Bankers get a bad press.
Even top bankers believe they are paid too much to play with other people's money. The important point is that those who receive spectacular remuneration consider that such vast amounts do not motivate employees. So why are they paid so much? I guess it comes down to nothing more significant than good old supply and demand. (Note to self: advise son to get into banking!)
Bankers still earn too much for simply turning up to work to handle other people’s money, according to John Cryan, the joint boss of Deutsche Bank.
Cryan, who took over as the co-chief executive of Germany’s biggest bank in July, included his own pay deal in his criticism of rewards more akin to those earned by self-made tycoons. He also said that, seven years after the financial meltdown, traders were rewarded too quickly for profits that could evaporate.
“Many people in the sector still believe they should be paid entrepreneurial wages for turning up to work with a regular salary, a pension and probably a healthcare scheme and playing with other people’s money,” Cryan said at a conference on Monday. “There doesn’t seem to be anything entrepreneurial about that except the compensation structures,” he added, according to Bloomberg News.”
