Profit `Not Satanic,’ Barclays Says, After Goldman Invokes Jesus

Nov. 4 (Bloomberg) – Barclays Plc Chief Executive Officer John Varley stood at the wooden lectern in St. Martin-in-the- Fields on London’s Trafalgar Square last night and told the packed pews of the church that “profit is not satanic.”

The 53-year-old head of Britain’s second-biggest bank said banks are the “backbone” of the economy. Rewarding high- performing bankers with more pay doesn’t conflict with Christian values, he said. Varley was paid 1.08 million pounds ($1.77 million) and no bonus in 2008.

“Talent is highly mobile,” Varley, a Catholic, said. “If we fail to pay or are constrained from paying competitive rates then that talent will move to another employer.”

“Is Christianity and banking compatible? Yes,” he said in an interview after the speech in the 283-year-old church. “And is Christianity and fair reward compatible? Yes.”

Read more: bloomberg.com/apps/news?pid=20601109&sid=aySZ9TS.aODA&pos=12

Profit is great! I work on wall street and feel that if banks can’t hire top people than these top people will go where they can earn fair pay. If these banks can’t make a profit they’ll go bankrupt.

But I don’t see why a top trader would waste their time at a big to big to fail bank when they can work at a small trading firm and make a bigger paycheck and have more freedom as to what they wear and so fourth.

You’re only bailing your self out by not letting citigroup go bankrupt.

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