James Moore: Only 'mercenaries' are right for this job
Outlook "Mercenaries," is the term former UBS boss Marcel Rohner, has used to describe traders the bank hired from rivals who got involved in the Libor-fixing scandal.
They cost the bank £900m in fines, and much of what remained of its good name. The impression given by Mr Rohner was that if UBS hired more graduate trainees and immersed them in its benign culture, it might not have happened.
The Independent's story on Barclays yesterday morning provides an example of why that view is disingenuous at best. Its investment-banking arm is planning to export what could end up to be several hundred roles to India. They're largely relatively modestly rewarded back-office people, but don't think for a moment that the bank wouldn't shift better-rewarded staff – analysts are an example of where this has been tried – overseas if it identified an opportunity to do so. The same goes for other banks. Doing it saves money, and enhances the bonus pools for the men at the top.
It also explains why staff at banks behave as mercenaries. Working for institutions that will shift their jobs half way around the world at the drop of a hat, how could they act in any other way?
- 1 Eurovision 2015: Graham Norton returns with another cutting commentary - his best lines
- 2 Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
- 3 Eurovision 2015 winner: Sweden beats Russia and Italy to take the title from Conchita Wurst
- 4 Mother 'will allow son's circumcision in return for release from prison'
- 5 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
Greek hospitals cannot afford painkillers, scissors or sheets as budget cuts bite
Purity balls: Girls in the US making virginity pledges as fathers vow to 'protect purity'
Bulgarian seaside resort Sunny Beach is cheapest for beer
Female Muay Thai champion hustles coaches to give them a beating
Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
Report finds that Britain's wages are the most unequal in Europe
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...