By : Ecole de Paris du Management
Date : 2010
Location : France / Paris
Seminar subject was the salaries in the world of finance. They were thought to be the cause of the financial collapse of 2008. How have such exorbitant salaries come about in this job market ?
traders salary, financial crisis, bank, earnings, assets, financial mechanism, portfolios,
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Rightly or wrongly, salaries in the world of finance were thought to be the cause of the financial collapse of 2008. Equally some condemn the immoral greed of Wall Street bankers and the perverse nature of incentive schemes to increase one's earnings which banks offer their employees. How have such exorbitant salaries come about in this job market ? An in-depth investigation carried out by Olivier Godechot at the beginning of this decade enables us to discover the mechanisms which are more applicable today that they ever were. It shows that these salaries are less the result of a policy based on incentives than a way of sharing the riches. Those who work in finance believe that they have the rights to the ownership of the assets of the company (such as its clients and portfolios). If their rights to the fruits of these assets are not recognised, they may leave their employer, with all the profits accumulated during their career, in exchange for a financial package elsewhere.
About the speaker:
Graduate of the Ecole Normale Supérieure, graduate of the ENSAE, PhD (Sociology). He is a researcher at the CNRS. He is the author of 'Working Rich. Salaires, prix et appropriation du profit dans l'industrie financière' (pub. La Découverte, 2007) and 'Les traders. Essai de sociologie des marchés financiers' (pub. La Découverte/ Poche, 2005). He published (with Aurélien Acquier) 'Crise financière ou crise organisationnelle ? Du rôle de l'organisation des salles de marché dans la crise bancaire et financière' (Centrale de Cas et de Médias Pédagogiques G1656, 2009).
Presentation from Olivier GODECHOT followed by Q&A session.
Company Description : Le rapport inclut un résumé de la présentation ainsi que de la session de Questions/Réponses
Company Description : The document is a report of the speakers’ presentations and the Q&A Session.
Organizer : Ecole de Paris du ManagementThe École de Paris du management was created in 1993. Under its auspices, researchers and professionals talk about subjects which open the way for discussion ensuring a high quality of oral and written work. Although short-term concerns are the basis for these exchanges, the approach adopted reflects long-term issues. These include helping change the views which researchers, participants and public opinion have of the way in which private and public affairs are conducted