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What talent?

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R1Geezer | 11:38 Wed 09th Dec 2009 | News
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The boss of Barclays warns of a "mass exodus" of talent, if Darling taxes their bonuses or indeed if they are curtailed in any way As these are the useless showers of sh1te that got us into this mess can someone expalina what "talent" we are potentially losing? and wher would they go?. More to the point can someone tell me What the Fcuk these guys actually do and why they are so "valuable". I work in a bank and I don't have a scooby do what they bring to the party. Thanks.

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///“If you remove the bonus structure then what is the alternative to get the most out of people? Effectivley the bonus is a commision, you make the banks money you do well.”

But they DIDN’T make money and STILL get their bonuses. The rest of us lose our pension investments when they mess up, and what happens? We get the “sorry, investments can go down as well as up, but thank you for my bonus” speech. ////

This seems to be a common trait - why do you think that this is one person or group?

Does no one understand, that there are two distinct groups here - one of which have made money and will get bonuses, the other group who haven't made money and will not get bonuses (if they are even in a job at the moment).

If you have made your company money, regardless of other departments, you will earn your commission / bonus.
"Does no one understand, that there are two distinct groups here - one of which have made money and will get bonuses, the other group who haven't made money and will not get bonuses (if they are even in a job at the moment). "

Like poor old Fred Goodwin whose "talented" leadership of RBS saw it crash. He had to retire... with a package that earns him more/year than most of us will see in 20. Poor guy.

Now he's gone RBS, bailed out to the tune of around £20billion (possibly £40 billion according to some sources), are still losing money (post tax) and yet planning to RAISE bonus pay outs by 0.5B to £1.5 billion this year. I think you need to revise your theory.

"If you have made your company money, regardless of other departments, you will earn your commission / bonus. "

I use to run a bookshop for a small national chain (now gone). My store was the only one in the chain apart from the flagship store making a profit. (From the figures I saw, the two stores were basically keeping the company just about afloat). I can assure you that I didn't get any sort of bonus.
1000 bankers leave RBS etc etc
http://business.times...ce/article6945945.ece

Imagine a bank not owned by the taxpayer, say barclays. If they want to pay awesome bonuses then what business it is of anyone else? Seriously, the petty jealousy and politics of envy in this country make me sick.
I have the choice of not banking with Barclays, I could go somewhere that pays lower bonuses but give better interest rates. Or Barclays might have the finest investors and make more money and so offer better rates/lower charges.

What we need is a system whereby shareholders can get involved to police the bonus levels and investment policies. They are the owners and should stand or be liable for losses. Rather than some communist from the FSA sending a form out to be ticked, making banks do three times as much useless paperwork then announcing tractor production is up.
As major shareholders the taxpayer would then have some proper control rather than kneejerk populist sound bite rubbish from politicians and the banks would be even keener to pay off the loans.
But the bankers bonus has not been touched. The government have decided to put a tax on 50% of the huge bonuses payable by the bank similar to what was suggested (5) below. Therefore the problem can be resolved between the bankers and the bank, either to pay the bonus or re-invest the money in the bank. How sensible. Even Sarkozy is about to agree with it.

"""How should the Bankers bonus culture be tackled?
http://news.bbc.co.uk.../business/8235764.stm

1. Ban them completely
2. Cap them
3. Delay them for a number of years
4. Introduce higher rate of tax on the bonus
5. Make the bank pay an equal amount of the bonus into government coffers
6. Do nothing

or what other method? """
Personally I'm terrified about how we're going to cope when all these talented people disappear - maybe we'll be plunged into a recession or something, or there'll be a crisis in the banking industry and we'll have to keep the banks afloat with billions of pounds of taxpayers money. It really doesn't bear thinking about.
///Like poor old Fred Goodwin whose "talented" leadership of RBS saw it crash. He had to retire... with a package that earns him more/year than most of us will see in 20. Poor guy. ///

How much money did he make for them in the previous 8 years? His pension was linked to his salary and performance over a number of years - not just the one that failed.

///I use to run a bookshop for a small national chain (now gone). My store was the only one in the chain apart from the flagship store making a profit. (From the figures I saw, the two stores were basically keeping the company just about afloat). I can assure you that I didn't get any sort of bonus.///

Sorry, but if you were a retail manager that wasn't on a commission for hitting or exceeding targets, it doesn't say much for your negotiation skills!

Most people who I know in a sales / managerial environment are targeted and get a bonus or reward for hitting / exceeding that target. This ranges from opticians through to conveyor belts.
Get them out and bring other talent in. Be cheaper and they will be like you and us. New contracts = no bonuses.
Any idea how much redundancy packages cost?

Didn't think so
Re Goodwin: His mismanagement suggests that he just happened to be in the right place at the right time for the first few years of his tenure; when his policies started to work (or not) RBS when down faster than the Titanic.

Re "bonuses": They only seem to go to people who are on high wages in the first place. I can't think of anyone I know who gets a performance bonus more than keeping their job!

Re redundancy packages: Why would they be entitled to any sort of remuneration if they leave of their own volition?

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