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is it nuts to consider going into retail banking?
after a 2 year break (family health reasons), im thinking its going to be impossible to get back onto a trading desk (sell side or buy side), even though i was very profitable at a major investment bank (think one of the last 2 remaining). so would it be nuts to consider getting a job at a retail branch as a loan officer or a branch manager? pay is not that good (can u even break 6 figures???), but the hours rock (no more 12 hour days) and job security/longevity is there (thinking of the future, how many 50 year old traders do you know on wall street???) opinions? thanks very much
Asked by petppetp
Posted in Switching Sectors and Trading
18 Feb 2009
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If you'd find that type of work satisfying, then go ahead and try. You'd basically be doing customer service work for a customer base that walks in off the street. That's a very different (i.e. less educated) group than you're likely to encounter on a bank trading desk. Retail branch banking strikes me as rather similar to being the proprietor of a bodega, apparel or other retail store. It's what my father did all his life, but I'd go nuts if I had to do it. And it's hard to see how you could afford to do it, unless you saved enough from your trading days so you don't have to work again. (As you pointed out, retail branch banking is a semi-volunteer proposition. I'd guess some decent proportion of retail loan officers and branch managers do break 6 figures, but only just barely.) And if you don't have to work again, then try to seek out something you'd love to be doing.
Jon Jacobs 19 Feb 2009
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