The Irish Times, reporting from another universe, says that AIB is trying to poach Anglo managers with pay rises of up to 30%:
Irish Times: AIB in approach to Anglo loan managersAIB HAS made an approach for a number of key executives from Anglo Irish Bank in recent weeks.
It is believed up to 20 managers in Anglo’s group recovery management unit, the division of the bank which deals with the bank’s non-National Asset Management Agency (Nama) distressed loans are being targeted [...]
It is understood AIB is offering pay increases of up to 30 per cent to the Anglo employees [...]
An estimated 200 Anglo staff have already moved to AIB [...] It is understood the prospect of a permanent position with AIB may entice Anglo employees to the bank
This news prompted the following letter to the Irish Times:
I concur, but can and will Noonan do anything about it? Equally, can and will our 'Public Interest Directors' in the banks do anything about it?Sir, – In the real world, competing companies poach quality staff from each other and pay a premium to the poached to ensure they sign up.
In an unreal world, two non-competing companies, ie AIB and Anglo Irish Bank, owned by the long-suffering Irish taxpayer, are engaged in a similar competition for staff, the premium being a 30 per cent salary increase (“AIB in approach to Anglo loan managers”, Business, August 22nd).
Needless to say the shareholder will have to fund this madness.
Minister for Finance Michael Noonan: Do your stuff, please, and put an end to this nonsense. – Yours, etc,
In other news today Anglo has announced losses of €101 million for the first 6 months of the year.