According to Ben Wright at efinancialnews, in recent days the heads of investment banking at two European firms have gone out of their way to tell me how distinctly average most of their employees are.
Unprompted, both men – whose divisions number in the hundreds – said that they could count their superstars on both hands and that they would only need to take off their socks to count those that were merely exceptional. The rest? So-so; run-of-the-mill; fine, but nothing special.
That this is indeed the case is no surprise. By definition, not all the bankers who claim to be above average can be above average. But for an industry that has always insisted that its most important assets leave the building at the end of the day, this acceptance of statistical realities is something of a departure. It points, perhaps, to a change in attitude towards staffing and remuneration. It was not so long ago that many bank chiefs were saying that they had to pay mega-bonuses or their talent would hotfoot it to rival banks. Now, some seem not to mind whether the office doors give employees a smack on the way out…
Read more at http://www.efinancialnews.com/story/2011-07-18/shower-caps-on-for-the-great-banking-bloodbath
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