Wouldn’t it be nice to hear that this year the Bank of Ireland decided to pay its chief Executive less than its competitors? The justification for paying a Mr Brian Goggin almost €4,000,000 for services rendered to the bank is that his competitors in other countries are paid similar amounts. That’s a 58% increase in earnings in one year for Brian. In September 2006, the unions and employers agreed a 10% rise in wages over a 27 month period. Is it right that he gets this much money every year in pensions, salary and performance bonuses?
Mr Goggin says in the bank’s annual report that the bank is delivering cost savings (trans: job cuts) and growth across all divisions. He said the bank had set “a cumulative annualised savings target of €120 million by March 2009”. Is that because he wants to take home more money in 2008? Then I hear on that dolt Tubridy’s show on radio that “a lot of people will be looking again at their career options” in light of this news about BoI. Not unless you are a complete idiot and want to spend 38 years working in a bank, Ryan.
Frankly, I don’t see the attraction of fetishising a bean-counter’s career like some Premiership footballer. I’m not unhappy in my job. I’d like to earn a little more but is it a measure of how bad we’ve become that one man’s annual salary is headline news? Goggin’s clearly in it to ‘grow’ the bank and ‘take it forward’.
Wasn’t Bank of Ireland the company that had strike notice served on it last year by it’s employees’ main union, the IBOA? It was about defined contribution pensions, right? Let’s see again:
Bank of Ireland announced last May that it was closing its generous defined benefit scheme (which guaranteed members two-thirds of their salaries on retirement) to new employees from October. The Irish Bank Officials’ Association (Iboa), a union representing Bank of Ireland employees, threatened strike action. The bank argued that it could not afford to continue the defined benefit scheme for new staff.
That’s from the Irish Times of 2/2/2007 btw. Right….so it couldn’t afford pensions for new staff but €4,000,000 is fine. So the workers under Brian will see increases in 2007 of about 0.18% every month whereas Brian’s salary and benefits will increase by 4.8% per month going on this year’s data. That’s 26 times the monthly increase of his fellow employees.
Go. fucking. figure.