Monday, March 7, 2016

New banker rules in the UK -- will it migrate?

I cannot think of a better reason not to be a banker but this latest is certain to ensure that lots of talented (and scruples-free) bankers take a long look at their future career.  I knew my industry was broken when I noticed how many of my then colleagues considered their employers (aka the bank) rental cars as opposed to their own.

You know the old joke: "What's the world's fast car! a rental car"  

Over the past decade more and more of bankers have been following this mantra, not that they've been so great before, nevertheless it's worse now.  Bankers will routinely adopt high risk solutions because if they win they get big bonus and if the lose --  well the bank eats it!  It would seem the UK authorities have had enough of this.  As of today, March 7th new rules have been introduced.  What we find here is a situation where the senior managers of UK banks will be personally responsible for their errors -- 

I wonder if that's going to work, there's even the possibility of jail time.

Ummm!


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