The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Tuesday, January 17, 2012

What is the banks' biggest operating cost? Salaries = ~60% of costs

As I noted in my column last week, staff expenses are the biggest operating cost banks incur, at nearly 60% of the total. UBS's excellent bank analyst, Jonathon Mott, has kindly confirmed this...Get set for lower major bank salaries...