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> With the reductions in headcount, severance costs drove up expenses across the six largest US banks. Expenses tied to personnel and compensation jumped 6% to

> With the reductions in headcount, severance costs drove up expenses across the six largest US banks. Expenses tied to personnel and compensation jumped 6% to $95.5 billion. It's almost like… the bankers were paid too much? Wait wait wait… the folks involved with moving money around decided that they're not worth as much as they've been compensated? You mean to tell me moving money around professionally isn't as valuable to society as maybe the last 40 years postulated it was????

gruez 3y ago
>Wait wait wait… the folks involved with moving money around decided that they're not worth as much as they've been compensated? >You mean to tell me moving money around professionally isn't as valuable to society as maybe the last 40 years postulated it was???? As opposed to tech people working in adtech?
- piva00 3y ago
  > As opposed to tech people working in adtech? No, not at all, I think we can say the same about those people. Or even more broadly, tech in general, we are only paid these absurd sums of money because our work can scale very easily/cheaply to our employers, as an individual I produce millions of US$ worth/month to my employer but as value to society I don't know why I'm being paid multiples of what nurses, and teachers earn. At least I'm not in adtech or finance, lessens the disgust a little. I think a lot of us are very aware of that fact.
  - antisthenes 3y ago
    > Or even more broadly, tech in general, we are only paid these absurd sums of money because our work can scale very easily/cheaply Yes, and the fact that every tech giant is a monopolist in their field. Advertising/Retail/Enterprise productivity/Social Media, etc.
  - deleted 3y ago
    [deleted]
otikik 3y ago
> valuable to society That was outside the scope of this project.
- efields 3y ago
  :high_five:
- red-iron-pine 3y ago
  "listen the requirements state that the project is there to make these people rich. if there is no L1s or L2s, we ain't doing any work for society. we have deadlines, dammit."
LatteLazy 3y ago
If they were, more people would become bankers and drive down wages. That's the nice thing about free markets: if you think someone else is getting a better deal you can get it too!
mhh__ 3y ago
Who is society and how do we ask they what's desired?
game_the0ry 3y ago
I get where you're coming from, but I am going to push back a bit. Most of the folks getting fired are low level scut workers that are trying to get by and maybe even thrive (most wont), sort of like most of us. The folks that truly deserve the hate for the direction financial services has gone in are the c-suite execs and their board of directors, with a little going to regulators that are bought and paid for.

gruez 3y ago

>Wait wait wait… the folks involved with moving money around decided that they're not worth as much as they've been compensated? >You mean to tell me moving money around professionally isn't as valuable to society as maybe the last 40 years postulated it was???? As opposed to tech people working in adtech?

piva00 3y ago
> As opposed to tech people working in adtech? No, not at all, I think we can say the same about those people. Or even more broadly, tech in general, we are only paid these absurd sums of money because our work can scale very easily/cheaply to our employers, as an individual I produce millions of US$ worth/month to my employer but as value to society I don't know why I'm being paid multiples of what nurses, and teachers earn. At least I'm not in adtech or finance, lessens the disgust a little. I think a lot of us are very aware of that fact.
- antisthenes 3y ago
  > Or even more broadly, tech in general, we are only paid these absurd sums of money because our work can scale very easily/cheaply Yes, and the fact that every tech giant is a monopolist in their field. Advertising/Retail/Enterprise productivity/Social Media, etc.
- deleted 3y ago
  [deleted]

otikik 3y ago

> valuable to society That was outside the scope of this project.

efields 3y ago
:high_five:
red-iron-pine 3y ago
"listen the requirements state that the project is there to make these people rich. if there is no L1s or L2s, we ain't doing any work for society. we have deadlines, dammit."

LatteLazy 3y ago

If they were, more people would become bankers and drive down wages. That's the nice thing about free markets: if you think someone else is getting a better deal you can get it too!

mhh__ 3y ago

Who is society and how do we ask they what's desired?

game_the0ry 3y ago

I get where you're coming from, but I am going to push back a bit. Most of the folks getting fired are low level scut workers that are trying to get by and maybe even thrive (most wont), sort of like most of us. The folks that truly deserve the hate for the direction financial services has gone in are the c-suite execs and their board of directors, with a little going to regulators that are bought and paid for.