Why I hate Banks (Even though I work for one)

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Sunny

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Below statement from BOI CEO. They will continue to lend to customers if it is in our best interests....Talk about condescending and patronising. You will continue to lend as long as you can make money with minimum risk. So spare us the social conscious marketing spam. Getting sick of banks on TV telling us all they are doing to help people. AIB charged current account fees. They are giving payment breaks which will cost customer more in the long term without impacting their own impairment levels so is not hitting their P&L. They are awash with cheap funding that they are borrowing at less than 0% and still charging among the highest borrowing rates in the EU. They had billions of taxpayers money given to them because they kept lending when it wasn't in their own interests and now they think they can preach to us about only borrowing if it is in our best interests.

And the banks won't decide when the repayment breaks end. She can get right back in her box if she thinks BOI are calling the shots on this.


The chief executive of Bank of Ireland has she does not envisage repayment breaks for borrowers struggling financially because of the Covid-19 crisis being extended beyond the six month agreed by the main banks.

Francesca McDonagh said the sector had been proactive in agreeing payment breaks initially for three months and then extending it to six.

"We need to do that in a sustainable way and I believe the payment breaks give the space for homes and business owners," she told RTE News, following publication of the bank's first quarter results today.

"But the current plan is for those to be up to a maximum six months and then we will be there to help the Irish economy get back on its feet."

She said the bank is continuing to lend to customers who need it where it is appropriate and in their best interests.
 
Perhaps if all bank staff took pay cuts they could act more like a charity...
 
Leo said:
Perhaps if all bank staff took pay cuts they could act more like a charity...
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Genius. Why haven't banks thought about reducing wages or letting people go?? It must have never occurred to them because of their social charitable outlook. Why don't we all take pay cuts or give money back to our employer so they can they can act with a genuine social conscious. That is very insightful. Have you thought about a career in management consulting.

And by the way I don't expect them to act like charities. I expect them to live up their social responsibilities which they tell us every year in their annual report is a key part of their business. And telling people who can't work because of a global pandemic that they have 6 months before the big bad bankers come looking for their piece of meat and before the Government has even give the all clear to go back to work or business o open is not doing that. The banks need to respond to the pandemic. Not think they are running the show. Putting pressure on people that they have 6 months to get back to work is not doing that. The timetable is not for them to decide.
 
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Sunny said:
Have you thought about a career in management consulting.
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I have, but quickly ruled it out because I couldn't be dealing with people who expect banks to act as if they were a charity, or have any kind of duty to lend to people who can't afford it.
 
All businesses engage in spin and promotion. They are all looking to tell people how wonderful they are. It's no different from the "Proud to sell Starbucks Coffee" signs (really, proud to sell a brand of coffee? Proud to donate a kidney to a stranger but proud to just sell coffee? Setting the bar a bit low?) or the Apple Geniuses. Private sector companies, public sector bodies, "Professions" who think they are on a higher moral plain than the rest of us mere scum. How are banks any different? They may well have a social responsibility but so does everyone else.
 
I have no love for the banks. But I don't blame them for acting like bankers. I blame the Government for failing to bring them to heel, if they made any attempt at all. The bankers ran rings round the Government during the financial crash and have done so again during the pandemic.
 
Very interesting thread. Sunny is saying what I've being saying for years. The banks are all powerful in Ireland.
My Advice to Sunny:- Take the wages + any add-ons, Keep your head down and look forward to being stress free and a decent pension.
 
Sunny said:
Below statement from BOI CEO. They will continue to lend to customers if it is in our best interests....Talk about condescending and patronising.
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This is what she actually said.
Francesca McDonagh said:
Speaking following publication of the bank’s first quarter results today, Ms McDonagh said the bank is continuing to lend to customers who need it where it is appropriate and in their best interests.
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The different possessive personal pronoun kinda makes a difference. She goes on to explain that if someone has been approved a mortgage but can no longer afford it, it is not in their interests to carry it through. But I agree that it was c & p. She presumably meant it as you have put it or at least I hope so if she is doing her job in a company which as a taxpayer I part own.
 
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Duke of Marmalade said:
This is what she actually said.
The different possessive personal pronoun kinda makes a difference. She goes on to explain that if someone has been approved a mortgage but can no longer afford it, it is not in their interests to carry it through. But I agree that it was c & p. She presumably meant it as you have put it or at least I hope so if she is doing her job in a company which as a taxpayer I part own.
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People have a propensity to not act in their own best interest when there's a pot of money on the table. I don't see the problem with a slightly paternalistic attitude from the banks. It is certainly an improvement from the Mrs. Doyle school of lending which was the norm ledaing up the the crash.
 
The BoI share price is down 70% YTD, compare that with Ryanair down 40%. I think we should recognize that a financially healthy banking system is in our best interests and not just because we have a stake in it.
 
People sometimes forget that the so called "bank bailout " was largely a bailout of depositors- the alternative being a "bail -in" of depositors. But it's always easier for some to claim that bankers were bailed out. Having blamed Banks for over lending in the past, some commentators are now promoting such a strategy or criticising banks for expecting borrowers to repay their borrowings. Would depositors be happier to be bailed-in to support such strategies? I doubt it.
 
Banks are not charities, they exist to make a profit. Most of their front of office staff are paid little or no more then if they worked in Lidl and their branch managers no more in many cases then if they were managing any shop. Staff who are on higher wages tend to have long service and that is no different then plenty of other companies

Why are interest rates so high?, lots of reason but the inability to evict defaulting mortgage payers is probably a large part of it.

As a country we got carried away in the boom years and people got "notions" and borrowed and built property portfolios and lived a high live on borrowed money whilst forgetting the cardinal rule of running any business or your life in general, it's all about cash flow. I applaud the banks for refusing to lend money to people who cant afford to pay it back. One good lesson learnt from the bust
 
NoRegretsCoyote said:
Really?

What does a bank teller start on now?
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Indeed.com says their average salary is €24,433 but I find they usually underestimate pay levels considerably.
For example they say that the average Toolmaker earns €37,299 but in my experience they are off by a good €10,000.
 
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