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The Guardian view on Britain’s new class divide: the professional middle is being hollowed out | Editorial

A micro-elite in finance and tech hoovers up talent while white-collar jobs lose their lustre. A society that rewards proximity to capital over contribution risks ruptureIn the US, the brightest are said to join AI firms. In Britain, they sign up to be quantitative analysts. The Financial Times reports that the City is becoming one of the world’s leading “quant” centres. An Oxford don in charge of mathematical finance told its reporters that almost all his students ended up working at quant trading firms, on salaries from £250,000 to £800,000. “If you get offered a salary less than £250K, you’re kind of the sad guy,” he said, adding that “nobody I know interviews for JPMorgan, Goldman Sachs … not once do I hear anybody entertain any of these traditional investment banking jobs.”The lure is obvious: 45-year-old billionaire trader Alex Gerko earned £682m from his City quant firm XTX Markets last year. Harder to grasp is that modest salaries in once respectable professions now function to deter people from the very graduate careers they once defined. On the FT’s front page, employers warned that graduate entrants to City bluechips earn a median yearly salary of £33,000, not much more than the new £26,400 minimum wage. Executives cautioned that university debt no longer yields a wage premium. To preserve profits, firms said they would look to using more AI or offshore roles.Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our letters section, please click here. Continue reading...

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