UK 03:38 Sunday, 25 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
I say this time and time again, in any business there are three key groups of stakeholders: customers, employees and shareholders. In some businesses there is a fourth, suppliers. The basic rule is that you can over-reward one or two key groups by screwing a third but only for so long. In the end you will pay for that screwing. Wealth manager St James (STJ) created a vile culture where staff were given huge bonuses, luxury cruises and more if they screwed customers by getting them to churn their investments and by stiffing them with any charges going. That also allowed the company to pay bumper bonuses. But that business model is not sustainable. And today the chickens started coming home to roost.
Already a member? Sign in
• All premium articles
• Tom Winnifrith’s Bearcast
• Access to all the entire nearly 13 year archive
• ShareProphets Daily Newsletter
Cancel any time
This area of the ShareProphets.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ShareProphets.com. ShareProphets.com does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ShareProphets.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ShareProphets.com and is not intended to be relied upon by users in making (or refraining from making) any investment decisions.
