A charity chief says banking mirrors drug-dealing but that the difference is you don't get killed working in the City. Jasmine Gardner investigates.
John is a trader whose days are spent watching the markets. He is in his early thirties, married, with children at private school. "The earning potential here is incredible," he says. "Some people are probably making £100,000 a month." But it wasn't always like this. John has been to prison twice. He used to be a drug dealer — selling crack and heroin in the West End.
"I grew up in Brixton. A lot of young black men there haven't got their dads about, and you need a role model. You look to your next socialisation agent —your peers. Mine were drug dealers and bank robbers," he explains.
In order to protect his identity, he is using a pseudonym and won't reveal the name of his company.
An ex-Goldman Sachs trader, who prefers not to be named, described the bank's pay structure as "a pyramid with a fat foundation". During his time, interns made £600 a week. Analysts in their first year can earn £50-£60,000, which can rise to £100,000 in the second and third years including a bonus. A "vice-president" (usually aged around 28) can have a combined salary and bonus of £300,000. After a few moves between banks, by 35 you can be a partner earning £2 million. Goldman Sachs CEO Lloyd Blankfein pocketed £7.8 million last year.
READ MORE: Who earns the most — a Goldman Sachs banker or a street drug dealer?
