Macaskill on markets: Cultural leanings mask conflict at heart of investment banking industry

Investment bankers frequently boast that their employer has a unique culture. There is a shared sense of purpose and responsibility for decision-making, normally allied with a common understanding of risk and the best way to pursue manageable growth. Often these cultural values are made explicit with a formal "One Firm" policy.


Jon Macaskill is one of the leading capital markets and derivatives journalists, with over 20 years’ experience covering financial markets from London and New York. Most recently he worked at one of the biggest global investment banks

Two of the banks that most zealously promoted the unique nature of their culture were the two that had the highest level of employee share ownership: Bear Stearns and Lehman Brothers.

Bear Stearns was never able to shake its image as a firm of scrappy bond traders where sharp elbows were the main means of advancement.