Not as overpaid as Bankers tho.

this guy has a first class hons from (i'm assuming) a local uni. my peers who are at that level get starting job offers of 4k+ easily, whether civil/public service or private sector. the world is bigger than the narrow view u have. if the civil service doesn't pay competitively, they can't attract talent.

all of the banks are profit driven companies. bank makes money = employees make money.
bank makes more money = employees make more money.

it just so happens that banks make more money than most other industries.

saying that a private company's (if it doesn't have a monopoly on an essential service, e.g. SMRT) employees are overpaid just makes you sound like a retard who doesn't understand capitalism.

Partly, and also the fact that banks give out more of their profits to their employees than other industries.

Aside for about a minor percentage which goes into reserves, the rest of the profits are paid out in bonuses. This doesn't happen in most other industries.

Assuming that all banks in the world are private entities makes you look like a bigger retard. Also, public entities are not somehow excluded from capitalism. What a dumbass. Sorry your parents gave birth to you.

my mistake, i meant private sector, not private companies.

the simple truth is that banks (in singapore compared to other industries), tend to make more money with relatively lesser employees. in the US, the top tech companies are the same.

they can afford to pay more to attract the best and they do so.

Overpaid for the value they create. I mean, what's the value-add of bankers. They facilitate flow of credit and other stuff needed for an economy to function, granted, but some of the activities, like trading, what is the value-add? Not to mention the destruction wrought on the financial system and the real economy from some of these activities. Just look at the Lehman Brothers debacle. Banks may not be a monopoly, but they are protected nonetheless, to the extent that the obstacles to entry are imposed by the authorities. In an efficient market, outsized profits should attract competitors and new entrants, but you don't see that happening. Bank licences are regulated.

banks move money from the have to the have-nots, driving trade and making the economy.

a bank in sg can lend $ to a bank in myanmar for them to invest in their local businesses. trading of paper derivatives enable money to flow - SQ buys a hedge on petrol prices in order to ensure that they dont suffer when oil prices go up.

banks are profitable solely because they dont have need for inventory or raw materials or research. in other industries, companies have to invest in the long term growth by paying phd holders to do research to better their products - banks dont.

as a result, the only commodity that banks trade, really is brain power. hence, employees are fairly compensated for the longer working hours.

why would a competitive MNC pay $ for someone like you who has never had to do a proper day's job in his life, with no real corporate experience to speak of?