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    Bankers contribute loads to the economy, which is why they nearly crashed it in 2008. And why do the rubbish ones who lose money get massive bonuses as well?

    Tax is relatively low in the UK. You'd be taxed a lot more if you lived in Scandinavia (although they have better infrastructure and services). Bottom line is: you work for a company and you work in the UK, you're never going to make massive amounts of money. Don't like it: shove your cash into a tax haven in Zanzibar. Or become a Premiere League footballer... Their salaries blow investment banking salaries out of the stratosphere!!

    Oh, and to the 18-year-old snobs ****ging off cleaners and caretakers. Their work may not be as skilled as the work of bankers... But, imagine if there were no cleaners at all. All the highly skilled workers would die of dirt and disease... which, in turn, would absolutely destroy the economy. Stop being arrogant and ungrateful. Everyone has a role to play in society and the economy.
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    (Original post by usainlightning)
    You obviously don't know what being a banker involves.
    I was trying to condense it as much as possible. The point is, why do those that crashed the global economy get paid so well?
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    (Original post by cbreef)
    You racist savage :rofl:
    PRSOM
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    (Original post by frankielogue)
    I was trying to condense it as much as possible. The point is, why do those that crashed the global economy get paid so well?
    hahaha that's a big leap mate. don't believe everything the left wing media spoon feeds you. Plenty of other causes which played a much larger role in the financial crisis. Read a book.
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    (Original post by frankielogue)
    I was trying to condense it as much as possible. The point is, why do those that crashed the global economy get paid so well?
    (Original post by Patrick-Bateman)
    hahaha that's a big leap mate. don't believe everything the left wing media spoon feeds you. Plenty of other causes which played a much larger role in the financial crisis. Read a book.
    Please remember the bankers primarily responsible for the crisis worked in Securitisation which relatively speaking is a fairly small team at the large banks. So it really was a minority of bankers who caused the issues.

    Of course, that's completely over-looking the responsibility of credit rating agencies failing to rate the structured credit products correctly, failure of regulators to protect against conflicts of interest, failure of government policy to encourage excess lending in the housing market and failure of corporate policy at retail banks to provide the right incentives to their sales people when providing mortgages.

    But yeah, let's just blame ALL the bankers for that because it's easy and they're a walking target.

    The majority did not crash the economy. They get paid well because it's an industry that benefits from disproportionate economics and is therefore, very profitable in certain teams. They also work insanely long hours during their twenties (frequently pass midnight in some teams) and have to generally work extremely hard during teenage years to even get into a position where they have a chance at landing a job. As a result the majority leave after five years so it's not like someone is earning loads of money their whole life. The few that do are the exception, not the rule.

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    (Original post by Commercial Paper)
    Please remember the bankers primarily responsible for the crisis worked in Securitisation which relatively speaking is a fairly small team at the large banks. So it really was a minority of bankers who caused the issues.

    Of course, that's completely over-looking the responsibility of credit rating agencies failing to rate the structured credit products correctly, failure of regulators to protect against conflicts of interest, failure of government policy to encourage excess lending in the housing market and failure of corporate policy at retail banks to provide the right incentives to their sales people when providing mortgages.

    But yeah, let's just blame ALL the bankers for that because it's easy and they're a walking target.

    The majority did not crash the economy. They get paid well because it's an industry that benefits from disproportionate economics and is therefore, very profitable in certain teams. They also work insanely long hours during their twenties (frequently pass midnight in some teams) and have to generally work extremely hard during teenage years to even get into a position where they have a chance at landing a job. As a result the majority leave after five years so it's not like someone is earning loads of money their whole life. The few that do are the exception, not the rule.

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    Totally agree. Don't understand how some people can take shots at those who choose different lifestyle choices. Work insanley hard and make loads of money as a banker. Or choose something else that you prefer. Just don't decide to start hating them just because they make more than you.
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    (Original post by Commercial Paper)
    Please remember the bankers primarily responsible for the crisis worked in Securitisation which relatively speaking is a fairly small team at the large banks. So it really was a minority of bankers who caused the issues.

