A risky place to work ?
Bloomberg News reports that London’s banks that were once among the most coveted employers in the global financial system are struggling to fill top roles because potential penalties are seen to outweigh the perks.
Standard Chartered has been seeking an external replacement for Chairman John Peace for more than a year. Barclays has been hunting for a successor to oversee the investment bank since last year after Tom King made it known he wanted to retire more than nine months ago, according to people with knowledge of the plan who asked not to be identified as recruitment is private.
Bankers are concerned about regulations that could see executives thrown in jail for failing to spot serious misconduct on their watch, which has shifted the City of London’s reputation from a light-touch Babylon to a risky place to work. Combined with British politicians’ desire to name and shame, an unforgiving press and diminishing cash compensation, the nation’s banks have been left struggling to fill senior positions, lawyers and recruiters said.
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