UK
I am daring to be optimistic. Last year, banks made 20-30% of their staff redundant. This year, many have followed up with another round of cuts. I’m still around. So how does it feel?
My main feelings are a combination of humility and cautious relief, and I don’t think I’m alone in this.
Anyone who has watched a neighbouring desk get obliterated, or watched colleagues from their own desk get fired, cannot but feel some sense of fortune, of there but for the grace of God go I.
With whole institutions like Lehman going down, it’s no longer just about capable and incapable individuals, it’s also about the lottery of which bank you work for. Even the most arrogant and self-assured have learned to doubt.
Personally, I always find it saddest when someone who is in the latter stages of their career is let go. This is particularly the case if they have been part of the same institution for years and have become ‘part of the furniture.’ Contrary to popular myth, many still need to work – they have families to support and mortgages to pay.
I have less sympathy for the younger guys. It’s still tough for them, of course, but their whole careers are yet to come. And you know what? It’s probably not a bad thing for some of these kids to feel the sharper edge.
The atmosphere among us survivors remains tense. Despite a decent start to the year, the general view is that more rounds of redundancies are likely. There’s no real sign of a recovery yet and few believe it will happen before 2010.
This crisis has thrown a wild card into the mix: government. For those institutions that have taken government (OK, if I must, ‘taxpayer’) money, the future is highly uncertain. Governments themselves don’t seem to know what they’re going to do.
As a survivor I am therefore taking the long term view. The next part of the cycle may be a while in coming.
Personally, I always find it saddest when someone tries to disguise gloating as sympathy.
Richard,
George Trower is what is known in our business as the “the velvet hammer”. Deliver that brutal blow of gloating by disguising it, veiling it. Masterfully done.
Just sickening.
If you are at the end of your career, you would hopefully get a higher payout and less likely to have family/mortgages to support.
The younger guys, perhaps those in their 30s, are more likely to have massive mortgages, fewer savings and young families.
I’m a survivor (what),
I’m not gonna give up (what),
I’m not gon’ stop (what),
I’m gonna work harder (what),
I’m a survivor (what),
I’m gonna make it (what),
I will survive (what),
Keep on survivin’ (what),
I’m a survivor (what),
I’m not gonna give up (what),
I’m not gon’ stop (what),
I’m gonna work harder (what),
I’m a survivor (what),
I’m gonna make it (what),
I will survive (what),
Keep on survivin’ (what)…
Unpleasant individual, this Trower character.
Perhaps some of us in our latter years have less obligations but we still have the drive and the desire to keep going. More importantly, some of us have exactly the experience and knowledge needed at this time. Of course, years “on the job” do not, in and of themselves, translate into knowledge, much less “wisdom.” One needs to use the experiences of these years as a catalyst for change. The pity is that we may not be able to use these skills at this critical time.
I’d like to see a follow up article by Trower after he has been made redundant. What fun!
Don’t worry, I’m sure that George will be the next to go.
“Even the most arrogant and self-assured have learned to doubt.”
Nope! Watching rubbish people get laid off whilst my career carries on down the fast-track has made me more self-assured than ever before.
George is sick… gloating at people who have been made redundant.
I wonder how someone with so little empathy/brain power is a survivor.
Some young people come from very rich families and don’t care or are happy about leaving – others had to work hard (and take loans) for years to go into banking and need to learn new skills (and take more loans). Some older chaps are the source of this mess and have made and saved a lot, while the opposite is also true….So generalities and selected pitty are understandable from the public, but not from a “surviving” insider.
Truth is: too many people worked in banking. There is a shift of resources to more productive activities. It’s painful and sometimes unfair, but such is life. So please stop the survivor talk.
Nice song Henry, but too many “what”!
Looking at some of these comments reminds me of a brilliantly insightful sign I once saw in a hotel manager’s office: “Hire a youngster while they still know everything”!
“Even the most arrogant and self-assured have learned to doubt.”
Funny when I read that I thought of you Henry (it was actually quite an unpleasant thought)
And incidentally you’re singing was out of tune!
I work at goldman and i assure my job is guaranteed for life.They can’t ever do without me. Bringing them 7 figure profits annually.
Am I the only one being freaked out by Henry quoting song lyrics every chance he gets. Why is he not making his usual sarcastic or insulting remarks or not boasting about how great he is.
The problem is that these older women & guys have been having it very easy for a long time. That is the price you pay as William Joel put it…
Henry has too much time to sing songs whilst walking between the desk and starbuck to go FETCH MY LATTE!
Henry where is your article?????
“Bringing them 7 figure profits annually”
LOL
I’ll eventually get round to that article… just can’t get it written at work for some reason, too many distractions, like funny websites.
Why’s everone giving George a hard time? It’s pretty **** being one of the guys left after a big round of redundancies and watching other people go through it – I should know, I was made redundant this time last year, and last month in my new company I watched the same thing happen to 20% of my colleagues.
This is some kind of joke right ?
Oh how wonderful it is that you’ve kept your Job, in the face of others been shown the door..and don’t forget those young ones…who so deserve to pay for the mistakes of the 40-50 year old who built their empires in castle of ultra high risk derivatives and hedges, like a bunch of juiced up sycophantic narcissists on the way to the old boys club (casino).
You make me sick.
Henry is an estate agent in Stratford.
Henry give up lettings negotiation and come work for me, ill pay you twice your base (minimum wage) minue the extortionate over time and all you need to do is…
FETCH MINE AND MY SECRETARIE’S LATTE!
Interesting post George.
Now try this – I have.
You, yes you, have to fire these people. You, yes you, have to tell them.
Funny anymore? No it is certainly not. Now, where is my vodka?
wow, this article was uncalled for
No point in blaming Trower… it’s not his fault that you were let go…
trower doesn’t have to rub it in…for some of us we are going to leave the financial services industry altogether….HE CAN BE A GOOD GUY AND NOT RUB IT IN!
“I have less sympathy for the younger guys. It’s still tough for them, of course, but their whole careers are yet to come. And you know what? It’s probably not a bad thing for some of these kids to feel the sharper edge.”
From personal experience I think there’s some truth in this. I was a junior trader let go during the 2001/02 downturn. It was tough and I wouldn’t have chosen it, but I’m certainly a lot wiser for the experience.