All Bank staff need to share in the return to profits for the main retail Banks

Issued : 19 August 2021


Obscene wages for small number at the top will not be tolerated by the general public says FSU

Today’s report that over 34 bankers in Ireland earned more than €1 million in 2019 should not become the new norm in the banking sector according to John O’Connell, General Secretary of the Financial Services Union (FSU).

Commenting on the report, General Secretary for the FSU, John O’Connell said:

“The FSU welcomes the return to profits of the main retail banks in Ireland. Banks are commercial entities and are answerable to their shareholders. They are entitled to make a profit, but it is incumbent on them to reward their staff who provide a first-class service to their customers. It is not justified that senior bank management can earn enormous amount of money while staff at different levels in the Bank are left with the crumbs on the table.

Bank staff at all levels deserve and should receive their fair share of the profits made.

I reiterate the view of the FSU that in the absence of Senior Executive Accountability Regime legislation being in place, that any move on executive remuneration in any bank would not be acceptable to staff, customers or the general public.”