    Of course, that's completely over-looking the responsibility of credit rating agencies failing to rate the structured credit products correctly, failure of regulators to protect against conflicts of interest, failure of government policy to encourage excess lending in the housing market and failure of corporate policy at retail banks to provide the right incentives to their sales people when providing mortgages.

    But yeah, let's just blame ALL the bankers for that because it's easy and they're a walking target.

    The majority did not crash the economy. They get paid well because it's an industry that benefits from disproportionate economics and is therefore, very profitable in certain teams. They also work insanely long hours during their twenties (frequently pass midnight in some teams) and have to generally work extremely hard during teenage years to even get into a position where they have a chance at landing a job. As a result the majority leave after five years so it's not like someone is earning loads of money their whole life. The few that do are the exception, not the rule.

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    Bit sad to waste your teens and twenties slaving away to make a large amount of money for a short space of time.

    You probably burn out by the time your in your early 30s and die of a heart attack at 35 as a result...
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    tax is a bugger



    (Original post by Lh030396)
    Bit sad to waste your teens and twenties slaving away to make a large amount of money for a short space of time.

    You probably burn out by the time your in your early 30s and die of a heart attack at 35 as a result...
    id say it's kinda fun in a mysterious weird, will always complain way.. i think the stories make it worthwhile.. and it gives you a sense of purpose.. but mostly complaining about how bad your life is is quite satisfying
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    (Original post by Patrick-Bateman)
    Totally agree. Don't understand how some people can take shots at those who choose different lifestyle choices. Work insanley hard and make loads of money as a banker. Or choose something else that you prefer. Just don't decide to start hating them just because they make more than you.
    I think people hate them more for the *beep*ish attitudes they tend to display. A lot of them seem to be completely and utterly money obsessed as well, which is a very dangerous position to be in because whatever they earn will never be enough for them. One could easily lose a grip on reality where vast amounts of dosh start to mean nothing anymore.

    Sure, I'd love to be a millionaire one day but I wouldn't want to get there through investment banking. The job sounds boring and stressful as hell!!! But that's just me...
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    (Original post by Lh030396)
    I think people hate them more for the *beep*ish attitudes they tend to display. A lot of them seem to be completely and utterly money obsessed as well, which is a very dangerous position to be in because whatever they earn will never be enough for them. One could easily lose a grip on reality where vast amounts of dosh start to mean nothing anymore.

    Sure, I'd love to be a millionaire one day but I wouldn't want to get there through investment banking. The job sounds boring and stressful as hell!!! But that's just me...
    God forbid that some people go into the investment banking/sales and trading/research/tech/operations arena because they actually find the work interesting!

    Actually scrap operations, the rest are interesting enough!
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    (Original post by cbreef)
    Not at all. Human greed is really taking its toll on the world and it's getting out of hand. Seriously what do you with £500,000 every year?
    A plain three bedroom house in my area (more expensive part of Silicon Valley) is over £2M. They're about £5+k per month to rent. You can feel poor on a salary that most people think is very high. London prices are nuts too, especially if you don't want a long commute.

    If I were earning £500k, I'd live reasonably, pay for my childrens' education (~£50k each per year), and save to retire early.
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    (Original post by RogerOxon)
    A plain three bedroom house in my area (more expensive part of Silicon Valley) is over £2M. They're about £5+k per month to rent. You can feel poor on a salary that most people think is very high. London prices are nuts too, especially if you don't want a long commute.

    If I were earning £500k, I'd live reasonably, pay for my childrens' education (~£50k each per year), and save to retire early.
    Fair enough, but why the f*ck do you live in Silicon valley? :rofl:
    Would you give to any charities or help anyone?
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    (Original post by Patrick-Bateman)
    hahaha that's a big leap mate. don't believe everything the left wing media spoon feeds you. Plenty of other causes which played a much larger role in the financial crisis. Read a book.
    Is the BBC a left wing source to you too then?
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    £140,000 a year for working 7am-midnight (or whatever the crazy hours bankers work), including lots of weekend work, doesn't really seem worth it in the grand scheme of things...

    Sure, £140k is a lot more than most people are getting, but it's by no means a huge amount of money... especially with the costs of living in London and the SE being astronomically high.

