Upon finishing Tony Hseih’s book that had ‘feel good’ written all over it (perhaps even a bit too much sometimes), I started reading Luyendijk’s immersion into the world of London City bankers; ’Swimming with Sharks’. Boy, the contrast with Tony’s book could not have been starker. But like with Luyendijk’s former books on journalism in the Middle East, this book was an absolute page turner. And like he did for the making of his former books, Luyendijk submerses himself into the world of his subjects and manages to paint a picture that is human, balanced, and – perhaps what gives the account a lasting impression – very non-judgemental.
He describes his initial struggle to find bankers willing to share their version of City life, shows that ‘the banker’ does not exist and that – unsurprisingly – how the world of finance entails a vast collection and wide variety of jobs. The people occupying these professions come in as wide a variety of character traits as any other profession, and though the classic stereotype ‘Master of the Universe’ loudmouth alpha does indeed exist, Luyendijk also identifies ’teeth grinders’, ‘blinkers’, and a bunch of other types of character traits that constitute this world. In short, Luyendijk shows that the people in this profession are as human as any one of us.
This leads the reader to a conclusion that is much darker and more worrisome than the picture of ‘a handful of rotten apples that ruin it for all’ would have painted though. Luyendijk points out how the whole incentive structure in banking is set up to favour short-term gains over sustainable growth and prosperity, how incentives push one to ‘eat or be eaten’, and urge every entity – the banks, the employees, the politicians, etc. – to care for nothing else but the self. In many ways the world of (investment) banking is a world of ‘grab all you can grab, because tomorrow the party might be over’. Continue reading “Shark-infested waters”