Friday April 3, 2020

Bankers' medicine in short supply

Despite the shedding of staff since 2008, basic pay at the main banks remains largely the same since the start of the recession, writes Richard Curran.

17th March, 2013
Minister for Finance Michael Noonan delivers a keynote address in London last month. Photo: Bloomberg

Paycuts of between 6 per cent and 10 per cent for staff and executives at the state-guaranteed banks was described by some as "harsh medicine" last week. But a close examination of a report into bankers' pay published last week by Mercer consultants puts the proposed cuts into context.

It had been widely assumed that highly paid, so-called 'fat cat' bankers simply didn't exist any more in the Irish banking landscape. It had also been assumed that...

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