Here's What People Who Work In 'The City' REALLY Think About Working In Finance

London Banks

Photo: Flickr user: essygie

Think traders make too much and financial regulation isn’t doing enough to curb risky behaviour?┬áSo do people who work in “The City,” the Wall Street of the UK.

The London-based St. Paul Institute, the cathedral’s working group on the subject of financial services’ ethics, just released a report on City workers’ ethics that it commissioned from the market research company ComRes.

The 24-page report, which is embedded here, confirms a few things that you already suspected about people who work in finance, but some of their survey answers might surprise you.

(Most) bankers really do work in finance for the money.

But even they agree that City workers earn too much of it. Especially overpaid are their peers in the financial sector who earn more.

But they believe they are adding value to the economy - and that they aren't given credit for it. However some of that value might be misplaced, as they say other parts of the UK rely too much on them.

Does making more money destroy your moral compass? City workers are pretty torn.

Does deregulation have a negative effect on ethical behaviour? There is more agreement that yes, it does.

There's another cry for more regulation in their answers to this question. Looks like despite reform attempts, most City workers believe that pay still provides an incentive for an individual to take bigger risks in the short term.

About the same number of people agree that that pay incentivizes ethical behaviour. But they're less sure that ethical behaviour is good for shareholders.

... And most cite returning value to shareholders as the thing that should be City workers' #1 priority.

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