GUEST COMMENT: Were it not for nepotism, I would never have got a job in investment banking
A few months ago Lib Dem leader Nick Clegg restarted the debate about whether it's who you know and not what you know that gets you a high-flying job in the City. I feel I'm qualified to discuss this issue because it was only blatant nepotism that allowed me to enter the Square Mile's hallowed gates. Frankly, there was no way in Hell that they would have allowed a buffoon like me in otherwise.
My brother, a fund manager at a sleepy mutual, secured me an internship at a City bank in 1996 despite my completely unsatisfactory qualifications - which essentially comprised a history degree, a resilient liver and a haircut that was reminiscent of a German exchange student circa 1985. Back then I wouldn't have known what a PE ratio was if it had jumped up and kicked me in the plums.
I entered ABN AMRO on a bright August morning wearing a preposterous Al Capone-style suit I'd bought in a charity shop for 6 having just removed my earrings, goatee and hideous ponytail (one of the more important early benefits of my banking career.) The salesman had given my brother this 'present' because he knew it would cement their relationship and, sure enough, he received a gargantuan order from my brother on the day I arrived. Some might call that 'bribery', but that was how business was done back then.
After a few years in the City it became quite clear that I was by no means alone. Perhaps a
quarter of front-office City workers seemed to have got their job through a family contact. There was such a huge demand for lucrative banking jobs that you had to use every arrow in your quiver and if that meant ringing up detested uncles who just happened to be head of sales at Goldmans then that was what you did.
Of course, this whole state of affairs isn't fair and should never occur in a meritocracy. Nepotism merely helps perpetuate a divided society where the same white, middle class types tend to get the best-paid jobs. It causes massive resentment and helps make 'unconnected' bright people believe there's no point even trying to succeed.
Still, having said all that, if you want to get a job in the City and you've got some relative who's a big cheese at a bank ... you'd be a complete Muppet not to use him! It might be unfair ... but, Hell, so is life.
Geraint Anderson is author of 'Cityboy - Beer and Loathing in the Square Mile.' His new book, Just Business is out on June 9th.
