Now here’s a sign of the sentiment out there.The Church of England, which has received millions in donations from City bankers, is now taking aim at the financiers and blaming them for exacerbating the pay divide.
The senior clerics have the support of big time financiers, too.
Ken Costa, a former chairman of UBS Europe and Lazard International, who was appointed by Bishop of London Richard Chartres to bridge the gap between the financial sector and ethics, has criticised City bankers and their lack of “moral moorings.”
Writing in the Sunday Telegraph, Costa said he would look at “how the market has managed to slip its moral moorings.
“For some time and particularly during the exuberant irrationality of the last few decades, the market economy has shifted from its moral foundations with disastrous consequences,” he said.
What’s more is the church’s St. Paul Institute, which is a group focusing on financial services’ ethics, just released a 24-page report on bankers’ ethics commissioned by market research firm ComRes. The report both “confirms and refutes numerous stereotypes about financial services professionals working in the City of London.”
The problem is all of this could backfire on the church.
According to the Sydney Morning Herald, City donors give St. Paul’s £16.5 million ($25.5 million) for the church’s annual budget.