Following an announcement that Lloyd's chairman may resign next year, the firm's chief Mr. Antonio Horta-Osorio released some statements that addresses the ill effects of the financial sector's unpleasant reputation on its human resource pool. According to a new survey, only 2% of students today have any plans of entering the financial sector. It has been found out that this may be due to the fact that as many as 41% of students distrust banks and other establishments in the financial services industry. Many students probably prefer going into sales instead of contemplating a career in banking sector.Speaking in Oxford, Mr. Horta-Osorio stated, "We need to take steps as a sector towards rebuilding our reputation through how we behave and what we do. In tandem with this we urgently need to address the perception of banking as an attractive career opportunity for young people." He further mentioned, "The next generation should see banking as an industry that helps to build economic wealth and is playing its part as a useful member of our local communities."
It is believed that the notoriety that banks now have is due to the financial crisis the country suffered recently as well as the various scandals regarding money laundering for terrorist groups, fixing global interest rates, and mis-selling of hedge fund interest rates and payment protection insurance.
Lloyds, however, has been striving to correct the matter with the mis-sold payment protection insurance by setting aside over GBP6 billion as payment for its customers. Mr. Horta-Osorio also emphasised the fact that as part of the bank's efforts to improve its reputation, Lloyds has also increased its mortgage financing for smaller businesses and first-time buyers. He said, "We want the best and the brightest to see banking as a credible career choice. This is vital for the industry's long-term viability."
Meanwhile, the bank already has a few candidates lined up to take the chairman's position, but it is still technically looking. The senior independent director of Lloyds, Anthony Watson, is the one leading the hunt for the bank's next chairman.
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Pareto.co.uk is the official site of Pareto Law, a UK organisation that handles graduate assessment as well as placement and training of recruits. The agency was established in 1995 and took its name from Vilfredo Pareto's economic principle. Morever, the Pareto recruitment agency is one of the leading sales recruitment agencies in the UK.
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