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