New rules across the pond make holding the title of junior mistmaker a big liability. Bosses of said junior mistmakers will reportedly be better off firing the little ones first and asking questions later (or not at all), so...nice knowing you?
From March 2016, managers at U.K. banks will face much stiffer accountability to the Financial Conduct Authority and the Prudential Regulation Authority for lapses that take place on their watch. As a result, mistakes and suspicious conduct that may have once warranted an inquiry or reprimand may now result in termination because senior staff are less likely to take time to manage junior bankers’ performance, according to Gilligan. "Senior banking staff will not want to take the fall if an under-performing team member puts the bank at risk of regulatory action," Gilligan said. "The risk is that managers will act in haste and that unfair dismissal or constructive dismissal claims will follow."