Norman Verona Posted January 30, 2012 Share Posted January 30, 2012 If I was given a job with a salary and a bonus set on targets I would be a little p1ssed off if I met those targets and then was denied my bonus through pressure from politicians. Capt'n get the popcorn and snacks ready. Quote Link to comment Share on other sites More sharing options...
Captain Colonial Posted January 30, 2012 Share Posted January 30, 2012 Does anyone really think he won't get these bonuses in some other way at a later date? Does anyone think that the majority owners of the bank (us) don't deserve to be able to have a say in what is a fair salary when said bank still owes us hundreds of billions? Don't get me started on their argument that not paying bonuses would lead to "chaos" in the banking industry, and cause mass resignations - good. I think you'll find a long queue of people who would be prepared to take the fat cat top jobs at a fair salary, and do just as good, if not better job of it. Go ahead and resign. Quote Link to comment Share on other sites More sharing options...
fatbaldbloke Posted January 30, 2012 Share Posted January 30, 2012 As well as the state being share holders in RBS, my wife and I are personally share holders. The value of our shares has fallen since Stephen Hester took over in 2008 and have halved in the last 12 months. Why should he get a bonus? Listed companies wouldn't reward the chief exec for zero dividend and falling share prices. It's further indication of both the banking fraternity and many of our politicians being totally out of touch with the real world. I'm not saying he's doing a bad job, I think he's actually doing a good one, but the bonus should come as a reward for tangible achievement, not a good effort. The bonus reward per se isn't wrong, it's the wrong time and the wrong criteria. Quote Link to comment Share on other sites More sharing options...
Norman Verona Posted January 30, 2012 Author Share Posted January 30, 2012 Most coperate bonus are not wholly based on financial criteria. So he is head hunted at twice his current remuneration and one of "a long queue of people who would be prepared to take the fat cat top jobs at a fair salary" takes the job. The losses more than double and a further 1000 people are made redundant. But it's OK because the CEO is not getting paid too much. I believe a whole team left one of the investment banks to take jobs at a Swiss bank in Switzerland. That banks profits halved in the following year. Anyway Capt'n your supposed to be selling popcorn and snacks, not joining in. You have a vested interest. Quote Link to comment Share on other sites More sharing options...
Captain Colonial Posted January 30, 2012 Share Posted January 30, 2012 <p>Most coperate bonus are not wholly based on financial criteria.</p> <p> </p> <p>So he is head hunted at twice his current remuneration and one of "<span style="color: rgb(40, 40, 40); font-family: helvetica, arial, sans-serif; line-height: 22px; ">a long queue of people who would be prepared to take the fat cat top jobs at a fair salary" takes the job. The losses more than double and a further 1000 people are made redundant. But it's OK because the CEO is not getting paid too much. </span></p> <p><font color="#282828" face="helvetica, arial, sans-serif"><span style="line-height: 22px;">I believe a whole team left one of the investment banks to take jobs at a Swiss bank in Switzerland. That banks profits halved in the following year.</span></font></p> <p> </p> <p> </p> <p><font color="#282828" face="helvetica, arial, sans-serif"><span style="line-height: 22px;">Anyway Capt'n your supposed to be selling popcorn and snacks, not joining in. You have a vested interest. </span></font></p> Have you been to the SteveD School of Quality Posts? Quote Link to comment Share on other sites More sharing options...
Norman Verona Posted January 30, 2012 Author Share Posted January 30, 2012 I composed the response on HMs machine and, therefore, wasn't signed in. The system offered me the chance to copy the post before signing in. However all the imbedded code was visible and didn't re-imbed when pasted. I've corrected it now. Quote Link to comment Share on other sites More sharing options...
peterg Posted January 30, 2012 Share Posted January 30, 2012 Stephen Hester is paid IIRC £1.2m for trying to resurrect a banking group that lost over £3.6bn in 2009 and over £1.1bn in 2010, last year they made a pre-tax profit of £1.2bn so he's doing something right... What gets me are the scathing criticisms about his pay from TV presenters like Fiona Bruce who is paid around £500,000 for reading an autocue! That should stimulate popcorn sales Scott Quote Link to comment Share on other sites More sharing options...
