St Paul's Institute report: Financiers admit they are earning much too much

St Paul's Cathdral

In a report which was supposed to have been released nearly two weeks ago - when protesters set up camp outside St Paul's, after police moved them from the Stock Exchange - professionals in the Financial Services sector say they believe City bond traders, FTSE Chief Executives and stock brokers are being paid too much, teachers are paid too little and that there is too great a gap between rich and poor in the UK. The study is based on a survey carried out by ComRes on behalf of St Paul's Institute.

Marking the 25th anniversary of the financial 'Big Bang', the survey also indicates that the majority of Financial Services professionals do not know that the London Stock Exchange's motto is 'My Word is My Bond' and many think that deregulation of financial markets results in less ethical behaviour.

The survey of 515 professionals working in the Financial Services sector in London carried out online by ComRes between 30th August and 12th September 2011 also found that:

· The majority of FS professional think that bankers, stock brokers, FTSE 100 chief executives, lawyers and city bond traders are paid too much.

· 'Salary and bonuses' are the most important motivation for professionals working in the FS sector in London for 2 in 3 (64%) participants.
'Enjoyment of the work' comes a distant second.

· 75% agree that there is too great a gap between rich and poor.

· Only 14% of respondents correctly indicated the motto of the London Stock Exchange ("My Word is My Bond").

· Many are not familiar with what happened after the financial 'Big Bang':

1 in 3 disagree that the financial markets were deregulated

More than two-thirds (69%) did not know that the financial Big Bang happened in 1986.

· The majority of respondents feel that their companies maintain high ethical standards that are broadly in line with their personal moral standards.

Commenting on the survey Revd Michael Hampel, Canon Precentor of St Paul's Cathedral, said: "Action is a crucial goal of the protest camp outside St Paul's Cathedral. We hope that the telling findings of this report can provide a solid foundation for future engagement and highlight issues where action might be of mutual concern for all sides of the debate."

To read the full report click here and scroll down to the link:
www.stpaulsinstitute.org.uk/dialogue/st-pauls-institute/article/2011/nov/07/-value-and-values-perceptions-of-ethics-in

Note: There are several interesting comments pieces and articles in relation to this subject of the St Paul's Institute website. See: www.stpaulsinstitute.org.uk/