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 BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
- 2 Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
- 3 Number of young homeless people in Britain is 'more than three times the official figures'
- 4 Motorists taunt suicidal woman on bridge and tell her to 'get on with it'
- 5 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
Isis propaganda video shows 25 Syrian soldiers executed by teenage militants in Palmyra
Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
Number of young homeless people in Britain is 'more than three times the official figures'
The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
More Britons believe that multiculturalism makes the country worse - not better, says poll
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Greece crisis: IMF was pushed around by Angela Merkel and Nicholas Sarkozy – and now it is being humiliated
'I wish the BBC would stop calling it Islamic State' – David Cameron unleashes frustration at broadcaster
Forget little green men – aliens will look like humans, says Cambridge University evolution expert
Girl, 7, stares down hate preacher at Ohio festival with pro-LGBT rainbow flag gesture
iJobs Money & Business
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...
£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...
£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....
£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...