Like the Civil Service, the senior ranks are selected by where their parents sent them to school, and how well they learned to conjugate Latin verbs while they

Like the Civil Service, the senior ranks are selected by where their parents sent them to school, and how well they learned to conjugate Latin verbs while they were there. Technical skill is not only viewed with contempt it is actually a bar to promotion. Investment banking is actually a lot saner - Thatcher’s reforms in the 80s went a long way towards destroying the Old Boys Network in that industry niche.