During the COVID pandemic, as most wages stagnated, workers in the City of London were enjoying bumper pay packets. Average partner salaries in one corporate law firm exceeded £2 million for the first time. Investment bankers received their highest bonus payouts since 2008.
City bosses have long justified these exceptional rewards by claiming that they are available to anyone with sufficient intellect and willingness to work hard – regardless of their gender, ethnicity or social class. In the words of Goldman Sachs, one of the City’s most iconic players:
Advancement depends on merit … For us to be successful, our people must reflect the diversity of the communities and cultures in which we operate. That means we must attract, retain and motivate people from many backgrounds and perspectives. Being diverse is not optional; it is what we must be.
