As of this morning, Britain has an ex-banker as its culture secretary. Sajid Javid, banker (ex) has been promoted to replace Maria Miller, who resigned after a big row about her expenses. Javid used to work at Deutsche Bank. This is what you need to know.
Before he left to pursue a career in politics, Javid says he was a 'senior managing director' at the bank.
Javid graduated in politics and economics from Britain's university of Exeter in 1991 and went straight into a job with Chase Manhattan. He worked in the bank's emerging markets team.
The son of a bus driver from Rochdale, Javid says he interviewed with several British banks but that they were too snobbish and class-conscious to make him a job offer. “I didn’t have any background in finance, my family didn’t know anyone who worked in a bank until I started working for one myself," Javid told the Birmingham Mail. "I was interviewed by British banks and I was interviewed by (US banks) Chase Manhattan and Merrill Lynch. I got offers from foreign banks, I didn’t get an offer from the British banks. I can think why.”
One of the banks that rejected Javid's graduate application was Rothschild, which he says was male and elitist.
“At my Rothschild interview, I can remember it very well, the people interviewing me were seven men sitting on a stage. I was standing while they were sitting. The first question was what school I went to,” he told the Birmingham Mail. After that, Rothschild proceeded to ask what his father's occupation was and to suggest that he applied to a high street bank.
Javid came back to London with Chase in 1997. In 2000 he was poached by Deutsche Bank, which tapped him to become head of emerging markets structuring for EMEA. In 2005, Deutsche promoted him to global head of emerging markets structuring, based in London. The Conservative party spins Javid's emerging markets experience as, 'helping raise investment for developing countries.'
Javid reported into Rajeev Misra, who subsequently left for UBS and built up the Swiss bank's ill-fated fixed income trading business.
Hence the 'senior MD' title (see point 1).
He is 'strongly against' the concept of a renewed bonus tax and has criticized the British Labour Party for spending their proposed tax several times over. When the UK's top tax rate was reduced, Javid spoke to Goldman Sachs bankers in person to ensure that bonuses at the firm in London weren't delayed. In 2012, he urged Britons not to "slam the City," saying it represented some of the best of capitalism.
“They [banks] don’t care about social background, your religion, your colour. What matters the most is that you work hard and contribute and help to make money for that institution,” he told the Evening Standard, contradicting his earlier claims of classism (see point 3).