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A letter to the editor

Who would want to be a bank boss? Andrew Clare from the Cass Business School, clearly thinks it worth a punt. From the letters page of the FT:

Sir

I know that this is not normally the forum to advertise one's qualifications in the hope of finding a new career, but hopefully you will excuse the liberty.

I have no experience whatsoever in running a bank. But I am willing to give it a go. To be honest, I don't think I would do much worse than some of the current incumbents. I am willing to offer the following deal to any bank that might be tempted to give me a call. 

If, by luck, the entity is still solvent and in business after the first twelve months of my tenure I would expect to be rewarded handsomely. Nothing too extravagant, but perks like the use of a private jet might be enough to convince me to leave academia.

However, in the event that I run the business into the ground over this period, leaving the taxpayer to pick up the bill, creating losses for shareholders and pension funds, and also job losses at the unfortunate bank, then I would be willing to go quietly for, say, 75 per cent of what Northern Rock have just paid Adam Applegarth.

I would also be willing to pay - out of my own pocket - for the added security that I might need at home to protect myself from the angry masses. How can I say fairer than that? I am willing to take this risk.

My curriculum vitae is available on request.

Andrew Clare

Professor of Asset Management, Cass Business School, London EC1Y 8TZ

2871

Comments: (1)

A Finextra member
A Finextra member 08 April, 2008, 15:20Be the first to give this comment the thumbs up 0 likes

I'll beat that offer! - If I can't double your profits in 3 years all you have to pay for severance is my taxi fare home. Of course, during the job, the jet and a small stipend would be appreciated and it'll cost you 20% of the increase in profits when I do reach target.

No free lunches. I'll pay for them.... 

Paul Penrose

Paul Penrose

Head of Research

Finextra

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