Shrinking pay packets are the primary sources of stress in the banking sector as financial professionals face longer hours and unachievable deadlines without the prospect of a big bonus at the end of it all.
With the exception of Wall Street bankers, the majority of respondents also said that they had seen an increase in stress levels during the last six months – 57% in the UK, and 63% in France, for example – and a lack of monetary reward was by far the biggest reason cited for this.
Bankers have, of course, been vilified for their bulging pay packets in recent years, and regulators across the world – but particularly in Europe – have been cracking down to limit bonuses and apply more punitive deferral schedules.
However, Philip Hodson, a psychologist who works with investment bankers, said that – as ridiculous as it may sound those outside the sector – smaller bonuses are a huge catalyst for stress: 'There’s no counselling, no cuddling or back slapping in investment banks. The only time people ever know when they’ve done a good job is when they’ve been handed a bonus. Getting a smaller figure, particularly in reference to your colleagues, is a psychological slap in the face'.
Dissatisfaction with pay is highest on Wall Street and in the City, with 72% of respondents in both locations saying they were underpaid.
Most bankers also complained of being over worked, with 71% of respondents in the UK and 60% in the US saying that they didn’t have enough hours in the day to do everything they wanted to.
Hit the link below to access the complete eFinancialCareers article:
image: © stuartpilbrow