King under fire for sales bonus criticism
Bank of England governor Mervyn King has received a verbal bashing for his suggestion that banks cut back on sales jobs' bonuses.
Commenting in the Recruiter magazine, managing director of Longbridge Search & Selection, John Lacey, explained that Mr King should stop "sticking his nose where it doesn't belong".
Chief executive of the British Bankers Association (BBA) Angela Knight has also weighed into the debate, claiming that a lot of other employment opportunities rest on the shoulders of those in high pressure positions such as financial services sales jobs.
However, experts including the director-general of the CBI, Richard Lambert, have claimed that there is a mismatch between the financial interests of banks and their bonus payouts for sales employees.
But Ms Knight told the ACT conference: "I don't think we should have the luxury of public squabbles."
Many banks in the city have stemmed their sales recruitment in recent months in a bid to see themselves through the credit crunch.
Meanwhile, city bonuses for 2007 totalled £7.2 billion.
Filed: 01-05-2008
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