center whilst helping themselves to nice cash bonuses, yet shareholders did not revolt thanks to banks being in FTSE so big buys from pension funds and other index lead sheep was guaranteed, perhaps the solution is to remove banks from anywhere near FTSE 1000000 and then see how many people would think their shares are so great?

Maybe after that bankers would learn that banking is just another job that they have to do well to keep bank profitable just to keep that job, nevermind massive cash bonuses.