St. Paul’s releases briefly suppressed reports on bankers’ attitudes


The Saint Paul’s Institute has released a report on the attitudes of London’s bankers on the ethical dimensions of their work. The report was briefly suppressed amidst the standoff between St. Paul’s Cathedral–of which the institute is a ministry–and OccupyLondon protestors camped out in front of the cathedral.

During the standoff, Canon Chancellor Giles Fraser, who headed up the institute, resigned because he could not accept the chapter’s decisions to pursue the possibly forceable removal of the protestors, and Dean Graeme Knowles resigned because he believed he had mishandled the situation.

A summary of the report says:

Professionals in the Financial Services sector believe that City bond traders, FTSE Chief Executives and stock brokers are paid too much, teachers are paid too little and that there is too great a gap between rich and poor in the UK, according to a survey carried out by ComRes on behalf of St Paul’s Institute.

Other findings include:

· ‘Salary and bonuses’ are the most important motivation for professionals working in the FS sector in London for 2 in 3 (64%) participants. ‘Enjoyment of the work’ comes a distant second.

· 75% agree that there is too great a gap between rich and poor.

· Only 14% of respondents correctly indicated the motto of the London Stock Exchange (“My Word is My Bond”).

In other OccupyLondon-generated Church of England news, the Evening Standard is reporting that Rowan Williams, the Archbishop of Canterbury was unhappy with the way that Richard Chartres, Bishop of London, was handling the protest:

Initially, the Bishop of London called for the anti-capitalist “tent city” to leave and encouraged the cathedral to take legal action against the protesters.

However, St Paul’s, led by Dr Chartres, performed a U-turn last Tuesday and dropped plans to seek a High Court injunction against the 250-tent camp. It is understood the decision followed a phone call last Monday between the Bishop and Dr Williams, who is said to have been deeply unhappy at the cathedral’s initial decision. Later that day the Archbishop released a statement backing the protesters and said he sympathised with the “urgent larger issues” they raised.

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