Note: These comments apply to a non-front office role, i.e. do not relate to Portfolio Management and IPFS teams (which both have some fantastic people in their ranks)
• In the support function that I've worked for, noticed an exceptionally high degree of favouritism in terms of assigning promotions and high-profile assignments - 'who you know' always seemed to matter a lot more than 'what you know'. Your competence and skills don't really matter as long as you buddy up with the right people.
• Lack of individual accountability leads to duplicating effort, frequent miscommunication and inefficiency - there's a constant tendency to re-invent the wheel, which is further exacerbated by a number of pointless meetings which rehash what was already said multiple times.
• A number of individuals hired as contractors are lead on by empty promises that they might be eligible for permanent opportunities, which may or may not materialise despite good performance. I've seen colleagues who have been with the company for years scramble to receive perm offers.
• Overplaying the importance of 'fitting in' culturally comes at the expense of focusing on what is ultimately important, which is being good at your job and offering valuable expertise. I've seen a lot of cliques and in-crowds firsthand - being liked seems to be a one-way ticket to attractive assignments/projects and second chances (the opposite also applies: if you aren't liked as much, you may find yourself suddenly excluded from key meetings and given menial assignments that add little value to the business)
