Sarah Butcher, eFinancialCareers
Submitted by: Tracey Hakwins
Why top bankers can’t get by on $1million
[eFinancialCareers] In the UK, only the top 1% of income taxpayers earn anything more than £150k according to figures from the Office of National Statistics. In the US, the top 1% of people earn more than $370k according to the Internal Revenue Service. And yet, some bankers in the top bracket are having money troubles.
[eFinancialCareers] The social conditioning to spend heavily is insidious and is enforced by bankers’ peers, said Nell Montgomery, an ex-Goldman Sachs sales trader-turned psychotherapist. “People in banking get into a thought process whereby having three children at private schools costing £100k after tax is normal. You hear people saying they’d rather pay for private tutoring than spend £10k on a holiday. It’s a mindset in which things which are not normal come to be perceived as standard,” she said.
Keeping up with the Jones's isn't a good enough reason to justify the rampant, corrupt overpayment of banking employees. Sorry chumps. But we hope all of you greedy bastards go bankrupt.