Earnings of German bank clerks just before the crisis - March, 2009

Düsseldorf - Till just before the financial crisis German bank clerks presented a picture of well being and stability. These are people who, after finishing school, followed a 3-year banking course to master the trade. Only one in seven has an academic degree. According to the Lohnspiegel-respondents in this sector (data came in from 2005 till the middle of 2008) the great majority had fixed contracts, fell under collective agreements and gradually earned more as their working experience increased with the years. On average they made approx. € 3,500 gross per month.

Like at the top in this branch of industry, also amongst the rank and file bonuses were an important part of their income: on average just over 30 per cent, ranking 3rd amongst 12 selected occupational groups, only surpassed by engineers and it-consultants. Two out of three respondents said that over the last year they had to put in more hours. Half of them were compensated with free time, only a few got a higher reward for the extra hours. Although pretty satisfied with their work, nevertheless an over-average of mental stress was reported: 3.4 on a scale of 1-5. Job (in)security amongst German bank clerks ranged widely: a quarter felt insecure, a quarter not at all. The other half wavered. This roughly outlines the picture just before the financial crisis broke out. See full report