Bankers take year out with armed forces

Increasing numbers of bankers in the City of London are going off to work for the UK armed forces, with the intention of returning when economic conditons improve.

SaBRE (Supporting Britain's Reservists and Employers), a body set up by the defence ministry to advise on issues surrounding military reservists in the workforce, says many reservists in the City have volunteered to join the Full Time Reserve Service until conditions improve.

'People don't want to lose their jobs, so they're saying to their employers that they will go away for six months or a year and come back when things are better. It's like a sabbatical', says SaBRE communications manager, Katie Howlett.

There are a total of about 4,000 reservists in London. The Honourable Artillery Company (HAC), based in Old Street, draws more than 25% of its 400 members from investment banks.

Major Charles Marmont, a stockbroker with Charles Stanley and an officer commanding the Signal Squadron of the HAC, says that Full Time Reserve Service volunteers from the City have so far been sent to areas such as Kosovo. Future volunteers may be sent to Afghanistan, he says.

By volunteering for regular army duties, City-based members of the reservist Territorial Army have pre-empted a compulsory call-up that could result from war with Iraq.

SaBRE said it had been in touch with several City organisations, including Cazenove, Goldman Sachs, Morgan Stanley and Merrill Lynch, about the implications of having potential soldiers in their workforce.

If employees are called up, employers can request grants of 6% of their annual salary to help find a replacement.

Full-time reservists receive standard military pay during their 'sabbatical'. In the case of army captains, this is between 30,000 and 36,000 a year.

Part-time reservists at the HAC are paid a pro-rata daily rate, as well as being given free membership of a gym and access to the company's cricket and rugby pitches. They also undergo rigorous physical training, even by army standards, including running 30 km carrying a 100lb backpack.

HAC plans to recruit new members in April next year. It said applicants were invited from British nationals as well as citizens of 'friendly' countries.