Never in the history of financial services, have bankers been under as much scrutiny as they are now – from regulators, from employers, from clients and of course from hawk-eyed media persons – all of whom collectively claim to represent the public conscience.
It may be surprising to discover that some of the best-paid bankers are in fact the most irreverent.
In Hong Kong
There is the «veteran banker» in Hong Kong, an industry legend who until a few years ago had one of the biggest client books at the American bank she works at. She is chauffeured to work every morning between 10:00 and 11:00 am, impeccably presented and ready to face the power lunches with Hong Kong tycoons she is well-renowned for.
She has missed the morning meetings that are de rigueur for mere mortals for as long as anyone can remember. When there was a leadership change at the bank a couple of years ago she received a polite but firm email the night before requesting her presence at the meeting the next morning, cementing the tacit understanding that her attendance at these was an exception rather than the rule.
In London
In London, a prolific private banker invites me to a meeting at his members-only club in Mayfair. When I offer to make the trip to the bank’s offices instead he dismisses the suggestion immediately – he is only ever in the office one day a week.
An efficient assistant, membership to several smart establishments and the ability to hop into a taxi and meet clients wherever they wish to, guarantee he is spared the rush-hour commute to and fro every day. The only caveat for anyone wishing to emulate this example would be to make sure the assistant is well taken care of – an Omega at Christmas is what it takes in this case.
In Singapore
A non-resident Indian client tells of the time his Singapore-based baker relaxed for an extra day after a client event at a resort in Sentosa came to a close. He expensed the stay despite having not a single meeting scheduled. Behaving like two schoolboys playing truant rather than the multi-millionaire and the professional that they really are, the client appeared thrilled at abetting the deceit by agreeing to cover for his banker.
«Of course I would have said I was there if anyone had wanted to corroborate the story with me,» he says, «the guy makes enough money for the bank so it's not a big deal.» Setting aside the ethics of the issue, which are difficult to defend, the fine line between contemptuous and criminal behavior is easily breached.
For those whom a bottle of Lafite or a Michelin-starred meal on the company dime sounds exciting, I caution – immunity is not always guaranteed. I know of a banker at a top-drawer U.S. investment bank who was retired early because he was found fiddling with expenses. It is in fact, standard practice at some banks to run random checks on expense claims.
