When I sat down with colleagues this year to review a “longlist” of applicants for the Financial Times’ editorial trainee scheme, we agreed on one thing: any of the 50 candidates left in the running would be a worthy recruit. Yet following months of due diligence by FT staff, including writing tests and, for some, interviews, 48 were bound to receive a rejection letter.

John Gapper

Given that financial crises are caused by herd-like behaviour by banks, it is hard to know whether to be encouraged or dismayed by the latest mass shift – away from investment banking and toward retail and commercial banking.

The Bank for International Settlements annual report, published today, finds that one-third of banks that entered the financial crisis in 2007 as wholesale-funded or trading institutions switched to retail banking by 2012 (19 out of the 54 in its sample). Read more

John Gapper

The global system for taxing multinational companies is broken, but no country wants to alter it too radically for fear of making it worse. That was my impression after hearing international tax experts gathered in Oxford this week to discuss reform.

Reform of corporate taxation has been thrust onto the political agenda in Europe and by controversy over the tax policies of companies such as Google and Starbucks. The ease with which they can shift intellectual property and royalty payments to low tax regimes has outraged politicians on both sides of the Atlantic.

The attempt by Pfizer to turn itself into a UK company for tax purposes by acquiring AstraZeneca has also drawn attention to the use of “tax inversion” by US companies. They want to use the cash piles held overseas to make acquisitions that allow them to change corporate nationality and reduce their taxes.

But while most countries agree that the system of global taxation in place since the 1920s is flawed, there was no consensus at the conference held by the Oxford University Centre for Business Taxation on how to fix it. Instead, most prefer to play defence. Read more

John Gapper

The New York attorney-general’s complaint against Barclays over the way it ran its dark pool seems to contain clear evidence of institutional investors being misled about the amount of “toxic liquidity” provided by high-frequency traders.

More broadly, however, it raises the question of how the original purpose of dark pools – to allow institutions to make block trades away from public markets where they would move the price – was subverted by investment banks. Read more

It was fitting that when Rebekah Brooks, the former editor of the News of the World, was overcome with emotion at the Old Bailey on Tuesday, having been acquitted of charges related to phone hacking, she was helped by the court matron. Only a tabloid case would feature a figure so reminiscent of old British institutions such as boarding schools and cottage hospitals.

Emma Jacobs

Luis Suarez, right, and Giorgio Chiellini after clashing during their World Cup match. Photo: Reuters

If you bit someone at work – as Uruguayan striker Luis Suárez appeared to on Tuesday night – would you get sacked? It seems likely. Read more

The Innovator’s Dilemma was published in 1997, so when The New Yorker last week printed a detailed dissection of disruptive innovation, the idea at the heart of Clayton Christensen’s book, my first reaction was: what took critics so long?

Andrew Hill

Clayton Christensen (Peter Foley/Bloomberg)

Clay Christensen is a gentle man, of devout Mormon faith, prone to sentimentality and beloved by many – not least for his lessons to students on how to find fulfilment, which he turned into an unexpected bestseller, How Will You Measure Your Life?

But the avuncular Harvard Business School star is hot under the collar about this week’s New Yorker attack on the book (The Innovator’s Dilemma) and theory (disruptive innovation) for which he is best known.

What seems to have made him particularly angry is the fact that the author, Jill Lepore, who is also a Harvard academic, did not drop by to chat to him about her detailed allegations that his theory does not stand up. Read more