‘Alpha male’ bank culture condemned

Virgin Money CEO Jayne-Anne Gadhia
Virgin Money CEO Jayne-Anne Gadhia

The boss of Virgin Money has hit out against the “alpha maleness of banking” demanding people “win at all costs”.

CEO Jayne-Anne Gadhia, who once ran RBS’s mortgage business, said: “I think winning at all costs has been a problem for all sorts of businesses in the past, and it’s certainly been a problem in banking.

“Good business which tries to find a win-win for everyone is going to be the most successful business in the end.”

Her remarks come as Bank of England boss Mark Carney said the ‘’age of irresponsibility’’ was over in his annual Mansion House speech to the City alongside Chancellor George Osborne on Wednesday night.

It came as the Bank published the final report of the Fair and Effective Markets Review, which the governor and Chancellor launched last year in the wake of several City scandals.

Among its 21 recommendations, the review calls for criminal sanctions for market abuse to be applied to a wider range of areas and the lengthening of the maximum sentence from seven to 10 years.

It also said it was now time for individuals and firms to play their part in raising standards, warning that if they failed, more restrictive regulation would be inevitable.