Captain Colonial Posted January 30, 2012 Share Posted January 30, 2012 I believe a whole team left one of the investment banks to take jobs at a Swiss bank in Switzerland. That banks profits halved in the following year. Anyway Capt'n your supposed to be selling popcorn and snacks, not joining in. You have a vested interest. Interesting Norman, but you can't prove the bank's profits halved only because the team changed - market forces are in play here - it's possible the.losses would have been even bigger under the old team. Likewise, there were teams in place that were successful before the recession and their banks went straight into the loo - was that because the team that was previously good suddenly was bad, or due to market forces beyond their control? I'm joining in because I have what I believe to be valid points. And everyone knows I have a vested interest - it's not like I'm hiding it! 10 RUN 20 PRINT "BUY MORE POPCORN & PRINGLES NOW!" 30 GOTO 10 Quote Link to comment Share on other sites More sharing options...
fatbaldbloke Posted January 30, 2012 Share Posted January 30, 2012 Stephen Hester is paid IIRC £1.2m for trying to resurrect a banking group that lost over £2bn in 2009 and last year they made a profit of £1.6bn so he's doing something right... I agree, I did say he's doing a good job. That's what he's paid for. The bonus should be an additional reward for achieving tangible targets not just more remuneration on top of his salary that's given regardles of results. It's too soon for this bonus. When the shares increase, not fall, and the government plus shareholders have some chance of redeeming some of their losses he should get a whacking great bonus for a job well done, until then it's damned good salary and that should be that. Quote Link to comment Share on other sites More sharing options...
Nick Algar - Competition Secretary Posted January 30, 2012 Share Posted January 30, 2012 Well I have given up, in today's current world, how hard you work and how useful to society that work is seem to be in inverse proportion to what you are paid :bangshead: It reminds me of the last days of the Romans before they became extinct, so just hoping I can last long enough not to see that. My solution would be to throw the current crop of Politicians out on all sides and make it a compulsory erequirement that to get into politics you had to have had a "real" job 1 Quote Link to comment Share on other sites More sharing options...
jeff oakley Posted January 30, 2012 Share Posted January 30, 2012 The problem is that the media and others have used the banks as the reason the economy is in the **** it is, and the bankers are seen as the scape goates. Labour set up the renumeration and now he has met the targets he is vilivied. We need him to return the company to profit or to be in a condition to sell therfore offloading our problems. The share price has fallen not because of his actions, but because of the eurozone crisis which will pull us all down if they cannot sort it out. If I were in his shoes I would not take the reward as it comes with so much pain to make it not worth the hassle, after all he will pay heavy tax on capital gains when he cashes in the shares so the country would get back almost 60% of what it paid out anyway. We need to get of the backs of bankers and let them get on with making money, our GDP is dependant upon the financial markets to such a large degree. If we only looked a bit further than today it would help. Quote Link to comment Share on other sites More sharing options...
OrmusKnight Posted January 30, 2012 Share Posted January 30, 2012 Totally deserves it in my opinion, based on the pre tax profit. His other bonus based on the share price over several years he's not on to get, as the share price is to low. This is big business with with big bonuses, agree with David Cameron on this one, as long as they are going in the right direction its acceptable; get off there backs. Seems the press as always like a witch hunt - as the banks a couple of years ago had a revenue far bigger than our entire GDP it doesn't seem such a crazy figure for leading it. Quote Link to comment Share on other sites More sharing options...
GreigM Posted January 30, 2012 Share Posted January 30, 2012 Well the "mob mentality" of the media and Labour MPs got their way - Heston forfeited his bonus and immediately £320M was wiped off the value of the taxpayers investment in RBS. The market has reacted to politics and media hysteria overruling contracts. Lets face it Sarkosy was almost right yesterday when he said Britain has no industry left - he's almost correct unless you count the banks as industry, and given its all we've got left we'd better f***** well hope the banks succeed. Quote Link to comment Share on other sites More sharing options...
Captain Colonial Posted January 30, 2012 Share Posted January 30, 2012 It's hardly a surprise when most people blame the banks for getting us into this mess to start with - and they have a very valid point in many respects. Quote Link to comment Share on other sites More sharing options...
housebeautician Posted January 30, 2012 Share Posted January 30, 2012 Makes me laugh all this. Most of us in our everyday jobs are paid to do what we do to the best of our ability. If we fail we get sacked, if we do what we are paid a salary for we keep our jobs. Our taxes are being used to keep this bank going which is bad enough, i dont see why we have to give them extra for doing what they are paid to do. As a builder my bonus is getting paid at the end of the job. Just heard on the news the guy has turned it down, its just a shame it took him so long to give it up. Anyway the other joke is as someone said previously he will probably get it through the back door at a later date. The taxpayer will pay in the end. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.