British Clubs Refuse To Admit British Bankers

Money can’t buy everything. At some of London’s trendiest clubs, financiers just aren’t cool enough to get in.

Bloomberg: Jonathan Downey, the owner of the East Room club on the edge of London’s financial district, says bankers are the last people he wants as members.

“We don’t want the archetypal City idiot, waving his cash about at the bar and braying like a buffoon and annoying women,” said Downey, 42, whose club charges men an annual membership fee of 350 pounds ($655). Women pay 150 pounds.

Financial workers, who make up 85 per cent of employees in London’s City square mile, are being shut out of the most exclusive clubs. Passed over by centuries-old establishments such as White’s and Brooks’s, which prefer nobility, military officers and politicians, bankers aren’t welcome at the newest venues either. They’re not cool enough, said Mark Wakefield, U.K. head of clubs at the Quintessentially concierge service.

“If you work in the City, unfortunately this is something money can’t buy,” said Wakefield, 25. “Lawyers, bankers, even property developers they’re not that keen on. They want creative people.” Wakefield advises clients on which clubs would suit them as well as favour their applications.

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