Tag Archives: banking

Explaining the less sexy banker

I saw this quote in a Bloomberg article and just had to share: “It is a less-sexy business,” said David A. Hendler, senior financial services analyst at CreditSights Inc., who sees banks losing their image as a growth industry on Wall Street. “The master-of-the-universe action-figure banker is now a relic on EBay.”

Courtesy of Reuters

I don’t believe I’ve read anything truer during the recession.  My dad works as a financial advisor and I know there’s a lot more stress in his life than there used to be.  His bank was bought and the new owners have instituted changes that makes him wonder about job stability and has severely affected his pay.  He talks about the mortgage brokes who used to work longer hours than anyone else in the bank and now they work the least amount of hours.

I recently had to order new checks through my bank and I thought they were free.  Instead, I ended up paying about $7.  While the amount isn’t that large, I think its significant.  Banks are looking for new ways to find revenue, much like credit card companies are.

No matter what, I’m glad I’m not a banker right now.

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Despite protests, not much change in bank pay

According to an NYT article, six of the biggest banks set aside $36 million for pay. They report that if this trend continues, bankers pay, much of it in compensation, will go back to pre-2008 levels. Goldman Sachs, one of the big banks recieving help, sets the record for setting aside the most money per person.  Executives of some of the banks are saying that much of this money is used for health care and other forms of compensation besides bonuses.

How do you feel about this?