Your Last Day at the Bank of England

The Bank of England is now prepared to fire the bottom 5pc of its staff every year, as it adopts management techniques more commonly found at Goldman Sachs or Morgan Stanley. All the Bank's 1,800 staff are assessed each year at Christmas for competence. This year, their managers will tell them if they have fallen into the bottom 90. If they have, they will forgo their annual pay rise, be placed on a year's notice, and have three-monthly reassessments. Those who fail to hit their targets and do not climb out of the bottom 90 will be fired without redundancy payments.
[Daily Telegraph page B1 - 13.10.05.]