    People on £30k may earn a minuscule amount in comparison to bankers, but these people tend to have better work-life balance, as well as leading healthier (both mentally and physically) lifestyles in general.

    Whether you earn £30k or £100k pa, you're making money for the company you're working for first and foremost, and you're always going to be a little bit screwed over by these companies. It is the successful entrepreneurs and the CEOs that make the millions, not the people working for them...
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    You do also essentially 'sell' yourself to the bank. You are the bank's property for the time at which you work there. You do what the bank says, when the bank says. For this total devotion, you are rewarded. I have known several people who've gone to work for top investment banks and I have to say that they are deeply unhappy people. That sort of money is addictive to the type of person who wants to do investment banking and like all addictions, it's not necessarily where you want to be or what you want to be doing.

    There's been some interesting replies to this. Given we live in a capitalist society, then people are perfectly free to earn astronomical amounts in the City and they're not necessarily 'evil' people for doing this, or wanting to do this. However, it doesn't exactly lead to a cohesive society where some flash city boys earn more in a day than most people do in a year.
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    (Original post by Lh030396)
    £140,000 a year for working 7am-midnight (or whatever the crazy hours bankers work), including lots of weekend work, doesn't really seem worth it in the grand scheme of things...

    Sure, £140k is a lot more than most people are getting, but it's by no means a huge amount of money... especially with the costs of living in London and the SE being astronomically high.

    People on £30k may earn a minuscule amount in comparison to bankers, but these people tend to have better work-life balance, as well as leading healthier (both mentally and physically) lifestyles in general.

    Whether you earn £30k or £100k pa, you're making money for the company you're working for first and foremost, and you're always going to be a little bit screwed over by these companies. It is the successful entrepreneurs and the CEOs that make the millions, not the people working for them...
    Yes, exactly. Hence why so many of them complain about it (hours, pay, tax, not good enough bonus) etc.

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    (Original post by Commercial Paper)
    Yes, exactly. Hence why so many of them complain about it (hours, pay, tax, not good enough bonus) etc
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    Unfortunately for bankers, due to the current political climate (Trump: 'We're going to tax Wall Street!!!') and the fact that a large proportion of society view bankers with HUGE hatred and contempt (c. 2008 and ongoing), I can't see hugely positive changes happening in the foreseeable...
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    (Original post by frankielogue)
    I was trying to condense it as much as possible. The point is, why do those that crashed the global economy get paid so well?
    The vast majority of people who work in investment banks (let alone banks) do not earn massive amounts: http://news.efinancialcareers.com/uk...arn-less-100k/


    Banks do not pay people lavish salaries for the fun of it. The top advisory bankers can generate massive fees for the banks and the top traders likewise. There is also the fact that there is an implicit guarantee as every investor in the market knows that the banks will be bailed out if they get into trouble. Hence they can borrow to fund their operations at lower rates than other industries and therefore generate higher revenues than they would otherwise.
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    (Original post by cbreef)
    Fair enough, but why the f*ck do you live in Silicon valley? :rofl:
    Lots of jobs in my field (Software Engineering), nice weather, good sailing, skiing a reasonable drive away and (practically) free petrol (but Americans don't see it that way).
    (Original post by cbreef)
    Would you give to any charities or help anyone?
    I already do, but my biggest charitable donation is tax. I will never use tax-funded services to anything like the value of the tax that I have paid. Anyone earning 'a lot' is supporting a lot of people at the lower end of the income scale.
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    (Original post by RogerOxon)
    Lots of jobs in my field (Software Engineering), nice weather, good sailing, skiing a reasonable drive away and (practically) free petrol (but Americans don't see it that way).

    I already do, but my biggest charitable donation is tax. I will never use tax-funded services to anything like the value of the tax that I have paid. Anyone earning 'a lot' is supporting a lot of people at the lower end of the income scale.
    Do you work for a BigCo (ala Google, FB, Twitter etc) or Unicorn (ala Uber, Airbnb etc)?

    If so what's the lifestyle like with your compensation (base+bonus+stock) in the bay area?

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