The City's Radical Dream is Dead

Leaders with Francine Lacqua

Bloomberg

Entrepreneurship, Careers, Management, Business

4.6 • 64 Ratings

🗓️ 27 October 2022

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

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Summary

Prime Minister Rishi Sunak is being heralded by some in the City as "a safe pair of hands" due in part to his resume: An MBA from Stanford University, a stint at Goldman Sachs and some time at The Children’s Investment Fund. But while many finance professionals say they're appreciative of Sunak's moderate tone, some are worried their dream of a reformed, City of London 2.0 is dead.

In this week's In the City, David and Francine speak to Bloomberg editors Katherine Griffiths and Tom Metcalf about Sunak's vision (such as it is) for the City, what his leadership means for a post-Brexit Britain and mounting concerns from banks about the possibility of higher taxes to keep the UK afloat.

Plus, senior executive editor Simon Kennedy joins to discuss his discovery of a "Goldman globe." Since the end of 2005, there have only been about 48 hours in which an alumnus of the Wall Street giant didn't hold either the position of prime minister, finance minister, central bank chief or their equivalents in a G-7 country.

For a daily look at the stories that matter in the UK, sign up now for our newsletter, The Readout with Allegra Stratton: https://www.bloomberg.com/account/newsletters/readout

And to figure out what all that means for your money--sign up for John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealth

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Transcript

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0:58.9	Francine, have you seen this amazing graphic on the Bloomberg terminal? So about Goldman Sachs,
1:03.6	government sacks since the end of 2005. There have only been a matter of days in which a Goldman
1:08.9	alumnus didn't hold the position about the Prime Minister, Finance Minister or Central Bank Chief in a G7 country.
1:14.9	I mean, this is classic Simon Kennedy, who's in charge of our economics coverage.
1:19.6	And Simon himself is on the phone. Hi, Simon.
1:22.3	Hi, Simon.
1:23.2	How did you get this idea? Do you just know that every post around the planet of import is some point got Goldman blokes?
1:29.5	So I think this is quite Bloombergy, but I did know that Mario Draghi, who stepped down at the weekend as Italian Premier,
1:37.0	had some time in Goldman. And that got me thinking with the arrival of Rishi Sunak, just how little there had been in recent years,
	...

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