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PAY NEWSConclusive proof that big bonuses were an aberration20 October 2008By Sarah Butcher COMMENTSYou should also look at the average for the last 1000 years - show's we were way too overpaid in the last 2 - backing up your point evenmore. (another meaningless stat) Read all comments »For anyone still living under the delusion that bonuses paid in 2006 and 2007 were even vaguely normal, the Office of National Statistics (ONS) has produced some figures showing that they were, in fact, hideous mutants.
The ONS has only been assimilating figures for total UK financial services bonuses since 2001. Even so, the fluctuations are huge:
2001: £6.5bn
With a mean of £9.6bn, the payouts of 2007 and 2008 were 65% above the norm for the past eight years. And given that most of the past eight years – with the exception of 2002 and 2003 – weren’t too bad for banking, the mean itself may be an aberration. It would be no surprise if the UK’s bonus pool is a third of last year’s amount for the foreseeable future.
COMMENTSbc, Derivatives, Mon 20 Oct 08You should also look at the average for the last 1000 years - show's we were way too overpaid in the last 2 - backing up your point evenmore.
JB, Investment Banking / M & A, Mon 20 Oct 08Who writes this stuff...??!! Obviously a 5yr old whose never worked in the city.
az, Investment Banking / M & A, Mon 20 Oct 08OK fot the total amount but a bonus per head calculation would be more pertinent... Add your comment »RB, Quantitative Analytics, Mon 20 Oct 08How is this meaningless? It highlights the imbalance in pay - a correction was inevitable. Add your comment »Bob, Hedge Funds, Mon 20 Oct 08What about as a % of revenues.... That might be more meaningful. Add your comment »Sarah, Editor, eFinancialCareers, HR & Recruitment, Mon 20 Oct 08Thanks for the constructive criticism JB. If you read the article again you may notice that it was written by me.
RB, Quantitative Analytics, Mon 20 Oct 08What different conclusions can be drawn if it is presented as a % per head or as a % of revenue! The numbers show that the FS sector has got too fat - whether that is because of more people earning the same bonus or the same people earning bigger bonuses is irrelevant. The industry has got to re-align. Add your comment »Rodolphe Mortreuil, MKMC, HR & Recruitment, Mon 20 Oct 08It is so comforting, to write scathing criticism from the safety of anonymity. Even when disagreeing with an article, there are no excuses for not staying polite. Add your comment »JB, Investment Banking / M & A, Mon 20 Oct 08I stand by my comments...
Sarah, Editor, eFinancialCareers, HR & Recruitment, Mon 20 Oct 08Hi again JB,
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