Banks have joined tobacco and gaming companies as the least desirable destinations for non-executive directors, with City grandees fearing that involvement in the financial crisis will cost them their reputations.
Leading headhunters said that they were struggling to find non-executives without financial expertise willing to join bank boards. Yet demand is expected to rise for ex-bankers and accountants, as banks and insurers increase the financial expertise of their boards.
Peter Waine, director of Hanson Green, a boutique company that specialises in non-execs, said: “We're already detecting a slight difficulty. There's no problem if it's a mutual — we just did a large mutual and we were overwhelmed with the quality of the applicants — but we're finding financial services generally a little more difficult.”
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