The quest for spiritual salvation seems very much on the mind of global banking executives of late.
Bloomberg reports Barclays CEO John Varley is the latest to try and convince god-fearing folk the world over that his industry’s moral code and primary raison d’etre are all good in the eyes of the Lord. Namely, that “profit is not satanic” and that it’s okay to be a banker (whatever Jesus might have done to the money lenders in the temple).
The bible according to St John (Varley), if you will.
On Tuesday night St John hit the pews in London’s Trafalgar Square in a scene evocative of a 16th century counter-reformation defence of church greed.
Bloomberg reports:
Barclays Plc Chief Executive Officer John Varley stood at the wooden lectern in St. Martin-in-the- Fields on London’s Trafalgar Square last night and told the packed pews of the church that “profit is not satanic.” The 53-year-old head of Britain’s second-biggest bank said banks are the “backbone” of the economy. Rewarding high- performing bankers with more pay doesn’t conflict with Christian values, he said. Varley was paid 1.08 million pounds ($1.77 million) and no bonus in 2008.
He went on with the justifications as follows:
“Talent is highly mobile,” Varley, a Catholic, said. “If we fail to pay or are constrained from paying competitive rates then that talent will move to another employer.” “Is Christianity and banking compatible? Yes,” he said in an interview after the speech in the 283-year-old church. “And is Christianity and fair reward compatible? Yes.”
So there you have it. St John says ‘Thou, who art bankers, shalt not go to hell. Continue on as you are’.
We now wait with baited breath for the next installment of Varley’s spiritual quest, perhaps the publishing of St John’s First Letter to the Regulators or Barclays’ 10 commandments to avoid UK Treasury support?
Related links:
Islamic finance to the rescue - FT Alphaville
Hedge funds win Church of England blessing - FT
Is there a place for morals in finance? - FT Arena
