Barclays CEO Bob Diamond told Bloomberg last week that: 'Not everyone wants to be in this industry. But I'll give you a statistic that is important.
'Last year, we had applications from 107,000 kids at university, of which we had positions for 1,500. So there's still a lot of people who want to come into the financial services industry, particularly for organizations such as Barclays that have a diversified set of businesses that are very focused on their clients and growing the business'.
And of those 107,000 'kids' most would probably have sought entry into the firm's investment banking unit - where the decent bonuses are (or were). But why ? Is working in the financial markets all that it's cracked up to be ?
Here's one banker's take:
'Look, you start out as an intern and are mucked about, put upon and taken the mikey out of. You get a full-time job and, for the first few years, you wish you were back being an intern (at least it was only a few weeks a year). And that's when you learn that bonuses are nothing but empty promises, and line managers are only out for themselves.
But after a while you move up the corporate ladder and soon aspire to greater things - you covet the next promotion, your boss's bonus, your colleague's house and your client's wife. And, after a few more years, you get it all - but remain unsatisfied.
Next up, it's the CEO's job, and you're in with a shot. But it's a highly political and mighty stressful game - lose, and you're out. But you make it to become CEO, work hard, play fair and genuinely try to do the right thing.
But then what ? You get increasingly dumped on by regulators, are constantly criticized by unions and staff over job losses, become a political football, and are villified and hounded by the mob at every turn. And then you have your shareholders and clients to worry about, and have to try and run a business.
30 years on in your career, and you wonder why you bothered'.
High Finance: A Wall Street Novel
50 Shades of Embarrassing
