Monday, October 20, 2008
Smell the fear: a lot of traders at Canary Wharf won’t survive the downturn.
From his position as managing director of one of the largest trading desks in Canary Wharf, Michael Sharp has witnessed the impact of the City's rampant bonus culture first hand. "I have watched people come into the City being normal and humble," he says. "When they get their first million-dollar bonus, you tell them they have been lucky, that it has been an exceptional year, that it will never happen again, and they listen to you. "But after three years of ever-escalating multi-million dollar bonuses, most bankers become arrogant and start to believe they are getting paid because they are smart, because they are worth it." He shakes his head. "I was never under the illusion that I was worth my bonus.