UK
Are you working in financial services for love or money? If it’s money you’re after, you may be in the wrong business.
Needless to say, bonuses this year will be truly abysmal. Relatively conservative estimates, such as that by Alan Johnson, predict a 10-45% reduction for the rank and file, but who’s to say banks won’t take the opportunity to cut payouts by 60% or more?
The real question, however, is what happens in 2009, 2010, 2011, ad infinitum. Regulators worldwide are sniffing around bonuses. And with the broker dealer model now disgraced and banks facing lower leverage and lower margins for the foreseeable future, it’s worth considering whether banking will ever be a lucrative profession again.
If bonuses are consigned to mediocrity, would you stay in the industry? Banks’ recruiting spiels invariably evoke ‘passion’, but how much of the banking population is really in it for love?
No one is in it for love. People are in it for the love of making money and making money. That’s it. Plus the inflated sense of self-worth it gives to the ego being involved in high finance.
Role on the New Energy Economy!
I work 18 hour days because of my genuine passion for THE CLIENT.
It is the upside of making a lot of money, with the downside being loss of social life or even earn yourself an $$$ and you’ll see a lot of people changing career.
Britain was due a hefty kick up the ar$e. The last decade has seen a further downward spiral into an abyss of deluded financial expectations and an obsession with material gains and elitism. History always repeats itself and normalises ridiculous behaviour and pricing. Most are just too blinkered to see it coming.
“an abyss of deluded financial expectations and an obsession with material gains and elitism”…..
….im getting sick and tired of reading marxist, self-important, moralistic rubbish from people who are too dumb to realise that nothing quite singles you out as being a hypocrite as writing such non-sensensical, anti-capatalist rubbish on EFINANCIALCAREERS.COM. Get your head out of where it shouldnt be and go have you rants on communist.com, youre not fooling anyone.
I think KVmakes a fairly valid point CAPITALIST.
There’s no harm in making money as we all agree but to become obsessed by greed and the material gains of your life is unhealthy for society and yourself. I feel relieved all this has all blown up.
Do you think the Victorian Bankers of Old were communists because they didn’t work 16 hour days and become obsessed with money.? No, they had a healthy risk awareness and focussed on trust, reliability honour and keeping the economy going. They also had far more time to follow their pursuits.
“CAPITALIST” You have become deluded and blinded by the last 20 yrs. We have been living through a dogmatic and extreme ideology epitomised in the banking system. What we will go back to is common sense tructworthy banking and about time. For you to think this is communism shows how far you have fallen.
Spend some time with your family for God’s sake, when you’re on your death bed you won’t be looking back wishing you put an extra hour in at work.
Everything you have said it completely misguided and shows how backwards your view on life really is. In fact, I dont think anyone would be surprised if Mikey and KV were the same person! Pathetic.
“I feel relieved all this has all blown up.”… you feel relieved that for every fat cat, greed-obsessed, short selling hedgie whos now broke, theres 100 people having their homes repossessed, sweat shop workers in india who now earn 0p a day instead of the 2 they were earning before, and that theres going to be 2 million people on the dole on xmas day??
“What we will go back to is common sense tructworthy banking and about time. ” Get real, the worlds moved on. The idea of gentle, fluffy banking is great, dont get me wrong, but its not the sixties, and people arent on LSD anymore, every aspect of the world moves faster and is interdependent as a result.
“Spend some time with your family for God’s sake”. Who on earth has the right to tell anyone how to spend their time or effort?? Mind your own business. I, along with everyone else in finance, apart from the 1% who work in large-cap M&A work fairly reasonable hours, and still have buckets of time with our family and friends
Well said Capitalist 21. Let’s stop the cliches, eh?
You’re no capitalist if you play with other peoples money and face no consequences if things go wrong. Some very interesting sort of capitalism that would be.
If you don’t like regulation, bet with your own money.
yeah those 18+hr days(and nights) are for LOVE…what a joke! and who says they aren’t in it for the money, is a) lying and b) in the wrong field. ibanking is driven by greed, ego(most idiots let ibanking get into their head by thinking they are bigger than God), lies and backstabbing.
Get real, the worlds moved on. The idea of gentle, fluffy banking is great, dont get me wrong, but its not the sixties, and people arent on LSD anymore…
…utter brilliance, about time banker bashing came to a halt!
human beings, being human beings, are deluded and need someone to blame in times of crisis. ok ibanking is run on greed, but so are dozens of industrys. cant understand what so many people vehemently against this sector are doing on a banking & finance website?! someone please explain….
well, everyone is not working in the front office functions where the salary can be huge. Atleast here in scandinavia where I work i doubt that anyone working in back-office,middle office/risk management is working for the money..