Bankers Should Be Paid No More Than School Teachers – Their Abysmal Rates of Return Justify Little Better

The world has changed, but the City seems loathe to accept it

by Jeremy Warner

“Back to business as usual”, the headlines said – with an air of implied disgust – as banker bonuses, and in some cases profits, surged anew in the aftermath of the financial crisis.

It was as if a crash which had brought the world economy to its knees, with devastating consequences for many people’s lives, had left the financiers who had caused it almost wholly untouched.

But fast forward six years, and we find that the world’s big global banks, far from now fully recovered to their pre-crisis pomp, are again back down in the dumps and in many cases struggling to justify their very existence.

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