what elephant ?
So, here we are almost at the end of January - am I alone in feeling as if January has lasted six weeks this year ? America has a new, intelligent president and we haven't quite lost sight of that gleam in the winter darkness, but outside the window the sky is a solid mass of grey, spring is far away, and in the claustrophobic world of meltdown central only one topic looms, but is never spoken of, like the legendary elephant in the room. What is that topic ? you may ask, if you don't work in a bank, but if you do, you'll know what I'm talking about. It's almost the last possible moment for the bonus letters to appear and that's what every permanent banking employee is speculating about.
Rumours are rife. In Bank X, we are told, the bonus letter not only didn't contain a bonus but did contain an offer you could hardly refuse - accept a 10 percent pay cut and we might guarantee you'll still have a job next year. In Bank Y, on the other hand (and this is usually a bank that has already been taken over/ semi-nationalized) bonusses are as good as they were last year, perhaps even better.
To get some perspective on what is meant by a 'good' bonus is quite difficult. I well remember, a few years ago, the first time I - having come from the outer world of normal people - was called in for the bonus talk by my manager's manager (this is also part of the ritual) and given the speech about how grateful they were for my efforts. Then he gave me the letter, which said the bonus would be $5000. I remember the look on his face as he did this and now I know that he was expecting me to resign on the spot, but I was pleased and thrilled, and said so. Not until recently, when I saw a BBC drama in which a female bank employer sued her employer for 'only' offering $20,000 , did I understand that this was not a bonus but a calculated insult. And this year everyone is on tenterhooks to see what message THEIR bonus letter will contain.
What a sad lot of bankers we are.
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