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John Mack, head of US bank,  Morgan Stanley hit out at overpaid bankers. He said, “I still don’t think the industry gets it.” Rather than reduce the amount that bankers get paid, banks are looking at restructuring of pay agreements to defer bonuses. He warned that, “If we [bankers] don’t do something on pay the government will.”

Even banks that are making losses and under government control are still receiving bonuses. Royal Bank of Scotland (RBS), 84% owned by the government, announced losses of £3.6bn but is still paying staff more than £1.3bn in bonuses.

Bankers say that these salaries are the market rates. As an example of the huge sum that change hands, Mr. Mack cited, a trader that had recently left Morgan Stanley to work for a hedge fund. He was being paid $11m but was poached by the hedge fund for a $25m.

While it was announced that the UK had limped its way back to positive economic growth ending the recession, the job market is still suffering and the future looks bleak especially in the public sector where a report has said that one in three public sector employers plan to make job cuts this quarter.

Unemployment is currently at 2.46 million people. After the bailout of the banking system the UK government is faced with the prospect of making huge cuts in services and the possibility of more taxation for year to come.

In the private sector, outsourcing of jobs abroad is a likely prospect as costs are cheaper. India and Eastern European  countries remain popular outsourcing destinations.

If you work in an investment bank and your colleague is being interviewed  on the television, it is probably not the best time to be checking your email from your immature colleagues or spammers as happened during a television interview with Martin Lakos, an analyst from Macquarie Private Wealth, to discuss  interest rates. But the interest in the interview was elsewhere as an investment manager is seen looking at semi-naked models in the background.

The video has ended up on YouTube becoming an instant hit. Eagle eyed viewers have identified the images as model Miranda Kerr. Only near the end does the foolish worker realise his error and turns toward the camera. No bonus for you this year.

Open plan offices are often in television interviews. It is certainly very funny when something like this occurs although I am surprised that this does not happen more often.

The recession is an opportunity for anyone to take over existing businesses at a low price as compared to the time outside the recession.

This is because many businesses are suffering the credit crunch and are willing to go and sell out cheap so if you have a good amount of cash on your back then you can use that and infused it into the businesses which would then live through the recession and impress many out there who will be willing to invest in your new business as they think that since you can live the recession, outside it will be no problem for you!