Guest Winnie Posted June 7, 2007 Share Posted June 7, 2007 Tonight's ES has a piece on "City bonuses will drive house prices higher". They say that bonuses will be even larger than last year and autumn will be the pick-up after a relative summer lull. A brief offset on the two-tier world which is emerging, but why does the ES persist in setting up the City as the Celebrity version of Big Brother in London? Would I be right or wrong in thinking that the (Anthony Bolton, Warren Buffet, Alan Greenspan et all loyal troopers at Money Week) monumental SM crash we are due might take some of the wind out of the City bonus sails? Quote Link to comment Share on other sites More sharing options...
Guest Popalot Posted June 7, 2007 Share Posted June 7, 2007 Tonight's ES has a piece on "City bonuses will drive house prices higher". They say that bonuses will be even larger than last year and autumn will be the pick-up after a relative summer lull. A brief offset on the two-tier world which is emerging, but why does the ES persist in setting up the City as the Celebrity version of Big Brother in London? Would I be right or wrong in thinking that the (Anthony Bolton, Warren Buffet, Alan Greenspan et all loyal troopers at Money Week) monumental SM crash we are due might take some of the wind out of the City bonus sails? The City is going to be the trigger.....the MPC certainly are not............ Quote Link to comment Share on other sites More sharing options...
Jimmy2Times Posted June 7, 2007 Share Posted June 7, 2007 Tonight's ES has a piece on "City bonuses will drive house prices higher". They say that bonuses will be even larger than last year and autumn will be the pick-up after a relative summer lull. A brief offset on the two-tier world which is emerging, but why does the ES persist in setting up the City as the Celebrity version of Big Brother in London? Would I be right or wrong in thinking that the (Anthony Bolton, Warren Buffet, Alan Greenspan et all loyal troopers at Money Week) monumental SM crash we are due might take some of the wind out of the City bonus sails? City bonuses, that old chestnut, lets assume 300 individuals receive 1 million each bonues each like last year, whats that going to buy in London today, 300 flats in peckham, this report is b****cks. Quote Link to comment Share on other sites More sharing options...
BoomBoom Posted June 7, 2007 Share Posted June 7, 2007 City bonuses, that old chestnut, lets assume 300 individuals receive 1 million each bonues each like last year, whats that going to buy in London today, 300 flats in peckham, this report is b****cks. It's a lot more than 300 people getting those kind of bonuses. Then there are many that get pretty hefty 6 figure bonuses. Quote Link to comment Share on other sites More sharing options...
Jimmy2Times Posted June 7, 2007 Share Posted June 7, 2007 It's a lot more than 300 people getting those kind of bonuses. Then there are many that get pretty hefty 6 figure bonuses. 1 million is six figures Quote Link to comment Share on other sites More sharing options...
IDN Posted June 7, 2007 Share Posted June 7, 2007 all these fat cats earning big buck the chief execs @ C&W want to hand themselves 20million in bonuses this year. i agree that the effects of the mpc are minimal- if there is to be a crash- we need the london to crumble- we need a financial disaster! Quote Link to comment Share on other sites More sharing options...
Dubai Posted June 7, 2007 Share Posted June 7, 2007 1 million is six figures No it isn't.... watch 1,000,000...... Quote Link to comment Share on other sites More sharing options...
uro_who Posted June 7, 2007 Share Posted June 7, 2007 The article was the 'standard' poor quality. It said that the bonuses were the cause of the increase and then went on to say how many houses were bought by foreigners as investments. This is the real reason why we are short of houses, nothing to do with increasing life expectancy etc. Its limited stock with individuals owing multiple houses. And before anyone says strawberry pickers (ie. immigrants) there's no way they'd buy the houses at the current prices, they rent at way lower than the mortgage cost. Quote Link to comment Share on other sites More sharing options...
Ah-so Posted June 7, 2007 Share Posted June 7, 2007 It's a lot more than 300 people getting those kind of bonuses. Then there are many that get pretty hefty 6 figure bonuses. Over 4000 people shared £4bn in bonuses last year, together scooping almost half the entire City's bonus pool. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted June 7, 2007 Share Posted June 7, 2007 Over 4000 people shared £4bn in bonuses last year, together scooping almost half the entire City's bonus pool. Doubtless they will be donating this to charity again like last year I walked past a champagne/wine bar in Leadenhall Street yesterday mid afternoon and it was pretty packed and noisy. Glad my pension is safe in their competent, highly trained hands. Quote Link to comment Share on other sites More sharing options...
southsea13 Posted June 7, 2007 Share Posted June 7, 2007 No it isn't.... watch1,000,000...... LOL - whoever said 1,000,000= 6 figures - learn to count!!! Quote Link to comment Share on other sites More sharing options...
