You’ll notice your paycheck is lower. We have reformed it!
The F.T. had an article yesterday about an organization (that I’ve never heard of) coming up with “code of best practice” to establish banker’s pay (note that the F.T. mentions rules would be geared toward traders, so much like most of the financial media, they think everyone at an investment bank is a banker). Obviously it’s a disadvantage for whichever institution institutes these things on their own–if you’re going to be paid less and be at a long-term risk for something you do at one institution, but not at another, then you’ll avoid working there. So, here’s my question: At what point is a bunch of bank’s, getting together to talk about a new code for pay, establishing a “code of best practice” versus being anti-competitive? Just a thought.