ETUC launches Bonus watches

The bonuses will nevertheless flow this year end and the banks will pretend that because that much of the amount will be paid in salary or equity, that they are not really bonuses at all. No-one will accept that. The contrast between private affluence and public austerity will be very evident.

Why a Bonus Watch?

No to austerity for all and to bonuses for a few

The ETUC has decided to implement a Bonus Watch in order to expose the continuation of huge bonus payments, notably by financial institutions

In the context of an extremely severe economic and social crisis where many countries have adopted austerity measures forcing public spending and social protection to a starvation diet likely to deal a serious blow to the economy and the citizens, where some of these countries are on the verge of bankruptcy, bonuses continue to flow and increase, in particular as the end of the year is nearing.

Big banks, which were blinded by their reckless greed and caused a crisis unheard of since the 1930s, continue to make huge profits and to pay obscene bonuses while austerity is hitting most of the people in their daily lives and in their future prospects.

Why being against bonuses?

Some banks are seeking to polish their image towards the public opinion as they realize that the payment of big bonuses is not “politically correct”. This is why they get round the problem by increasing the fixed wages of their traders or by issuing shares. Banks also develop a series of arguments to justify their decisions and behaviour. The ETUC analyses these arguments one by one in order to question their rationale. Whether it’s bonuses or increased wages or issuing shares does not change a thing. It’s more money for bankers!