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Now that senior financial services professionals are getting an increasing proportion of their pay deferred and are therefore more expensive to poach, most banks are reaching the same conclusion: it makes sense to grow talent in-house.
Or does it?
According to Savvas Savouri, partner and chief economist at Toscafund, a glut of under-experienced trainees with over-onerous responsibilities is contributing to the dissolution of the financial services industry.
Savouri says finance is so lawless it’s like working in medicine in the 18th century - “full of frauds” and “very poorly regulated.”
He also says that: “Graduate trainees turn up (to a new job) and far too soon they're given control over assets," and that, "Because they look the part ... that can be very dangerous."
His solution appears to be to reinstate regulatory exams. These were discontinued for people working only with wholesale clients in the UK a few years ago. "What should be happening ... is rather than (regulating) bonuses, you regulate the human capital,” Savouri suggests.
