Magazine
Latest Issue

What is a banker worth?

Attitudes to pay can change sharply from one era to the next. We are now entering a period of greater restraint at the top. But is it just a pause? And how will it be enforced?

By Michael Prest   March 2009

Discuss this article at First Drafts, Prospect‘s blog; and read James Alexander’s companion piece on banking’s bonus culture here

We are fascinated by what other people earn. But in recent months natural snoopiness has turned into political outrage. Taxpayers in many countries have seen funds that their governments have been forced to push through the front doors of banks, to save them from self-inflicted collapse, slipping out of the back door in big bonuses.

President Obama has introduced stringent limits on bonuses for executives of companies receiving federal aid. Governments across Europe have also responded to the popular mood with…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

We want to hear what you think about this article. Submit a letter to letters@prospect-magazine.co.uk

More From Prospect