At first glance the letter in the Financial Times looks like another rant about
But it is the signature at the end -
Pickering writes about how he was "regularly held up at gunpoint" by colleagues demanding more to stop them leaving (usually for
"It is absolutely ingrained in the culture of these organisations and
Pickering provides his own anecdote about succumbing to the demands: "In the febrile days of 2000, my predecessor was told that the very survival of the 200-year-old firm was dependent on the continued employment of a 20-something individual who had been in the industry for about 18 months. We offered him a partnership but he left anyway. A few years later I reminded my senior management team of this incident and none of us, myself included, could remember his name."
His remedy? A tough and experienced manager who can face down the threats. Pickering - who left the banking industry in 2008, no doubt cushioned by a number of fat pay cheques - does not appear to think Jenkins can be described this way. He concludes: "It is possible that
Pickering has penned a number of armchair letters to the FT, on subjects ranging from the Olympics to investment banks overcharging. His latest missive, though, strikes a popular chord. Jenkins, of course, will not need this reminder as only last week he was promising shareholders he would not do it again. The message was wait for the outcome of the investment banking strategy review on 8 May. We'll see how tough Jenkins can be then.
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