Many bankers are paid more than they are worth, the chairman of the Royal Bank of Scotland (RBS) has admitted. Sir Philip Hampton, chairman of Royal Bank of Scotland, told BBC Radio 4's Today programme that "banker's pay continues to be astonishingly high, almost certainly too high". But he went on to defend the need to sanction such big pay deals because of the deals paid by rivals. "If we don't pay our top people they leave," Hampton said. Last night, Liberal Democrat Nick Clegg pledged to shake up the sector: "We need to break up our banking system so that irresponsible bankers can never again put your businesses and your savings at risk,".
There is a lot of commotion about bankers and their salary these days. This is not weird at all because some of them caused the economic crisis on the whole world as we know it today. I agree with Liberal Democrat Nick Clegg that something needs to be done about the banking system. What I also like is a limited maximum salary for bankers. Sir Philip Hampton said: “If we don't pay our top people they leave," this is true but if every bank has an limited maximum salary for their top men there is no point leaving because of the salary.
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