Thin cats hit

The anger against banksters is all consuming. 

I share a great deal of it and I relish the prospect of banksters being jailed in the US - but sadly  not here. But today's bank-phobia has taken on the character of a lynch mob against everyone who works in Lloyds TSB.  Yes, take the bonuses off the fat cats but leave the thin cats alone.

A few years ago lowly paid employees of LloydsTSB had their basic wages cut and the balance had to be earned in bonuses and share options. Their already modest pay  should not be further cut.

The employees I see face to face at this company have no share of the guilt because they have no influence on the decision making. They work at call centres and as cashiers. They are on low wages even though they are highly skilled. I was greatly impressed when I last visited Lloyds TSB in my constituency. Courtesy calls were being made to claimants who had been flooded. The calls  were  friendly, helpful and practical.  The clients greatly appreciated the service and said so.

If these workers  have achieved their targets, I do not begrudged then 10% bonus on top of a wage of £14,000 or less a year. They need the bonuses to bring their earnings up to the previous basic pay.

Of course no taxpayers' money must  be thrown away in bonuses to  anyone who had responsibility for getting the country into the credit crunch. 

Vengence

The best crack at this year's Channel 4 politician's ward was John O'Farell on  Lord Andrew Adonis. He said: 'He deserves a prize for the fact that his appearance beautifully matches his name. When I first saw him, I said what a perfect 'Andrew'.

The event divides invited guests into three categories rather like the old fashion trains. First class are those who have comfortable seats at tables, second class are perched on character-building bar stools, third class are standing. Unfortunately all receive the same invitations and no-one knows whether they have been selected as sheep,  goats or steerage.

Jealous fury in the breasts of standing politicians knows no bounds as they watch their friends and enemies seated in comfort. They have probably spent the time since Wednesday's recording plotting how they can avenge themselves against Channel 4. 

If you noticed any unexplained explosions of rage against Channel 4 in the near future, you'll know why.

Comments

[New York Defensive Driving]

Great Information. That sounds great. Really helpful thanks for the Article, Great job, hope we can expect more articles like this. All the Best

[John]

I have no problem with the cashiers etc in Lloydstsb getting a bonus. If it wasn't for GB pushing through the merger with HBOS, Lloyds would have made a very tidy profit and would be one of our most financially secure banks.
Mr Brown has a lot to ponder for not only has he presided over the current financial crisis but was instrumental in causing the mini crisis in lloyds it is unfair that the lowly workiers in lloyds should pay for his bad judgement.
It is not a case of everything GB touches at the moment turns to gold but rather a familiar shade of brown.....

Posted by: John |

[LTU]

At the beginning of each financial year Lloyds TSB, like most organisations, sets itself demanding performance/profit targets and these are passed down the organisation and form the basis on which staff are appraised throughout the year. If targets are achieved staff can earn bonuses and these bonuses, which are contractual, are based on a percentage of salary. It is expected that Lloyds TSB will announce that it made profits of £1.8 billion in 2008, which is less than expected at the beginning of the year and which has resulted in less money being available for bonuses.

Whilst the media are full of stories about bankers earning enormous bonuses, the reality in Lloyds TSB is completely different. A typical cashier or customer services officer, of whom there will be hundreds in your constituency and tens of thousands across the Bank, earns £15,121 with salaries ranging from £13,491 to £17,050 depending on location. Depending on their performance this year most people will earn a bonus of about 2% from a 2.5% pot. The average salary for these staff is £17,000 and so the average bonus payment for 2008/9 will be closer to £340.

Such staff have an expectation that if they have performed to the standards expected, they will receive bonuses appropriate to the efforts they have made and we are deeply concerned that some politicians, who should know better, are calling on Lloyds TSB to penalise ordinary members of staff, who are innocent bystanders, by withholding bonus payments that have been earned and are entirely justified.

There will be those who say that it was taxpayers' money that rescued the Banks and that in those circumstances they should not pay any bonuses to staff. However, the fact is that if Lloyds TSB had not come to the rescue of HBOS, at the behest of Government, then the whole banking sector would almost certainly have collapsed. Moreover, had it not agreed to the takeover of HBOS, Lloyds TSB would not have required financial support from the Government and there would be no need for us to be writing to you to defend the hard earned bonuses of our members.

Many ordinary members of staff on modest salaries have worked hard, exceeded their performance measures and deserve these bonuses through the exceptional efforts they have put in. Do not penalise staff of an institution that has not made losses and who are innocent of any wrongdoing.

[Graham Marlowe]

I think Lord Adonis (is his real name Charles Atlas?) is one of the greatest indicments against care In the Community). the man is barking. he was potty at Education, but what on earth is he doing in transport? - I suspect if he ever travels on the London Underground he'll be asking where the dining car is).

I really do think there ought to be an annual "David Freud Memorial Prize" for the most overrated and ignorant person in politics. I'll even give a list of nominees to kick it off, if you like!