City bankers admit they are overpaid

Posted Nov 7, 2011 by Katerina Nikolas
A survey commissioned by the St Paul's Institute has revealed that a significant number of British bankers and financial sector workers think they are overpaid.
A Barclays bank in London  England
A Barclays bank in London, England
A survey commissioned by the St Paul's Institute questioned 500 British bankers and financial sector workers regarding business practices and ethics was due to be published on Oct. 27. Officials from St Paul's decided to delay publishing the report in light of the Occupy Protests, fearing it may give the impression that the church supported the protests. (Press TV) The report will now be published on Monday and reveals some interesting findings.
According to the Independent "a significant number of City workers agreed that they were" overpaid, but not as overpaid as lawyers. They agreed that they were overpaid in comparison to nurses and teachers. A report in the Independent in September said "The average City salary is close to £80,000 – at least three times the national average wage" and that despite the massive bailout for banks the Royal Bank of Scotland paid its bankers £950 million in bonuses.
The report also shows that bankers' sense of morality has worsened in the last 25 years due to less personal interaction with customers. The Guardian reported that the report reveals "gestures towards corporate social responsibility are little more than public relations and spin." Whilst the report may show that some anonymous bankers consider they are overpaid, there is no sign of bankers queuing up to forgo their bonuses.