Banks and hedge funds ran by private school elites

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The extent to which the banking industry is dominated by those who attended private schools has been revealed.

A study found 60% of leaders in financial institutions were privately educated. Only 7% of the general population attends a private school.

The research, carried out by the Boston Consulting Group on behalf of educational charity the Sutton Trust, looked at 500 leaders and 1800 new recruits from across the whole sector, including banking, hedge funds, insurance and private equity. It found 37% of recent recruits and 60% of leaders in financial services went to private schools. This compares with just 7% of the school population.

These findings neatly tie together concerns over decreasing social mobility with the dominance of the UK’s booming financial services sector. The report estimates that 30-40% of those earning more than £120,000 per year work in finance.

The Haze says:

This is no surprise – our political establishment is the same make-up – a parliament of millionaires. 

Devoid of any experience, contact or empathy for ordinary people, these are the crowd who decide on  “hard choices” and austerity for us while aggressively insulating themselves and their corporations from scrutiny or making a fair contribution to society via taxation.

These are the people who bank roll The Conservative Party, who control the media, who control our monetary system and who set out the terms of engagement by which they win and we lose.

How much longer will we put up with it?