In case you weren’t clear about the voracious greed & irresponsibility of the financial class-
City bankers and financiers are scooping bumper pay rises to compensate for losing multimillion pound bonuses in a controversial development that will trigger fresh “reward for failure” rows.
The Observer has learnt that UBS, the stricken bank that last year received a £40bn Swiss government bailout, is paying London staff increases of between 15% and 20% at a time when many workers in Britain are forced to take wage freezes.
Though it is understood some equity traders at UBS have even enjoyed a doubling of salary to over £250,000, bank sources indicate these were “exceptional cases rather than the rule”. But senior City headhunters confirmed that basic pay rises for senior bank staff were rising sharply, with US banks seeing big hikes.
Bosses of Britain’s biggest companies enjoyed huge increases in the value of their pension pots last year, despite the onset of recession and the downfall of major banks such as Northern Rock, Royal Bank of Scotland and HBOS.
Two directors have already amassed pension funds which will pay them more than £1m a year on retirement. Jeroen van der Veer, chief executive of oil giant Royal Dutch Shell, has accrued a nest egg worth almost £1.2m; Todd Stitzer, boss of theCadbury confectionery group, could pick up almost £1.5m a year, not counting any further sums they accumulate between now and stepping down.