Views from inside AIB capital markets

AIB's capital markets staff have had their already deferred 2008 bonus - which was scheduled to be paid tomorrow - rescinded at the government's behest.

Since it emerged that the bank intended to pay €40m in these bonuses, the public have vilified AIB's capital markets employees and held the move up as an example of fat cat banker greed.

But was there an argument for paying these bonuses? And how do capital markets staff feel about being the subject of public anger?

Over the last week, capital markets employees have been defending themselves on our forum. Here's a selection of their comments.

"I am one of the affected staff members, my salary is €28k, my bonus was supposed to be €3,000. We work 7am to...well whenever the work is done. I have worked to 2am on a number of occasions and weekends. What people do not realise is that we do not get a cent of overtime unlike every other department in the bank as we receive performance related bonuses, and yes, that is stated very clearly in my contract. I am not an "executive" or a "senior member of staff". I am a junior who has been there for 3 years struggling to pay off my student loan."

"AIB Capital Markets Staff have been hung out to dry. The hardest working, most honest and profitable part of the bank."

"Some people do honestly need that bonus....what do you say to someone who, say for example, put themselves through college for five or six years in order to gain the qualifications required to compete for such roles, and who then worked 10 and 12 hour days for years in order to progress in their roles? Such individuals have taken on commitments in the form of large mortgages and families on the basis of a reasonable earning potential to reflect the money they make for the bank."

"I would have loved to have been told I'd lost my bonus ages ago. It's the stringing us along for 2 years that annoys me. No one in AIB is capable of making a decision. At least now we have closure.

"The staff that got bonuses received between 3% and 4% of money made for the bank (after costs were deducted). Several of these earners have now left the bank to go to England. The remainder will go to abroad next year after their redundancy packages. Staff that make money will always get a job somewhere else."

"Bank employees are not keeping their jobs. Anglo Irish bank is shedding jobs and AIB are looking to reduce job numbers drastically. All banks have a hiring freeze and are reducing jobs by attrition. No bonuses have been paid to AIB staff in the last 3 years in the main bank and not in the last 2 years at AIB Capital markets . This is in effect a 50% salary cut for the traders who have always made the bank money even though they had nothing to do with bad lending practices."

"Why on earth would you deny the one successful profitable part of the bank their incentive. Yeah, let's discourage these guys, kill the one income stream left, and see what that achieves."