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February 14, 2014

There is no such thing as the banking profession

“Antony Jenkins’ efforts to change the culture of Barclays by cutting bankers’ pay are on hold. At its investment bank, it is paying bonuses that are 13 per cent higher to “compete in the global market for talent”. The bank’s chief executive wants to reform the pay of US and Asian investment bankers but it is beyond his control.”

“His problem – shared with the rest of with an industry struggling to alter behaviour – is that there is no such thing as a banker. There are equity brokers, foreign exchange traders, mortgage salespeople, corporate financiers and all kinds of specialists under one roof. There is no single set of employees unified by a professional culture and a willingness to pull together.”

“That spells trouble for banks such as Barclays or Deutsche Bank as they try to introduce “The Barclays Way” or Deutsche’s six new corporate values (“integrity”, “innovation”, “discipline” etc). Banks banged together in a 20-year spree of mergers and leveraged risk-taking, while old skills were replaced by computers, have little culture left from which to rebuild.”

 

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Read full Financial Times article here.

 
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