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 Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 The secret report that helps Israel hide facts
- 4 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 5 Israel's propaganda machine is finally starting to misfire
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...
£450 - £650 per day + competitive: Orgtel: My client, a leading bank, is curre...
£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...
£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...