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 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Venezuela Expo Tattoo 2015: Extreme body art from 'Vampire Woman' to 109mm earlobes
- 4 Dad attempts revenge on teenage daughter, plan backfires spectacularly
- 5 Ball pool for adults opens in London
Isis 'throw man off a building for homosexual affair' and beat him to death when he survives
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
King Abdullah dead: We can't afford not to hold Saudi Arabia's royals to account
iJobs Money & Business
£40000 - £50000 per annum: Recruitment Genius: This is an exciting opportunity...
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...