With respect, the suggestion that bankers provide no value to the consumer is ridiculous. Banks provide a wide range of necessary and useful functions which just about everyone benefits from.Original Post Deleted
That there are bankers who have done a considerable amount of damage is also indisputable but does not detract from the value add which banks provide. Have a read of Bernstein's The Birth of Plenty or Ferguson's The Ascent of Money for clear explanations of how important the banking system is to the economy.
As to the individual bankers, I know/have known many both personally and professionally. A few became friends. Many I would consider hard working, smart and have no reason to suspect were anything less than honest. However, the prospect of never again having to deal with a number of others provided considerable motivation to retire early.
And let's not forget that compared to the average politician, bankers are pillars of moral rectitude.
I have sympathy if he is tied into a rental contract (12 plus 2 etc) but if not then he must have had a decent enough pay off to continue to afford the rent.Normal people would have downsized long before.
I’d give myself 6 months max to get a job before reassessing my outgoings.
Don't want to defend his greed, but in fairness to Bill Winters, I think it was the previous CEO Peter Sands who should take the blame for that.
I'm weary of investing in Banks - many seem to be run like football clubs. When they have profits they spend it on the players rather than return it to shareholders.
No doubt the previous CEO set this up. But let's just say, because you're protected by your Singaporean shareholders it does not mean you piss over the rest of the institutions and individuals AND accept no responsibility for the institutional mess you're holding.
I mean the clown is not exactly a top level banker is he? He's running a bank that is vastly second tier in every way. Such people should show a little bit of humility. Just saying..
+1 for the football club analogy.
(I'd be happy with his pension if and when he restores SCB back to +100 HKD range)
Last edited by shri; 17-07-2019 at 08:52 AM.
And the pay cut was delivered.
STANCHART (02888.HK) CEO Bill Winters Agrees With Pay Cut: Wire
STANCHART (02888.HK) CEO Bill Winters Agrees With Pay Cut: Wire