GUEST COMMENT: Five is the new nine

30 March 2009

1 minute read

I had a massive year last year! Everyone I spoke too had a massive year last year! But when it came to bonuses, we had a non-existent year!

I achieved five times the P&L of 2007, but my bonus was inversely proportionate to my success, at just 20% of the previous year's level.

What, therefore, is the incentive to increase P&L now?

By snubbing the majority of successful trading staff and awarding them little or no bonus, banks have stabbed themselves in the foot. In the current climate the real benefit is supposed to be having a job at all. Somehow, this doesn't have the same motivational impact as a bonus aligned to profitability.

I'm sure that I am not alone, therefore, when I say that I am a lot more lethargic than I used to be. I am less stressed and more chilled. I am no longer trying to double, triple, or quadruple the required budget.

The office is emptying earlier in the evenings and there is no need to put in those unnecessarily long hours for little or no reward. Five is the new nine.

AUTHORAnonymous

Insider Comment

Ca
Carmen San Carlos
11 April 2009
You bankers are very frivolous- over paid and overrated, you junked the worlds financial system affecting 90% of the worlds ordinary people who are now out of jobs, out of house, unable to keep their businesses going and all you can talk about is how to work less and less for more an more.
My solution: take the responsibles to court and cut bonusses forever and tax any income over a 1K at 80%...
You guys forget who you work for....the SHAREHOLDER...who is now suffering your irresponsible and greedy behaviour.
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Ob
Observer
5 April 2009
Well, we have a prime example here how stupid it is to comment before knowing the facts: Those who wonder how our commentator could make a profit in 2008 should stop and think for a moment. Is he in Equities? Or FX? Or fixed income? If the latter, is it govies, or is it sub-grade? Next: Of course it does not take an Oxbridge degree to read a Reuters Screen, but that does not mean everybody can do it. If you think otherwise, good luck! Anybody thinking that it is all down to luck and not skills, has not worked in the industry for very long. My experience: Profits are related to skills, but remuneration is not. Rather it is related to politics, this is why good skills are not necessarily rewarded, and this is also why we are in the mess we are currently in.
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Sa
Sarah, Editor, eFinancialCaree
2 April 2009
Johnny Moondog - if you want to write for us, then get in touch - editor@efinancialcareers.com.
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Jo
Johnny Moondog
2 April 2009
To Warwick&LSE look what it did for me yesterday,
I've been checking out this site for about 3 years because I find it reasonably well done, but never posted until the "crisis." I'd like to write an article, but I should just get a blog instead.
A lot of people have been spoiled rotten by the banking industry and they need to know the glory days are over...and not temporarily, but permanently. Some people will still get rich, but banks will NEVER take these types of risks again in our lifetimes. Its painful for people to hear, but its true.
To everyone with their peanut/monkey comments (esp. Cornelius): Lol
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Ba
Banana Monkey Love
2 April 2009
Johnny Moondog - wrote the most sensible thing have ever seen on this website - well done !
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