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BusinessFinancial Markets

London Firms Must Do More To Encourage and Hire Local Talent

posted: 9 months ago

City of London at Night

By Guest Columnist Ric Berke

There is a common misconception that the City is still predominantly staffed by white, upper-middle-class men. Although that may have once been the case, a short walk around Canary Wharf on any weekday will show you that the City of today is a truly diverse place.

Globalisation has changed the working landscape, and the City is no different. London is one of the world's leading financial centers, staffed by top talent from across the globe, creating an inclusive workforce.

Job vacancies are now mostly filled by the strongest applicants, and hiring decisions are reached based predominantly on merit. But having celebrated the diverse nature of London's workforce, the fact remains that the Square Mile and Canary Wharf are surrounded by some of London's poorest boroughs, where local people remain grossly underrepresented in the professionals that make their living on their doorsteps.

This issue, which faces the industry today, is not one of race or gender, but of social mobility. The link between a child's life chances and their parent's income paints a depressing picture that has barely changed in the past 30 years. And so, regardless of intelligence or ability, someone born in the wrong post code will have a much harder journey to success.

What is needed is more of a targeted and committed collaboration by the leading City firms to provide the training, mentoring and, most of all, financial support to open doors for young people and unlock that hidden potential inside.

Ric Berke is a director at BRUIN Financial

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