Bob Diamond Has The Home Phone Numbers Of 100,000 Kids Who Will Gladly Take Your Job For Half The Pay…Something To Keep In Mind
Assuming lots of you saw this already on Dealbreaker, but I thought it would be worth a discussion here. With such an oversupply of talent, it does seem logical to assume bonuses will be coming down in future years.
“We’re entering the year-end process of compensation reviews. I think it’s an open discussion during the year of how businesses and how individuals perform and now we’re just trying to execute on the balance that we all try and strike between being responsible and being competitive. I think people get it. I think industry compensation is down this year because the performance in the industry is down. So I think they get it…I think if we weren’t treating [top producers] fairly we would look at it objectively and try and get to the underlying causes, but I think everyone has a decision to make about what industry they want to work in or what firm they want to work for… Not everyone wants to be in this industry. But I’ll give you a statistic that is important. Last year, we had applications from 107,000 kids at university, of which we had positions for 1,500. So there’s still a lot of people who want to come into the financial services industry.”
- Bob Diamond, CEO of Barclays
McDonalds gets a shit load of applications also. Not like everyone applying is qualified or committed. Yeah, people will do your job if you quit, but if comp drops too low people will opt for other things instead. No way in hell I am working 100 hours a week for 50K all in.
That's true...part of the reason banks pay so high is because of the lousy lifestyle associated with the job.
It's a tradeoff.
These Wall Street CEOs are getting a little too bold in my opinion.
I completely agree. The hypocritical moralism of this and Gorman yesterday was ridiculous.
Where do they get off being righteous about lowering comp when they make 10 mil a year?
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