Abigail with attitude
Top traders are gloomy about the prospects for stock markets over the next 18 months, but not nearly as fed up as mid-level bankers looking with anger, rather than envy, at the compensation of their top bosses says Abigail Hofman
Will low mark 666 be revisited? Markets are volatile but not in a good way. Professionals are losing money. Hedge funds are having a gruesome summer and investment banks are not faring much better.
Morale at investment banks is low, particularly among the working classes. By which I mean middle management and below. I recently rang a London-based contact at a big bank. “How are things?” I enquired genially. “Dreadful,” sighed Mole.
I was therefore bewildered when I saw the compensation packages awarded to some bank chiefs in 2009 and 2010. It was as if nothing had changed.
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A busy few weeks leave our columnist pondering: Can Kengeter get it right at UBS? Who’s right: the doom-mongers or the Cassandras? And how can you afford to miss the Chelsea Flower Show