UBS announced results today. They lost CHF 2.5bn last year. But get this: they awarded themselves CHF 2.5bn in bonuses. So yes, without bonuses, they would have broken even for shareholders. The CEO said he was very happy with the results. Well no doubt. He probably made a few million for directing operations which lost around CHF 7m a day. Naturally the same crap was spewed out about having to pay all these bonuses in case bankers went to other firms. We're just not dealt into the same game as these people except as losers. For the record the Swiss taxpayer had to bail out these incompetents a couple of years ago. Plus ça change...
I work for a competitor and we had our bonuses announced today. Most of us got a big fat zero as a compensation for working overtime every day, working when we're ill and immobile, practically never taking a lunch break longer than ten minutes, having to work weekends, etc. All that bonus pot went to the traders and bankers, they got what they've always got, so nothing was left for the rest of us. So, the real losers in the banker bashing are the minions, not the people actually making the decisions that cost the shareholders and taxpayers billions.
that is the bit that riles the most - logic would state that if the tossers went elsewhere, then UBS would be in a better position as they would be paying somebody a fair remuneration, and the tossers would be shafting one of the competitors, hence a win-win for UBS shareholders and the Swiss taxpayer (there is only one taxpayer in Switzerland, isn't there?)
Hang on though Paivi, that sounds as though you're blaming the bashing rather than the bankers for this. Sounds like they're shafting people closer to home now to make sure their cups continue to overflow. I'm still blaming the bankers.
Depends who you call "the bankers" - I read into what Paiva says as meaning the tossers who do the trading, the senior management, the people who have a high reward-low risk position as being "the bankers" and who lose our money yet still line their pensions and pockets, regardless of how poorly they perform. They are the group that need reaming out with a discarded Christmas tree. this is as opposed to the call centre, transaction centre, public facing high street folks who plough their furrow for a few shillings. the former and latter should definitely not be confused. @Paivi - please correct me if my interpretation is wrong.
And as I said in another thread a few days ago............No one, but no one is bringing these bastards to account for their inadequacies, stupidity and downright cheating!
Very true, I'd go so far as to say that not all traders are tossers, I've met a few and one's almost decent! Unfortunately the term 'Bankers' has come to mean those self serving arses in the profession.
Firstly YES, you definitely ARE allowed to hate the bankers today! The answer I guess, is for everyone who's p1ssed off with 'em to form shareholders' action groups and start lobbying for change. Or else sell your shares and drive their stock price into the ground. Maybe then they'll take some notice!
In a way I am. In our meetings with the management over the past three years the first phrase has been about the media attention and how we need to be seen to be doing the right thing by reducing the bonus pool. Of course, it only goes for us little people. Spot on. Sadly, people seem to think that everybody who works in a bank is a banker and deserves to be hung, drawn and quartered. One of my friends is a trader and a very nice chap. Probably earnt a fortune in salary and bonuses, but he was at his desk about two hours before I got in and was still there when I left. And I was doing overtime...
Good point, well made. But if my engineering company fucked the global economy up I think I'd feel a tad responsible for the actions of my company. Pity the banking and financial services industry doesn't eh.
Why should one feel responsible for the actions of one's employer if one had nothing to do with them, or had even tried to stop them?
If they told you to jump off a cliff would you do that, without question? If you don't agree with strategy and policy tell them.
