Class culture in banking


Young people from working class backgrounds are being locked out of jobs in investment banks, according to a new report.


The findings from the Social Mobility Commission quango reveal that investment banks are failing to hire talented youngsters from less advantaged backgrounds because they recruit elite universities and hire those who fit in with the culture.


The researchers found that managers often select candidates for client-facing jobs who fit the traditional image of an investment banker; some still place as much importance on an individual’s manner (speech, accent, dress and behaviour) as on their skills and qualifications. They note that this can disadvantage candidates whose upbringing and background means they are not aware of “opaque” city dress codes.


Alan Milburn, chair of the commission, said: “Bright working-class kids are being systematically locked out of top jobs in investment banking because they may not attend a small handful of elite universities or understand arcane culture rules.”

https://www.gov.uk/government/news/less-affluent-kids-are-locked-out-of-investment-banking-jobs

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/549994/Socio-economic_diversity_in_life_sciences_and_investment_banking.pdf