Jimmy2Times Posted June 7, 2007 Share Posted June 7, 2007 No it isn't.... watch1,000,000...... My point exactly, read the previous post. Quote Link to comment Share on other sites More sharing options...
numpty Posted June 7, 2007 Share Posted June 7, 2007 It's a lot more than 300 people getting those kind of bonuses. Then there are many that get pretty hefty 6 figure bonuses. The number last year was 4,500 with another 20,000 enjoying an income in excess of £500k The average remuneration for a male working in the square mile is just over £100k Quote Link to comment Share on other sites More sharing options...
BoomBoom Posted June 7, 2007 Share Posted June 7, 2007 I'm sure Rachman will tell us these guys deserve every penny and more. Quote Link to comment Share on other sites More sharing options...
Smell the Fear Posted June 7, 2007 Share Posted June 7, 2007 The numbers bandied about don't add up. Allegedly £9bn in bonuses was paid for 2006. If 4500 got £1m+ they account for at least £4.5bn of that. Probably more like 6-7bn. If an additional 20000 got £500k+ then that's a minimum of £10bn. A total of at least £15bn. We all know City wideboys are full of sh!t, but this takes the biscuit. The City allegedly employs around 300k people so if the average person outside of this exclusive club of £500k+ gets say £20k bonus each that adds another £2.75bn to the pot. Even if we ignore the 20,000 £500k+ people and assume that the remaining £4.5bn is divided up between everyone outside the £1m+ club they would get about £15k each. And this is what is driving prices throughout London and the SE. Quote Link to comment Share on other sites More sharing options...
BoomBoom Posted June 7, 2007 Share Posted June 7, 2007 The numbers bandied about don't add up. Allegedly £9bn in bonuses was paid for 2006.If 4500 got £1m+ they account for at least £4.5bn of that. Probably more like 6-7bn. If an additional 20000 got £500k+ then that's a minimum of £10bn. A total of at least £15bn. We all know City wideboys are full of sh!t, but this takes the biscuit. The City allegedly employs around 300k people so if the average person outside of this exclusive club of £500k+ gets say £20k bonus each that adds another £2.75bn to the pot. Even if we ignore the 20,000 £500k+ people and assume that the remaining £4.5bn is divided up between everyone outside the £1m+ club they would get about £15k each. And this is what is driving prices throughout London and the SE. This is purely bonus money remeber, not wages. There was £4bn shared by 4000 (those getting the biggest bonuses) and the rest of the bonus pool made lesser payment to many other city workers. Quote Link to comment Share on other sites More sharing options...
Smell the Fear Posted June 7, 2007 Share Posted June 7, 2007 This is purely bonus money remeber, not wages. There was £4bn shared by 4000 (those getting the biggest bonuses) and the rest of the bonus pool made lesser payment to many other city workers. If there was a point to your statement I missed it. Can you clarify? Quote Link to comment Share on other sites More sharing options...
BoomBoom Posted June 7, 2007 Share Posted June 7, 2007 If there was a point to your statement I missed it. Can you clarify? Just that the numbers are real. There are lots of 'city workers' on pretty awful money who don't see any bonus either (juniors, lower level It staff, and the army of serfs that actually do a lot of the real work). You only need to be in any bar within the city mile during bonus season to realise just how much money is slushing around, and how easily it is earned. Quote Link to comment Share on other sites More sharing options...
