No other business operates having to allocate as much as half its revenue in bonuses.
OK, banks do not allocate half their revenue in bonuses. That\’s simply complete nonsense.
Half their net revenue might be allocated to staff pay, this might be true (for, you see, banks do have these pesky things called expenses to pay. You know, things like interest on their deposits and other borrowings?) . And bonuses are part of that, the variable part of it.
Hmm, gosh, I wonder, are there any businesses which allocate half of net revenue to staff costs?
Umm, how about the Work Foundation?
Chief Executive on William Hutton?
Gosh, you know, I think that in common with most service businesses, yes, staff costs are indeed the majority of income.