The Weak Are Getting Found Out in Banking

Leaders with Francine Lacqua

Bloomberg

Management, Business, Careers, Entrepreneurship

4.6 • 64 Ratings

🗓️ 30 March 2023

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jim O’Neill, the former UK Conservative minister and Goldman Sachs chief economist, says he doesn’t miss being in banking. And no, he wouldn’t accept an offer like we saw with Sergio Ermotti returning as chief executive at UBS. But when asked on this week’s episode of In the City whether he can explain what’s happening in the industry right now, he’s got some ideas. He also weighs in on the race to buy Manchester United, questioning whether the football club is worth its more than £4 billion price tag.

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Transcript

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0:59.2	Hi, Francine. Hi, Dave.
1:01.5	What a week you have had, I think, haven't you? Well, we've all had.
1:06.0	I feel like what a month. We just keep on talking about banks. Zoe Schneweiss,
1:10.7	who used to be our bureau chief in Switzerland, said it best. The Swiss are boring until they're not. Until they're really not, right? Now, front page news everywhere. And you have been zooming around, I know, covering this story. And we could have tried to get someone from Switzerland on this week. But actually, who do we get in the end is someone we've been trying to get on this podcast since we started last year, I think.
1:29.7	And it's like the perfect moment to have, I think, Jim O'Neill, don't you think? Yeah, so when we started talking about the podcast about eight months ago, you and I, Dave, were talking about, okay, who's the ideal economist who usually doesn't pull any punches, talks freely, and of course it was Jim O'Neill, former Goldman Sachs economist,
1:46.4	who coined the acronym Brick.
1:48.0	Exactly. And, you know, he was right at the center of things in the last, in the big financial crisis of 2008.
1:54.0	He's been a policy advisor, he's been in the government. Of course, he's a Manchester United deal expert. All these things are sort of
2:03.4	converging at the moment. So finally, he said yes, that he'd come and talk to us.
	...

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