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Bank charges: Bad bank reputation harms graduate recruitment

Graduates are being deterred from getting a job in the financial sector as a result of the bad reputation in banks.

This is the opinion of the chief executive officer at Lloyds Banking Group, Antonio Horta-Osorio.

Over the past five years, banks have been criticised for such things as risk management and scandals.

Among the most notable consumer-related issues that have put banks in a bad light is the payment protection insurance (PPI) mis-selling scandal, which has seen banks paying out many thousands in customer claims as PPI has become the most complained about banking product in British history.

Recognition from a senior banker that the financial sector needs to make changes if it wants to attract more graduates was welcomed by Which? executive director Richard Lloyd.

But he added: “To rebuild their reputation they must do more to turn their words into action by putting customers first, enforcing high professional standards and properly punishing those responsible for mis-selling and bad practice.”

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801584842-ADNFCR

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