BAD P.R.

You would have thought, given what has happened over the past few years, that bank chief executives would be reluctant to accept large wage increases. In Denmark at least, the opposite is true. Between 2007 and 2011 the chief executives of major Danish banks increased their pay, on average, by 21%. During the same period, profits at the same banks fell by 77%.

To be fair, it is not all their fault. Many human beings are naturally greedy, and most - if not all - accept pay rises when offered. The real fault lies with the Boards of these organisations. Although preaching a capitalist sermon, in which rewards are tied to achievements, they have in fact overseen a system which does the exact opposite. Bank pay went up earlier in the decade, when times were good, and continued to rise when profits went down. If there is one thing that is certain in life, it is that bank pay will continue to go up in the near future, no matter what anybody says.

Walter Blotscher