Finance workers say pay is too high

CITY workers have claimed their bosses are earning too much in the wake of the Archbishop of York’s swingeing attack on the growing divide between rich and poor.

A survey commissioned by St Paul’s Cathedral in London has revealed financial services workers believe City bond traders, FTSE chief executives and stock brokers are paid too much.

The study was published yesterday after the Yorkshire Post revealed on Saturday the Archbishop of York, Dr John Sentamu, had called for greed to be made as socially unacceptable as racism and homophobia.

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The research, commissioned by the St Paul’s Institute, was carried out to mark the 25th anniversary of the Big Bang, which saw a flurry of deals following de-regulation of financial markets in 1986.

The study saw 515 professionals in London’s financial services sector complete an online survey.

Nearly two-thirds of participants claimed salary and bonuses are the most important motivation for professionals in the financial services sector. And three-quarters of the survey’s participants agreed that there is too great a gap between rich and poor.

The survey was carried out between August 30 and September 12, before St Paul’s Cathedral became the focus of the protest against corporate greed, with demonstrators camped outside.

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The Canon Precentor of St Paul’s Cathedral, the Rev Michael Hampel, said: “Action is a crucial goal of the protest camp outside St Paul’s Cathedral.

“We hope that the telling findings of this report can provide a solid foundation for future engagement and highlight issues where action might be of mutual concern for all sides of the debate.”

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