Has the City of London Lost Its Professional Etiquette?

Hakan Enver, Managing Partner at Magnus Partners, poses a timely and provocative question about the state of professional etiquette in the City of London. With over two decades of experience in financial services, Hakan draws on personal insight, industry data, and real-life accounts to explore whether standards of behaviour and communication in the Square Mile have quietly eroded—or are simply evolving with the times.

Here’s Hakan’s original article in full.

I know this might ruffle some feathers, and that’s exactly the point. Whether you’re a seasoned City veteran nodding in agreement or a newcomer defending the status quo, I want to hear your take in the comments.

As someone who’s been navigating London’s financial services scene since 2001, I’ve witnessed a seismic shift in attitudes and behaviours. What was once a buzzing, polished hub of opportunity now feels tainted by complacency and disregard. Let’s dive in and debate: has the city of London truly lost its edge, or is this just evolution?

The Golden Era vs. the Post-Crisis Slump

When I graduated and headed to London, the prospect of landing a role at an investment bank was thrilling. Suits and ties were mandatory, clean-shaven faces the norm, and the air crackled with ambition. Pre-Global Financial Crisis (GFC), the city thrived, bars buzzed midweek, deals flowed, and prosperity was palpable.

Then came 2008, Brexit, and COVID. These shocks didn’t just reshape the economy; they eroded the culture. Office life fragmented with remote work, and professionalism took a hit. Today, acceptance of subpar behaviour, laziness, ghosting, and a blatant lack of courtesy has become the unwelcome norm. Is this progress or a decline that’s costing us dearly?

The Black Hole of Job Applications: Ghosting on the Rise

In my role at Magnus Partners, launched last summer, I’ve seen this firsthand. Exceptional candidates apply to top banks, tailor their CVs, and pour effort into cover letters, only to vanish into silence. This isn’t rare; it’s rampant.

Recent data paints a grim picture: 92% of workers have been ghosted during the hiring process, with 61% ignored after interviews (up 19% since early 2024). In the UK, 64% of jobseekers never hear back after applying, and 45% are ghosted post-initial chat. Even hiring managers admit it: 80% have ceased communication with candidates.

Why? Overloaded recruiters blame volume – firms get 800+ applications overnight. But with distractions rampant (attention spans for young adults average just 76 seconds in focused tasks), only a fraction gets reviewed. The rest? Ignored. This isn’t just rude; it’s inefficient. Perfect candidates slip through, talent pools shrink, and reputational damage mounts. In finance, where trust is currency, ghosting screams toxic culture.

The Hidden Costs: A Financial Time Bomb

CFOs obsessed with cost-cutting might shrug, but skimping on hiring backfires spectacularly. UK attrition rates hover at 34%, higher in London’s competitive FS scene. Replacing one employee averages £30,614, but in specialist FS roles, it balloons to £11,000–£74,900 (30–200% of salary). Factor in indirect hits: lost productivity (new hires need 6–12 months to ramp up amid regulations and client ties), morale dips, onboarding (£2,000–£10,000), and revenue leaks from client churn.

For firms with 30%+ annual turnover, costs rack up in the millions. Ditching agencies for “cheaper” internal hires? A false economy. Experts source top talent, protect brands, and prevent the vicious cycle of attrition.

Real Stories from the Trenches: The Human Toll

These aren’t hypotheticals; here’s what I’m hearing (names changed for confidentiality):

• Michael’s Mismatch: A seasoned pro with tier-one experience interviewed at a global FS tech firm. The recruiter bungled the job specs, dismissed him mid-call, and left him frustrated. He’s sworn off the company forever.
• Priya’s Cold Shoulder: With 20+ years in FS, she messaged an ex-colleague about a vacancy. Response? Ignored and unlinked on LinkedIn. Job insecurity is breeding paranoia and rudeness.
• Katherine’s Wasted Effort: After four stellar interviews at an insurer, she was sidelined for a rushed internal hire. 15+ hours invested, plus managers’ time—wasted. Internal processes are misaligned, breeding resentment and bad word-of-mouth.

Even my outreach to executives gets crickets. Phones go unanswered; emails languish. Communication fatigue? Sure, but it’s killing the city’s collaborative spirit. Post-COVID remote shifts have amplified this, turning the Square Mile from a bubble of excellence into a ghost town of etiquette.

Time for a Reckoning: Restore the City’s Shine

Firms must overhaul hiring policies now – mandate response timelines, align internal/external processes, and embrace transparency. Dismiss recruiters at your peril; they’re not a cost but an investment in sustainable success.

When markets rebound and hiring surges, talent shortages will bite harder. Firms with tarnished reputations will pay premiums to lure stars. Is this decline inevitable, or can we reclaim professionalism?

What do you think? Have you been ghosted, or do you see this as overblown?