Even Bankers Think Bankers Are Paid Too Much

Posted by: Mark Gimein on November 7, 2011 at 12:57 PM

londonbank.jpg

A popular take on those who work in finance is that they don’t care about the income gap and would just as soon tell the poor to shove off. As this story reports, it’s not that simple: 75 percent of City of London financial professionals surveyed by ComRes for a study by the St. Paul’s Institute agree that the wealth gap is too big. The survey, it’s worth noting, didn’t ask what should be done about it. That may be something on which the City (and in the U.S., Wall Street) differs from the rest of the populace.

The full survey, available in PDF form, is worth a look as well. It has interesting data on what motivates the City. The top answer is money—a good sign that, at least when answering anonymous surveys, bankers can be honest. 66 percent thought bond traders were paid too much, and 63 percent thought that of FTSE chief executives. One percent (that’s 1%) thought bond traders were paid too little, and two percent felt that chief executives were underpaid. Who those one or two percent are and exactly what they were thinking is another detail the report can’t illuminate.

Reader Comments

Robillard

November 7, 2011 2:14 PM

Naturally, these bankers think their co-workers are overpaid. But do they themselves think they're overpaid? Of course not.

sunofzion

November 7, 2011 4:19 PM

You just stole my comment robillard

yom_cule

November 7, 2011 4:53 PM

Envy at play. It is hard to believe they will ever think they themselves are overpaid. Well the guy who seats next them is overpaid for sure!

westernfan

November 7, 2011 5:31 PM

If enough folks move their assets and business from the big banks to their local banks and credit unions, the excess profits the big boys are currently pocketing will simply disappear. Now, if the Mutual Fund folks are paying attention, they'll come out with a fund that focuses on owning the stocks of more responsible companies- i.e., reasonable executive compensation and paying generous
dividends. If the OWS fans put their assets where their mouths are, they might actually effect change!

Faisal

November 7, 2011 5:49 PM

@Robillard I think you made a very nice note there. Greed is the keyword here. I'd argue that bankers are jealous of each other since everyone of them tries so hard to find the right trade, and thereby gaining all the goods.

Collie

November 7, 2011 7:54 PM

Ergo, 37% are so arrogant that they believe that they were not complicit in creating the world's current banking and economic situation.
100% deluded and in need of replacement.

Doingsomething

November 8, 2011 1:25 AM

Ever since the financial debacle the number of people working in the U.S. financial sector has decreased. Be a contrarian. Study economics and investing and apply for jobs in the sector. If you get one make sure you do right by your clients first. The only way to eliminate the greedy bastards is to replace them one by one and not follow their lame beliefs.

Neville

November 8, 2011 8:03 AM

Studies. Surveys. Talk is cheap. Everyone can agree but if nothing changes then why even discuss it? When you are the beneficiary of greed it won't be you that creates the change. Can you imagine how much good could be created if the uber-rich gave 20% of their wealth (and I guarantee they would not miss a dime) to an organization that redistributed that to the starving, the poor, the destitute etc?

roger

November 8, 2011 1:34 PM

Not necessarily Robillard. People are capable of recognising that theyvare overpaid but just aren't willing to give it up if they think no one else is willing to commit to change.

Arron Birkholz

February 9, 2012 10:26 AM

Everything posted made a bunch of sense. However, think on this, suppose you added a little content? I am not saying your content is not solid, but suppose you added something that grabbed people's attention? I mean Even Bankers Think Bankers Are Paid Too Much - BusinessWeek is a little plain. You should peek at Yahoo's home page and see how they create news titles to get people to open the links. You might try adding a video or a picture or two to grab readers interested about everything've got to say. In my opinion, it would make your website a little bit more interesting.

Map Of Goa Resorts Expert

March 9, 2012 10:22 AM

Not so bad. Exciting issues here

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About

"The Wealth Debate" is a running discussion of wealth, poverty, the economy and income inequality in the U.S. and the world. It was started shortly after the Occupy Wall Street movement sparked a global protest about the fallout from the financial crisis and money in politics. You can reach the editors, Dan Beucke and Mark Gimein, by email, or follow BloombergNow on Twitter to keep up with posts.

Analyses or commentary in this blog are the views of the author and or commentators, and do not necessarily reflect the views of Bloomberg News.

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