Twenty six and 27-year olds who simply take orders from their superiors are earning $500,000 in Australia, according to Bendigo and Adelaide Bank managing director Mike Hirst, according to the Sydne Morning Herald.
Bendigo and Adelaide Bank managing director Mike Hirst has hit out at the investment managers that influence the allocation of billions of dollars in funds, suggesting the industry suffers from inexperience while a focus on short-term returns is leading to risky outcomes….
Mr Hirst has become the latest bank exec to caution that the days of banks generating returns in excess of 20 per cent were over, saying the sector should be viewed like a utility, given the critical role banks play in the economy. But most focus was levelled at investment specialists that tend to look through efforts by some companies to build a longer term strategy.
''You sit in front of these 26- and 27-year-olds earning half a million dollars and they're asking you questions: 'This is what's going to happen in the next three months - what are you going to do about it and what number do I plug into my spreadsheet,'' Mr Hirst said.
''There's no attention to what's the strategy or how long it takes to play out [or] what does it mean in terms of value to the organisation,'' he said. ''It's a frustration - I just sit there, take it, and hear what they've got to say and walk out shaking my head.''
http://www.smh.com.au/business/top-banker-blasts-short-term-26yearolds-earning-500000-20110720-1how5.html#ixzz1SqCId3tU
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