A letter from Robert Pickering, the former head of UK investment bank Cazenove, has captured the zeitgeist on banker pay.
The crux of the letter, published by The Financial Times this week, is that bankers shouldn't demand higher pay and threaten to leave if they don't get it. Everyone is replaceable, even rainmakers, says Pickering. He starts by criticising the approach of Antony Jenkins, CEO of Barclays, who in a recent interview declared that without paying its people 'competitively', the bank would find itself in "something of a death spiral".
