BANKERS AND BONUSES: HIDDEN HEROES OF THE LIVING WAGE

BILL JAMIESON

Step forward today the real heroes of The Living Wage!

We’re not talking about the companies that have signed up for the Scottish government’s Business Pledge unveiled this week.

Our Living Wage heroes are far too modest, coy and demure to proclaim their progressive policies in this showy fashion.

I’m talking here about the companies doing good by stealth – and whose Living Wage policies for hard working families help ensure a motivated, well behaved, socially responsible and low abiding workforce.

Yes – step forward the banks, who put the measly Living Wage ambitions of the Scottish government to shame!

Here’s proof positive that the more you pay, the more disciplined, caring and productive your workforce becomes!

Once again, America leads! American banks head the bonus charts with Goldman Sachs paying bonuses up to £50,000 above leading European banks

But don’t just look at bonuses figures: While Goldman Sachs paid the largest bonuses, JP Morgan are the most generous when it comes to overall compensation (base salary + bonus)

Top bonuses usually come with top salaries: in most cases, banks that give the biggest bonuses are also the ones offering best salaries to their bankers.

Here are the latest figures from Emolument.com, the ‘salary benchmarking site’ that’s fast becoming the favourite ‘must visit’ web link as we cram on to that Lothian bus every morning whisking us to the Braveheart Enterprise Park on the edge of town.

So here we go – top banks not just by measly Living Wage but by bonus!

BANK                                                               AVERAGE DIRECTOR BONUS

Goldman Sachs                                                             194,000

Morgan Stanley                                                              170,000

Bank of America Merrill Lynch                                     166,000

JP Morgan                                                                      162,000

Citi Group                                                                       143,000

Credit Suisse                                                                  135,000

Deutsche Bank                                                               121,000

Nomura                                                                           119,000

HSBC                                                                               116,000

UBS                                                                                 115,000

BNP Paribas                                                                   113,000

Barclays                                                                          103,000

Uni Credit                                                                          98,000

ING                                                                                     91,000

Societe Generale                                                              91,000

Says Alice Leguay of Emolument.com, “Continuing a trend established in the last few years, we expect to see base salaries shoot up in order to circumvent bonus cap regulations, especially at Director and MD level where employees expect to see their total comp increase substantially from previous titles.”

And, boy, don’t these Living Wage exemplars make a huge difference to efficiency, productivity and overall good conduct by bank staff!

Here’s a quick rundown of how these generous “Living Wage” bonuses can make towards a more productive, efficient, profit generating workforce:

Goldman Sachs was made to pay between $800 million (£470 million) and $1.25 billion on claims relating to mortgage-backed securities, far exceeding the record-breaking $550 million penalty in 2010 for mortgage-related chicanery.

Bank of America Merrill Lynch has had to pay $6 billion. Citigroup was slapped with a $7 billion settlement.

Has it all stopped? Not at all. Earlier this month Bank of America was fined $205 million for rigging foreign exchange markets, talking total fines for this abuse to $455 million.

UBS was fined $342 million this month, taking the total to $1.14 billion.

JP Morgan was fined $892 million, swelling the grand total to $1.9 billion.

Citigroup was fined $1.27 billion, to make a grand total so far of $2.29 billion.

And our own dear Barclays was fined $2.32 billion.

Remember, all this is before adding in other malpractice and misdemeanours over which those with the Golden Bonuses presided.

The total bill for UK Payment Protection Insurance is now set to hit £26 billion – the compensation payments to millions of customers recycled to provide a lift to household incomes greater than any one-off cut in income tax!

The bill for Lloyds Banking Group alone comes to £12 billion.

See how real generosity on the Living Wage can boost your business – and build customer trust!

So, don’t just sign up to the Government’s Business Pledge with an offer to pay the measly Living Wage of £7.85 an hour.

Pay like a bank, jack up the basic wage, pay out these bonuses- and see how your business can become a model of good practice and social responsibility!

 

 

 

 

 

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