30 AIB staff moving to Goodbody payroll

TP_CM

Am I reading this correctly?

https://www.rte.ie/news/business/2021/0303/1200564-aib-buys-goodbody-reaction/

I'm happy to stand corrected, but this seems to be telling me in a thinly veiled way that up to 30 AIB staff are going to move to the Goodbody payroll system so they can get paid more than 500k a year. Why else? And then the article goes on to talk about how banks are really struggling to survive because of low interest rates.

I'm not for bank-bashing, but I do think this is partly why Sinn Fein and the like are gaining so much ground. I really dislike when a government puts in place a rule to look good, but then helps some cronies avoid the rule in some way, masking it as a necessity to "help the two businesses integrate more efficiently". Just remove the rule instead of playing these weird games.

a very cool kid

The low interest rates thing is killing all banks worldwide to be honest - bigger US banks are telling people not to lodge money with them.

With rates so low, the banks need to make the money on deposits somewhere - which means the stock market, with the current supply of free money the price of shares generally is inflating. The bank are trying to hitch a lift on this.

Problem about this though is that the guys who can make a good decision on this sort of stuff can be millionaires pretty easily elsewhere so you have to pay them the going rate.

That said, if it's just one or two lads pulling a fast one it's a different story.

CrabRevolution

TP_CM wrote: »

Am I reading this correctly?

https://www.rte.ie/news/business/2021/0303/1200564-aib-buys-goodbody-reaction/

I'm happy to stand corrected, but this seems to be telling me in a thinly veiled way that up to 30 AIB staff are going to move to the Goodbody payroll system so they can get paid more than 500k a year. Why else? And then the article goes on to talk about how banks are really struggling to survive because of low interest rates.

I'm not for bank-bashing, but I do think this is partly why Sinn Fein and the like are gaining so much ground. I really dislike when a government puts in place a rule to look good, but then helps some cronies avoid the rule in some way, masking it as a necessity to "help the two businesses integrate more efficiently". Just remove the rule instead of playing these weird games.

I said similar last year after the government was formed and the rules on pay were suddenly revised to increase pay for ministers of state. It's doesn't disappoint me that politicians want to look after themselves and their friends-that's what they do. What irritates me more is that rules are put in place, but are then simply waved away once they become in any way inconvenient to the politicians. Why do we bother having rules so? Is a rule that is changed as soon as it is invoked really a rule?

It'd be like in soccer having laws saying "Touching the ball with your hand is forbidden unless you touch the ball with your hand, in which case it is allowed".

TP_CM

CrabRevolution wrote: »

I said similar last year after the government was formed and the rules on pay were suddenly revised to increase pay for ministers of state. It's doesn't disappoint me that politicians want to look after themselves and their friends-that's what they do. What irritates me more is that rules are put in place, but are then simply waved away once they become in any way inconvenient to the politicians. Why do we bother having rules so? Is a rule that is changed as soon as it is invoked really a rule?

It'd be like in soccer having laws saying "Touching the ball with your hand is forbidden unless you touch the ball with your hand, in which case it is allowed".

Yes, I'm the same. I don't particularly mind big salaries going to politicians or leaders of state because if you paid them 30k a year they'd be even more corrupt. Openly give them perks and at least they have less reason to be corrupt. This doesn't eliminate corruption but in my opinion helps to manage it better at a known cost.

But this kind of backdoor activity grinds my gears. Just be open about what you're doing and stop treating us like ignorant peasants.

Brussels Sprout

TP_CM wrote: »

Am I reading this correctly?

https://www.rte.ie/news/business/2021/0303/1200564-aib-buys-goodbody-reaction/

I'm happy to stand corrected, but this seems to be telling me in a thinly veiled way that up to 30 AIB staff are going to move to the Goodbody payroll system so they can get paid more than 500k a year. Why else? And then the article goes on to talk about how banks are really struggling to survive because of low interest rates.

I'm not for bank-bashing, but I do think this is partly why Sinn Fein and the like are gaining so much ground. I really dislike when a government puts in place a rule to look good, but then helps some cronies avoid the rule in some way, masking it as a necessity to "help the two businesses integrate more efficiently". Just remove the rule instead of playing these weird games.

David McWilliams flagged this potential deal about a month ago on his podcast as something that made zero business sense for AIB. Brick & mortar stockbrokers with their sky-high transaction & management fees are not exactly the future of financial services. He was very suspicious of the whole thing. Looks like he was right to smell a rat.

TP_CM

Brussels Sprout wrote: »

David McWilliams flagged this potential deal about a month ago on his podcast as something that made zero business sense for AIB. Brick & mortar stockbrokers with their sky-high transaction & management fees are not exactly the future of financial services. He was very suspicious of the whole thing. Looks like he was right to smell a rat.

That podcast has been mentioned to me a few times. I really need to check it out.

joseywhales

I don't understand, is the government a major stockholder of either company anymore?

I had assumed no but maybe they still are.

TP_CM

joseywhales wrote: »

I don't understand, is the government a major stockholder of either company anymore?

I had assumed no but maybe they still are.

Yeah the government owns 71 per cent of AIB still.

sebdavis

TP_CM wrote: »

Am I reading this correctly?

https://www.rte.ie/news/business/2021/0303/1200564-aib-buys-goodbody-reaction/

I'm happy to stand corrected, but this seems to be telling me in a thinly veiled way that up to 30 AIB staff are going to move to the Goodbody payroll system so they can get paid more than 500k a year. Why else? And then the article goes on to talk about how banks are really struggling to survive because of low interest rates.

I'm not for bank-bashing, but I do think this is partly why Sinn Fein and the like are gaining so much ground. I really dislike when a government puts in place a rule to look good, but then helps some cronies avoid the rule in some way, masking it as a necessity to "help the two businesses integrate more efficiently". Just remove the rule instead of playing these weird games.

AIB bought payzone recently, why don't they just move staff over to them if they want to get past the wages cap?