News that the
FSA has reputedly
blocked the appointment of
John Hyman by
Nomura will send a chill through the
UK's financial centre. As we predicted a short while ago, any self-respecting banking professional will think twice about moving to or staying in the
City of London where he is subjected to an inquisition by faceless and unaccountable bureaucrats who in all likelihood are less qualified than the people they are supposed to vet. Box-ticking and political correctness will be at a premium and who knows - the old-boy network, titles and knowing the right people will also help applicants. The right kind of leadership is essential to the success of any organisation and this vetting system will insure that over time the quality of leadership in the City will be on a downward trajectory.
Hong Kong, Singapore and New York will love this!
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