City learned the lessons?
Discussion
This will smack of jealousy, and to a certain degree it must be, but it seems to me that the culture of the City isn't really changing.
Mate of mine got made redundant/asked to leave in the recent chaos. Given a £100K 'good-bye' package after 3 years in the job. Got a new City job immediately with a £150K 'Hello' from the new company and a guaranteed bonus next January of another £150K. Neither can be based on his performance as it is a new job.
Not sure I believe him entirely, as it all sounds bizarre from a non-City perspective, but he has no reason to try and impress me.
So, possibly true or BS, and if it is true what are the economics or sense of paying someone £300K before you know how they wil perform?
Mate of mine got made redundant/asked to leave in the recent chaos. Given a £100K 'good-bye' package after 3 years in the job. Got a new City job immediately with a £150K 'Hello' from the new company and a guaranteed bonus next January of another £150K. Neither can be based on his performance as it is a new job.
Not sure I believe him entirely, as it all sounds bizarre from a non-City perspective, but he has no reason to try and impress me.
So, possibly true or BS, and if it is true what are the economics or sense of paying someone £300K before you know how they wil perform?
Edited by Brown and Boris on Friday 3rd July 15:23
Brown and Boris said:
Somewhatfoolish said:
What's this got do do with the lessons the city needs to learn?
Not paying on long terms performance, but an anticipated short term performance, paying big bonuses when they have been bailed out with public money?
A friend was recently laid off from a large credit card provider, given 6 months gardening leave plus 6 months redundancy (I think he had been there for about 5 years). Has just been taken on at one of the big banks with apparently a nice golden hello until he can start work in the autumn!
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