James Moore: Only 'mercenaries' are right for this job
James Moore is the Independent's Associate Business Editor and writes the Outlook City comment column from Tuesday to Friday. He also has a keen interest in disability issues and when not attempting to further injure himself playing wheelchair basketball.
Tuesday 22 January 2013
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 Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
- 2 Moscow voted the world's unfriendliest city
- 3 The excuses your boss is most likely to believe when you call in sick
- 4 I'm pansexual – here are the five biggest misconceptions about my sexuality
- 5 More than 11,000 Icelanders offer to house Syrian refugees to help European crisis
The one chart that shows how George Osborne is almost certainly going to be our next Prime Minister
The excuses your boss is most likely to believe when you call in sick
Bono's group has made more money from Facebook investment than from all his music
Three-year-old ultra-Orthodox Jewish children told 'the non-Jews' are 'evil' in worksheet produced by London school
Wikipedia rocked by 'rogue editors' blackmail scam targeting small businesses and celebrities
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
If you're not already angry about the refugee crisis, here's a history lesson to remind you why you really should be
iJobs Money & Business
£14000 - £16000 per annum: Recruitment Genius: This company was established in...
£20000 - £25000 per annum + OTE 40k: SThree: SThree are a global FTSE 250 busi...
£20000 - £25000 per annum + competitive: SThree: SThree are a global FTSE 250 ...
£20000 - £25000 per annum: Recruitment Genius: We are a vibrant and establishe...