Overpaid and over here.
Reuters reports that pay and bonuses in Britain's financial services sector remain excessive and encourage risk-taking, according to those working in it, undermining efforts by politicians and regulators to reform an industry blamed for its role in the financial crisis.
Britons struggling in the economic downturn have been infuriated by financial services companies, particularly banks rescued by the government at the height of the crisis, which continue to dole out rewards many times the average wage.
Three-quarters of financial services employees, and two-thirds of senior managers, said some people in their organisations were still paid excessively, according to a survey published by the Chartered Institute of Personnel and Development (CIPD) on Thursday.
In the meantime, Bloomberg reports that Wall Street has contributed less than 2% of New York City’s job growth since the recession ended as cost-cutting efforts have led banks to replace fewer positions than other businesses.
The securities industry has recovered about one-fifth of jobs lost during the slump, New York State Comptroller Thomas P. DiNapoli said in a statement Wednesday laying out his analysis of the city’s budget. The industry had $6.6bn in profits in the first quarter, almost half of the city’s estimate for the full year.
image: © Tax Credits