‘Cityboy’ Geraint Anderson tells Cass Business School’s students what it was like working in banking before the credit crisis.
“First of all, I’d like to apologize with all of you. If there weren’t so many bastards like me in the City, you guys could actually have a job right now”.
This is how Geraint Anderson – the man who back in 2006 broke the City’s code of silence by publishing a column in the London Evening Standard exposing bankers’ and analysts’ lack of morality – began his talk about ‘Greed, Insider trading, and Drugs’ at Cass Business School.
But what was he even doing there?
The recent economic crisis has brought attention to the role of ethics in the business world. In order to better understand how ethics can be implemented in business, Edouard Larpin, current student at Cass, started producing the CassEthics podcast series, where he interviews academics and practitioners about the importance of introducing moral principles to business.
Yesterday, it was the turn of the author of the best-seller ‘Cityboy: Beer And Loathing In The Square Mile’. Anderson told the students what it was like to be a research analyst before 2008: “I spent my money on cocaine, champagne, and strippers. What is even worse, I wasted the rest”, he summarizes with characteristic humour.
He explained that making money in the City before the 2008 financial crisis was relatively easy: “There was a lack of competition, and banks were able to take exceptional risks – that ultimately led to exceptional profits – because they knew they were too big to fail and that they would have eventually gotten bailout loans”.
As a student, Anderson didn’t plan on working for a bank. In fact, after a history degree at Cambridge, and a master in Revolutions at Sussex University, Anderson decided he wanted to travel the world, and sell trinkets from India. However, his family wasn’t happy about it, and his brother Hugh set up an interview for him with a bank. “How I got the job still surprises me”, he says, “I didn’t know anything about banking and numbers; the only thing I was able to do was drink with clients and bring them out”.
Since the crisis, though, things in the City have dramatically changed: “Today professionalism is required, and banks have significantly reduced their entertainment expenses”. But to Cass business students, he recommends: “It’s still a human business, and therefore you need to make your client feel he’s your friend”.
Anderson says he always considered his job as temporary: “I thought I would do it for a few years, save some money, and then quit. But quitting is difficult, especially if you don’t have an alternative. You start thinking like a bank robber”, he explains. “I started saying to myself ‘just one last year’”. But at the end of each year money provided a good reason to stay in the business: “My first annual bonus was £14,000, the last one £500,000”.
And yet, after a really bad motorbike accident in 2008, Geraint decided it was time to resign, and re-invented himself as a successful writer. His third book ‘Just Business’ is coming out in June.
In ‘Cityboy’, Anderson describes his life as a utilities analyst as a mix of lavish corporate entertainment and ill-gotten gains.
But what about women? Are they a little more ethical than their male colleagues? “You can’t generalize”, he answers, “I’ve seen attractive women flirting with their clients – at the end everybody uses what he has to get what he wants. There’s no space for morality in banking – you lose it with your first bonus”.
Anderson says he’s repentant and is trying to “buy his soul back from the Devil” by building a school in Africa. After the talk, students can buy a copy of ‘Cityboy’ and have it signed by the author. “What did he write on yours?” asks one. “He wrote ‘Greed is good’”, the other says.
Student Reviews
Best Journalism school in Europe
When I first stepped onto the campus of City, University of London, I knew I was in for a ride - and not just on the Tube! With its vibrant energy and an impressive repertoire of programs, City U became my home away from home.
The Journalism program was kind of a big deal. Rumour was that we were the best in Europe!
The lecturers were not just experts in their field; they’re practically journalistic royalty. They were invested, passionate, and had a knack for turning the most flat press release into a riveting news story. With their guidance, I’ve learned to navigate the chaotic world of media like a pro.
The campus was a melting pot of every culture, being that we had such a diverse international crowd.
Being in the heart of London, I had the world at my fingertips - there was always a new corner to explore, a hidden gem of a cafe to discover, or a street performer!
City, University of London wasn't just a university; it was a chapter in my life story that I’ll never forget.
Learning environment
The teacher-learner ration is manageable, giving each learner a chance to gain personal attention. It is also easier following up on the progress of a student, as the numbers per class is not large. the conducive environment for learning includes clean classes, standard desks, world class instructional facilities and the opportunity to engage lecturers even after their sessions. The team spirit at City is above board, with learners getting chance to learn both from instructors and colleagues. This is the university of choice; the place to be.
Classes
I liked that each class had a manageable number of learners, making the professor-learner ratio favor knowledge acquisition. I also liked that study schedules were manageable, and not overwhelming. The focus on talents and gifts even within the learning environment makes it possible for learners to achieve the best of their potential, and this has worked to the advantage of those that have schooled at City, University of London
Classes
The diversity at City University facilitates interactions and is a direction toward the unity of the world. The classes are well built to match the number and needs of all students regardless of the elements of diversity that set people apart. The use of technology in delivery makes learning even more interesting and achievable. At City University there is no distinction pegged on the issues that make people unique.
professors
The team of lecturers at the Uiversity are well experienced. Their level of insight and the methodologies of delivery works for the interes of the leaeners. My learning experience was largely boosted by the level of knowledge of the professors at the institution, and their passion to transfer the same to learners. I appreciate every class I attended because of the level of insight I was able to gather
The best university I’ve been to
The campus and the people I've met have made it a wonderful experience. I was reared in a small town with a graduating class of only 88 individuals, so moving to City University was a huge adjustment for me. My dorm has more residents than my whole high school combined! I enjoy the atmosphere here, and everyone is so friendly. Outstanding academic options and a stunning campus. Really great from beginning to end. The educators genuinely love what they do, and the students are ready to learn. On or around college, there is always something to do with friends, and the social scene is particularly warm.
Bayes Business School
As a student at City university attending Bayes Business School I would totally recommend choosing this university as the experience is exceptional with great social networking opportunities . Professors are significantly helpful, delivering with excellence and professionalism. Everyone is happy to help and make you feel welcomed in such an esteem university as City, offering exceptional development and guidance through out the course.
Economics and Politics
Incredibly amazing university, the way they polish students and help them boost their morale and think intellectually is worthwhile. Many universities have international partnerships to allow exchanges between their students. The most obvious subjects for these opportunities would be those that involve languages, and the study of people and places.
Clinical biology
I really like it it’s perfect for me with not too many people and not too few either. All the modules are amazing. I love the toy bar. I love all the societies that I’ma part of. Especially the colour Bollywood society
Unlocking My Potential at City University London
My time at City University London was truly transformative. The university's vibrant community and diverse extracurricular activities allowed me to forge lifelong friendships and professional connections that extend beyond the classroom. I was impressed by the university's commitment to academic rigor, character development, and personal growth, which created an ideal environment for me to reach my full potential. The research-driven and industry-relevant curriculum provided me with a solid foundation in international business, while the dedicated faculty and staff offered invaluable guidance and support. I feel grateful for the well-rounded education and holistic experience that City University London offered, preparing me for success in my career and beyond.
Rather interesting
The academics are tough, but in a good way. The professors are experts in their fields, so you know you’re learning from the best. They push you to think for yourself and really dive deep into the subjects. But it’s not all about hitting the books; London itself is like an extension of the campus. You’ve got museums, galleries, and just the general buzz of the city to keep you inspired.
Urban campus life
At the University of London, I have experienced dynamic and diverse academic environment where I was challenged by rigorous coursework. You will have the flexibility to choose from the wide range of courses, participate in numerous extra-curricular activities and take advantage of the many opportunities
