Entrenched elitism in UK banking sector: report

London

ENTRENCHED elitism in the UK banking industry blocks people from lower-income backgrounds, according to a report by a government advisory body.

Half of the City of London's top investment bankers are educated at fee-paying schools, even though less than 7 per cent of UK pupils go to a private school, the Social Mobility Commission said in the study published on Thursday. In private equity, seven in 10 new hires over the past three years went to non-state schools.