Select moments from the Select Committee

it is part of british culture that leader who are QBE - qualified by experience rise to high positions and management is an art rather than a science. However running a bank is not like running an art gallery and technical skill and knowledge is important in senior leaders. And Elaine, it is not acceptable to say that degrees 30 years ago were worth something. An MBA from an ivy league school is the minimal requirement and am very suspicious of leaders without such qualifications who simply "worked" their way to the top.

Alan, you're mixing technical skills with management skills. A bank is a business like any other business. The CEO manages people and processes. There are technical professionals, such as accountants, who perform the specific function. Looks like this CEO has managed quite well his people and the bank processes.
The doctor parallel is simply not a good one. You are comparing apples with oranges.

It's not only degrees in finance and accounting that prove an individual's intellectual capacity. John Varley has a first class degree from Oxford - it may be in history rather than accounting or finance - that doesn't make it any less worthy. And, given his age, he must have received it 30 years ago, back when degrees were worth something, unlike today!

The only way to just whether the right person is leading the bank is to look at their results - RBS - lost 28bn (and their leader), HBOS (losses not yet declared, but needed 17bn from the government - says it all, also lost their leader), Lloyds - would probably have been profitable if they hadn't been forced into merger with HBOS - leader still in place (with his modest salary!), and Barclays - 6bn profit (despite 8bn writedowns) - leader still in place. JV knows what he's doing - and the results prove it.

Before you ask, yes, I used to work for Barclays, but don't any longer. Losing my job doesn't mean that I can't recognise a bank that will be stronger than any of the others when this crisis receeds - and that's because of the leadership team.

the fact that John Varley is QBE isn't worth much. Degrees in finance and accounting are important because it means the candidate has proven himself intellectually able to handle very tough exams and demonstrate his or her intellectual capacity. As you yourself said he is articulate. But so what? you don't go to a smooth talking doctor, you go to the one who has qualifications AND experience. This man may have experience but no relevant qualifications. Why is he exempt from the need for this? I may be able to drive well, but that doesn't mean I am exempt from a driving test and a driving license? So back to this question, why does the world trust John Varley who doesn't have a finance or accounting qualification? Is barclays going to turn out to be the RBS of 2010 and the final nail in the coffin of the UK. Time will tell, but like everything else in the credit crunch, something is fishy and like many issues, so is then the case of John Varley. a banking CEO with no finance qualifications....

Good point Elain, although qualifications are not just pieces of paper...they are usually required...im sure you wont go to the doctor who has "hands on" experience but no medical degree