Early Morning View of Big BenIn the last ten years, the average FTSE 100 chief executive’s pay packet pole-vaulted up by 295%. Contrast that with the mere 50% increase in earnings of average citizen in the UK (according to Manifest, which advises investors on corporate governance). The banking industry hasn’t exactly held bank on paying itself big bucks in bad times and overhauling the way bankers’ pay works is of pressing urgency to an industry with a reputation as storm-tossed as its budgets.

On this side of the Pond, we found it a bit strange that, in the US, CEO and CFO pay at more than 100 banks on the TARP program did not decline in line with profits. In the City, there’s much dissatisfaction at guaranteed bonuses being waved at some lucky so-and-so’s by banks still owing millions to the government. Muttering taxpayers are saying “But it’s our darned dosh they’re throwing at these guys, not theirs.” The resentment among those who’ve lost jobs, bonuses and taken a big hit on their pension pots is running feverishly high.

It’s no wonder then that, this past March, the FSA, in an effort to align executive compensation with risk for bank boards and management, recommended that two-thirds of bonuses should be deferred, and that individual compensation awards should also reflect the overall performance of the business, rather than that person, team or division. More puzzling, however, is the Financial Services Authority’s recent pull back from the sterner draft suggestions.

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Early Morning View of Big BenSince last week’s article went live, I’ve had my regal thinking cap on about why playing princess riles some folks and I’m rapidly coming to the conclusion that the problem many have with the idea of being a princess is, well, the need for the prince. Women who want to run big organisations need to choose a consort wisely. Part of the difficulty arises from the way society still tends to peg us patriarchally as ‘wife of’ or ‘daughter of’ or ‘mother of’ as though our value lies solely in our relationship to others, usually male. I can’t tell you how royally annoyed I get when I see City financial doyenne Nicola Horlick described as ‘mother of six.’ So what? Mr. Horlick would not be described as ‘father of six’ in any business publication worth reading. It’s utterly irrelevant to her business acumen and success, even if it leaves me in awe of her organisational abilities. I suppose the message is that you can’t afford to be seen as an adjunct to anyone if you want to be taken seriously in the business world.

Really modern women want to do more than just act as an attractive clothes horse. We want to make a difference – and sometimes having a man in tow can slow you down. There is an exception to this: I’ve mentioned Queen Rania of Jordan before – bright, educated, capable, beautiful – and making a valuable contribution to women’s health, education and their role in Jordan and wider Islamic society. The world could do with more like her.

But when you think of all the powerful women on the world stage today like our Queen Elizabeth, Oprah, Hillary Clinton, Maggie Thatcher in her heyday, Germany’s Angela Merkel, only Hillary can claim that her other half is as much – if not more – famous than she is. Interestingly, he hasn’t minded her sharing the glory, even though the balance of power there has demonstrably moved. And so Hillary memorably pointed it out in her lovely terse response that ‘Bill Clinton is not the Secretary of State. I am,’ at that infamous Congolese press briefing after her recent African whirlwind tour.

On this side of the pond, we admire Prince Philip for being a terrific consort who has never stolen the limelight from his majestic spouse. We know almost zero about Oprah’s other half. Mrs Thatcher’s Denis famously took a back seat. And I don’t know anyone who knows anything about Mr Merkel. It seems that powerful women don’t really need a consort up there on the podium with them. A prince on your arm might be ‘nice to have’ but it is not a necessity.

We tend not to tag our men as ‘husband of’ (unless it’s Brad Pitt) or ‘father of’ (same again). The men who run Coca-Cola, Citigroup, Goldman Sachs, NASA and McDonald’s (insert your favourite global businesses of choice here) are never bracketed this way. It’s time women weren’t either.

Early Morning View of Big BenThe grumbling in the press in Britain currently about feminism and the Disneyfication of our daughters has got my royal dander up a bit.

While no one can deny that equality for women (and girls) is a desirable and thoroughly deserved destiny for us of the so-called weaker sex, there are some strident voices decrying the pink, princessy world that Disney,Toys‘R’Us and fictional romances line up for young girls from as young as three.

I am majestically perplexed:  what’s wrong with being a Princess?

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Early Morning View of Big BenI am so sorry. Big Kiss.  My love to you and the girls.  Hold them close.” Catherine Bailey’s tragic last words to her husband just before the successful City lawyer and mother of three daughters drowned herself in the Thames earlier this year. 

 

The resulting heartbreak for her young family, and consternation and sadness among colleagues at her law firm has been widely covered in the UK press.  

 

Ms. Bailey was a partner dealing with banking and regulatory disputes, including Financial Services Authority investigations. The current economic crisis put her skills as a financial litigator to the forefront with a significantly increased workload.  Returning to work six months after the birth of her third daughter into an environment where partners regularly worked 60+ hours a week, Ms. Bailey would probably also have had to take home work in the evenings and over weekends to keep up. Read more

Early Morning View of Big BenWe’re basking in a sporadic heat-wave in the Square Mile as I type. It’s OK for the ladies of the City when the sun blazes, but those poor deluded men have to self-strangle with suits and neckties on some of the hottest days of the year. You have to pity them.

Yeah, we used to have Dress Down Fridays, but these days it’s as likely to see a banker in casuals as it is to catch sight of a Dodo – the world’s a much less relaxed place, especially in the financial district. Sartorially, it’s much more Brooks Brothers than Gap, and the more somber, the better, too. As a barometer of the money world’s health and happiness, the more uptight the dressing, the worse things are. So it seems that the City’s mixing its messages: we’re all told that the Worst Is Over, but the attire is sending a different message entirely.

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Introducing our new series –  London’s Queen of the City column – written by our eyes and ears across the Pond.  In this installment, the Queen takes on the current economic crisis, talking about its effect on the Square Mile (a/k/a London) and the need for constant vigilance.

Early Morning View of Big BenWriting about City folk in general and bankers in particular has been a gruesome gore-fest lately. Ever more lurid stories of greed and excess and jaw-dropping incompetence have graced broadsheet, tabloid and web pages alike for months on end.  One thing the Great British Public fail to forgive is being taken for a ride and, between the banks and the parliamentary expenses scandals, it’s been a helter-skelter rollercoaster ride all the way. 

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