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article imageOp-Ed: Rip-off Bank bows to Feminist Nonsense

By Alexander Baron     Feb 3, 2014 in Business
The man at the top of Lloyds Bank has announced that 40% of its top managers will be women in six years from now. This benefits who, exactly?
When they are not proselytising against our imaginary rape culture, the opponents of the mythical patriarchy like nothing better than to demonstrate the continuing oppression of women by manipulating statistics. One of their targets is the so-called glass ceiling. Keep parroting a lie incessantly, and somebody higher up the food chain will be taken in by it, including in this case António Horta Osório, who is currently Group Chief Executive of Lloyds Banking Group.
This morning, a front page story in the London commuter freesheet City A.M. reported his commitment to "hire 600 more female managers over the next six years".
We are told that the bank has a 60% female workforce, out of which 28% are senior staff, presumably managers.
If women are to be promoted purely because of their sex, it follows that men will have to be overlooked on account of theirs. Who exactly will this benefit? In case anyone hadn't noticed, the two arguably most powerful banking posts in the world are currently held by women: the over-remunerated Christine Lagarde and the recently appointed Janet Yellen.
How has either of these appointments assisted the economy of America, the world or anywhere? What is needed is not to change the gender of those at the top but to change the system. There are ways of doing this, and ironically this very day, the same bank is at the centre of a real scandal. The Financial Services Authority (as it then was) began imposing fines for the mis-selling of Payment Protection Insurance way back in 2006.
Today, the BBC Radio 4 Today programme revealed that Lloyds has had to set aside another £1.8 billion to cover the PPI scandal. The bank is said also to be still receiving a staggering 37,000 PPI mis-selling claims every month.
This is something that permeated the entire banking structure, from management right down to those staff - women as well as men - who sold people - women as well as men - a worthless product. It is this culture that António Horta Osório should be challenging, not the mythical problem of maintaining a ludicrous gender balance.
This opinion article was written by an independent writer. The opinions and views expressed herein are those of the author and are not necessarily intended to reflect those of
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