John Walsh: Extortionate levels of bankers’ pay will cost us in the long run
Inflated salaries for investment bankers lures talent from sectors that offer wider societal benefit, as well as creating the conditions for the emergence of the next ‘risk-free’ financial scheme to firebomb the global economy
When the salaries paid to bankers become disconnected from the underlying economy, it is time for the rest of us to start worrying.
Last week, Patrick Jenkins, the banking editor of the Financial Times, wrote a piece comparing the fortunes of AIB and Goldman Sachs. He made the interesting point that AIB, which is constrained by government-imposed pay caps and is 71 per cent state-owned, posted a very impressive 32 per cent increase in its ...