When will the Sage of Ely tell us what to think about this?

The Co-operative Bank is to give top executives a big boost in base pay to sidestep a ban on bonuses — despite the lender’s huge losses.

Insiders insist that the beleaguered bank must lift salaries if it is to stop an exodus from its top ranks. But news of the potential pay bonanza is likely to irk Bank of England governor Mark Carney. In May, he banned the bank from paying bonuses until it showed it had strengthened its fragile balance sheet. Details of the planned rises are to be unveiled next month.

For said Sage did tell us that it was an outrage that people who knew fuck all about banking were not allowed to run a bank, didn’t he?

7 thoughts on “When will the Sage of Ely tell us what to think about this?”

  1. Insiders insist that the beleaguered bank must lift salaries if it is to stop an exodus from its top ranks.

    Would another bank really want to hire a senior Co-op Bank bod or is this because insiders = top ranks?

  2. @ TMB
    It is because Co-op Bank workers, who have never expected that they would get a job at a proper bank if they put Co-op on their CVs, would rather top-up their pensions with a job at a Quango than keep working there on a salary that reflected their performance.

  3. Bloke in Costa Rica

    I thought it was a myth that financial institutions had to pay over the odds to get and retain top talent. I’m sure Murphy said so, so it must be true.

  4. Wasn’t this another job he was angling for via his blog? Presumably had he been appointed a director, he’d have insisted that his pay be cut until it was less than ten times that of the lowest worker.

  5. Bloke in North Dorset

    “Presumably had he been appointed a director, he’d have insisted that his pay be cut until it was less than ten times that of the lowest worker.”

    No, he would have insisted that xQE would have been used to ensure that all workers were paid 1/10th of what he thought he was worth.

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