Smell the Fear Posted June 7, 2007 Share Posted June 7, 2007 Just that the numbers are real. There are lots of 'city workers' on pretty awful money who don't see any bonus either (juniors, lower level It staff, and the army of serfs that actually do a lot of the real work). You only need to be in any bar within the city mile during bonus season to realise just how much money is slushing around, and how easily it is earned. You seem to be contradicting yourself in one paragraph. "lots of city workers on awful money" + "loads of money easily earned"???? The point I was making is that it is not possible for 4000 people to get paid £1m plus and 20,000 to get paid £500k+ out of a pot of £9bn. It just doesn't add up! My further point was that even if the 300k workers outside the 4000 £1m+ earners share the other £4.5bn they are only getting £15k bonus each pre-tax. That is not a lot of money on average and cannot be responsible for the prices in London and the SE. To say that the City pays out enough to drive the whole London market up by 20% in a year is ridiculous, loose lending is more likely the culprit. Quote Link to comment Share on other sites More sharing options...
mightytharg Posted June 7, 2007 Share Posted June 7, 2007 To say that the City pays out enough to drive the whole London market up by 20% in a year is ridiculous, loose lending is more likely the culprit. Hey it's not us. It's the key workers. Nearly all the housing around the city is housing association, corporation housing, or council. The key workers are not only preventing a reasonable amount of housing being constructed, but they have a target of seizing half of anything does manage to get built and handing it to the party faithful. On top of that they give millions in our tax money to rent property in prime locations from your BTL friends and give it to unemployed drunks etc. Don't blame us City boys, struggling to rent a flat in some grim estate is no picnic. Why not ship the unemployed somewhere cheaper, then they could cut tax and the prices would fall, everyone would be happy (possibly including the shirkers, no real point in being in the City if you don't work here, they might prefer to be out in the country). Hope this doesn't make me sound unkind. Quote Link to comment Share on other sites More sharing options...
BoomBoom Posted June 8, 2007 Share Posted June 8, 2007 Hey it's not us. It's the key workers. Nearly all the housing around the city is housing association, corporation housing, or council. The key workers are not only preventing a reasonable amount of housing being constructed, but they have a target of seizing half of anything does manage to get built and handing it to the party faithful. On top of that they give millions in our tax money to rent property in prime locations from your BTL friends and give it to unemployed drunks etc.Don't blame us City boys, struggling to rent a flat in some grim estate is no picnic. Why not ship the unemployed somewhere cheaper, then they could cut tax and the prices would fall, everyone would be happy (possibly including the shirkers, no real point in being in the City if you don't work here, they might prefer to be out in the country). Hope this doesn't make me sound unkind. Yar boo and some more champagne. Why not simply have the unemployed thrown on a huge pyre and burnt! Quote Link to comment Share on other sites More sharing options...
bear call spread Posted June 8, 2007 Share Posted June 8, 2007 I'm sure Rachman will tell us these guys deserve every penny and more. I don't know if Rachman will - but I will tell you they deserve it, as would their employer. You don't get paid that kind of money unless you are deserve it, and are worth it. Quote Link to comment Share on other sites More sharing options...
tenroom Posted June 8, 2007 Share Posted June 8, 2007 Oh FFS . . . I wish people would just shut the f**k up about people working in the City. I work here - in recruitment, not banking - and although I don't bust my balls, I still work fairly hard and pull down just under the City average. There are lots of guys who make 3 times that but they're here 100 hours a week and are too tired to go out and have a real life at the weekend. They're driven by all sorts of things . . . fear of being skint, wanting to beat the other guy or just plain avarice. Equally there are lots of guys who make half what I earn and are the most relaxed, charming and wonderful people. Who gives a toss what the Standard thinks ? Reading that paper, anyone'd think that London consisted of the Square Mile and Notting Hill in isolation. We all know the party's coming to an end soon so who really cares ? Jealousy ain't half ugly . . . Quote Link to comment Share on other sites More sharing options...
Rachman Posted June 8, 2007 Share Posted June 8, 2007 I don't know if Rachman will - but I will tell you they deserve it, as would their employer.You don't get paid that kind of money unless you are deserve it, and are worth it. They get paid the minimum it will cost to keep them there and making money. For each person that gets the bonus, there's someone giving it to them and every penny they hand out is a penny off the bottom line. I know a couple of people who I suspect get 7 figure bonuses (you don't just ask...) - they all have very large mortgages - and I'd also suggest that the figures are played with - a large part of most mega bonuses is share options or deferred dependent on continued future employment - I know when I deal with execs and their packages as part of takeovers, there's been a real shift towards bigger numbers, but over a longer period of time - I'd suggest that the number of people taking £1M gross off the table on bonus day is a lot smaller than the number of people taking £1M over X years - plus they get relatively small salaries. Quote Link to comment Share on other sites More sharing options...
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