Shock horror and what can we do to aid those thickos who didn't go to top universities or display polish in manner and on their shoes? We need equal outcomes here regardless of ability, talent, academic and vocational prowess, I propose positive discrimination with a quota of those who couldn't get into university as they suffered dyscalculia and never got to learn about the secret code of honour that he who wears brown pointy and scruffy scuffed shoes at a job interview will not get the job at the bank as planned. In today's Telegraph and also Daily Mail:

Candidates from a disadvantaged background aren't being awarded jobs at investment banks because they often wear brown shoes with a business suit, a report has suggested. 

Firms recruit from a tiny pool of elite universities and hire those who "fit in", a study by the Social Mobility Commission found. They are "failing" to give jobs to talented but less advantaged candidates, partly because they flout the "opaque" City dress code.

Managers often select recruits who display "polish" and place as much importance on a person's speech, accent, dress and behaviour as their skills and qualifications, researchers said.

“For men, the wearing of brown shoes with a business suit is generally, though not always, considered unacceptable by and for British bankers”
Social Mobility Commission

The report warned that unwritten rules of dress and behaviour could leave some poorer applicants floundering.

It states: "Relatively opaque codes of conduct also extend to dress.

"To provide one example, for men, the wearing of brown shoes with a business suit is generally, though not always, considered unacceptable by and for British bankers within the investment banking, corporate finance, division."

It adds: "Issues relating to dress may seem both superficial and relatively simple for individuals from all backgrounds to adopt.

"However, interviewees suggested that they do play a material role in the selection process, once again, as demonstration of 'fit'."

The report also found that banks mostly hire from a handful of universities including Oxbridge and the London School of Economics (LSE), while a previous Sutton Trust study found that 34 per cent of investment bankers went to private school compared with just 7 per cent nationally.

The report warned that unwritten rules of dress and behaviour could leave some poorer applicants floundering

And the requirement to do work experience or internships benefits those with "informal networks" and erects a further barrier to entry, the study warned.

Alan Milburn, the Commission's chairman, said: "Bright working-class kids are being systematically locked out of top jobs in investment banking because they may not attend a small handful of elite universities or understand arcane culture rules.

"While there are some banks doing excellent work in reducing these barriers, there are still too many that need to wake-up and realise that it makes sound business sense to recruit people from all backgrounds.

"It is shocking, for example, that some investment bank managers still judge candidates on whether they wear brown shoes with a suit, rather than on their skills and potential."

“Bright working-class kids are being systematically locked out of top jobs in investment banking”
Alan Milburn


The study also found that less advantaged recruits face barriers in breaking into the life sciences sector, where there is a tendency to recruit graduates from the most prestigious universities.

The Commission said more needed to be done to tackle inequality and called for employers to collect data to track the social and educational background of their recruits.

Joanne Moore, from ARC Network, who led the research on life sciences, said: "Both the investment banking and life science sectors need to do more to ensure fair and equal access to jobs.

"This is important, not just for our economy and society, but for individuals.

"In life sciences, graduate jobs often focus on a candidate's practical skill as well as academic criteria - which may be more limited for non-privileged students who are known to face barriers to taking up placements and internships."