It would seem that the financial crisis is over, that at least is the conclusion one might be tempted to draw from the fact that both HSBC and Barclays (not government owned) posted multi-billion pound profits today for the first six months of the year.
Barclays and HSBC both posted pre-tax first half profits of £2.98BN.
As a result, Barclays Capital's 23,000 staff will see their average pay and bonuses double to almost £200K for the full year, if results remain on track.
The Centre for Economic and Business Research, predicts that bonus payments by all banks could rise to £4BN this year, up from £3.3BN last year.
Whilst the government and others may moan about the banks that are state controlled increasing their bonuses, they have no right to comment on HSBC or Barclays; as these two banks did not go cap in hand the to the taxpayer asking to be bailed out.
Good management deserves good rewards!