1. Leave your morals at the door

Barclays may be preaching the idea of a new, moralistic banker, but Machiavelli – as a realist, rather than idealist – believed that you should embrace your darkside. He said that while most people are trustworthy in the good times, they’ll quickly turn selfish and deceitful in periods of trouble. It’s not exactly a great time to be working as a banker, so it’s worth bearing this in mind.

“For a man who wishes to act entirely up to his professions of virtue soon meets with what destroys him among so much that is evil. Hence it is necessary for a prince wishing to hold his own to know how to do wrong”, wrote Machiavelli.

2. The outcome justifies the means, but it might not always stay that way

Building on the theme of stepping on your contemporaries as you move up the career ladder, historian Volker Reinhardt said that Machiavelli’s point was that: “Success justifies anything, even the most evil methods. After the triumph, no one will ask how it has come to this. The most successful is he who knows how to use the instruments of violence and insidiousness at the right time and in the right situation.”

The former RBS CEO Fred Goodwin is a good example for this principle. Notoriously aggressive and controlling, Goodwin was instrumental in dragging RBS from a relatively provincial bank into a global powerhouse. He was knighted and achieved notoriety in the banking sector until the acquisition of  ABM Amro, which was ultimately too big a fish to swallow. After the £45.5bn tax payer RBS bail-out, it all started to unravel for Goodwin. His outrageously generous pension of £700k a year was slashed and Sir Fred became Mr Goodwin again.

3. Talent is one thing, but luck is the differentiating factor

Fortune (fortuna) and talent (virtu) were at the heart of Machiavelli’s ideals. A banker could be highly talented, but without a little luck he will never succeed. However, you people have to seize that luck when it presents itself. “Nevertheless, not to extinguish our free will, I hold it to be true that Fortune is the arbiter of one-half of our actions, but that she still leaves us to direct the other half, or perhaps a little less”, wrote Machiavelli.

Take the new CEO of UBS, Sergio Ermotti. He only joined the Swiss bank in April 2011, but five months later the Kweku Adoboli rogue trading scandal blew up. Oswald Grübel fell on his sword and Ermotti was there at the right time to take the role of interim CEO and eventually take the job on full time. His Swiss passport also helped the case, which could be viewed as another slice of luck. Whether he has sufficient talent remains to be seen.

4. Don’t be good, but preserve a good reputation

Machiavelli was the first campaigner for maintaining a personal brand, and this was before the advent of social media. You may use a variety of methods to succeed, some of them underhand, but at all times you need to maintain a good reputation.  “For this reason a prince ought to take care that he never lets anything slip from his lips that is not replete with the above-named five qualities, that he may appear to him who sees and hears him altogether merciful, faithful, humane, upright, and religious,” he said.

When the former head of investment banking at Deutsche Bank Anshu Jain was elevated to co-CEO many people, particularly the German media, were sceptical. But Jain did everything he could to rid himself of his investment banking image. Together with his co-head Jürgen Fitschen, Jain claimed a rejection of egotism and bonus-fuelled mentality. “We want Deutsche Bank to be at the forefront of this culture change in our industry,” they preached on Deutsche’s website. The results of the Libor investigation will finally show if Jain is the right person to lead this change.

5. If you make it to management, make changes quickly

When a banker becomes promoted to a new managing role, they need to do a little house cleaning. It may be considered harsh or cruel, but it’s better to get them out of the way quickly and painfully, rather than eke out cuts over a prolonged period of time.

“Hence it is to be remarked that, in seizing a state, the usurper ought to examine closely into all those injuries which it is necessary for him to inflict, and to do them all at one stroke so as not to have to repeat them daily; and thus by not unsettling men he will be able to reassure them, and win them to himself by benefits”, said Machiavelli.

Ermotti is another good example here. He cut 10,000 jobs shortly after rising to the CEO role and unveiled a radical plan to shake-up UBS’s investment bank and pull out of certain business areas entirely. The UBS employees who found themselves locked out of the office with no warning of the impeding cuts may take some time to forgive and forget, though.

6. Make your employees depend on you

Modern management styles would get a short shrift from Machiavelli. Success depends on having your employs both fear and depend upon you. He praises the contemporary Turks who were seen as tyrants. The sultan exchanged all his officials as and when he liked. This drew Machiavelli’s admiration: “Therefore a wise prince ought to adopt such a course that his citizens will always in every sort and kind of circumstance have need of the state and of him, and then he will always find them faithful”, he wrote.

7. Remember, at any time it could all go wrong

Even with talent, luck and dubious morals any banker could ultimately fail with their career. Machiavelli cites the example of the son of Pope Alexander VI Cesare Borgia, who was seen as an evil personality in his own time: “Cesare Borgia … acquired his state during the ascendancy of his father, and on its decline he lost it, notwithstanding that he had taken every measure and done all that ought to be done by a wise and able man to fix firmly his roots in the states which the arms and fortunes of others had bestowed on him.”

An example of an inglorious fall from grace is Dick Fuld, the former high-flying CEO of Lehman Brothers who ultimately oversaw its dramatic collapse. Similarly, Jon Corzine, who maintained an iron grip on MF Global and maintain absolute faith in his own abilities to build a bulge bracket investment bank, eventually led the firm into bankruptcy.

This being the case, it’s unfortunate that profits at Jefferies plummeted 34% year-on-year in the second quarter, seemingly due to a 27% decline in fixed income sales and trading revenues over the same period. It’s also unfortunate that Jefferies has gone from hiring to firing: 56 jobs were cut in the last quarter. And it’s sad that pay per head in the quarter fell 11%, to $99k.

Jefferies results seem to say that banking profits are falling, that jobs are being cut and that pay is in decline.

If this all sounds a little depressing, then bankers can take solace in the fact that Jefferies’ results may possibly be decoupled from other firms this time around. Breaking Views notes that Jefferies’ second quarter tribulations haven’t been reflected in the pronouncements coming from other banks.

Meanwhile:

It’s a big day for bond investors. (Fortune)

Michael Cohrs, the former co-head of corporate and investment banking at Deutsche Bank, told the Banking Commission that: “London is a pretty neat place to live. These people make a lot of money. They want to spend their money in a pleasant place, and London is a very pleasant place.” (ParliamentUK))

Vince Cable wants the new boss of RBS to have his bonus tied to small business lending. (Sky) 

JPMorgan has promoted Ina De, formerly EMEA co-head of equity capital markets, as co-head of investment banking. (Finanical News) 

It is pathetic and puerile to spend your time at the office wholeheartedly engaged in trying to spoil someone else’s day – but it’s not petty. (Financial Times) 

Nomura’s Australian equities business has been ‘restructured.’ (WSJ)

How to salvage a disastrous interview. (Daily Muse) 

The Daily Mail has published an online impotence calculator. (Daily Mail)  

Grudge-holders perceive a hill as steeper than people who had been asked to recall a time they’d forgiven someone. (Stanford)

“Over 30 years I have seen cycles and I would say we are pretty close to the bottom of the electronic trading market making cycle,” says Ilya Talman who founded Roy Talman & Associates in 1982. “What is next cycle? People who take advantage of the next new thing are already in business.”

Much to ire of Bloomberg, Deutsche Börse bought the right to produce and distribute the The Chicago Business Barometer two years ago and now sells early access to the monthly index of economic activity based on a survey of companies. For $2,600 a year, subscribers get the market moving data three minutes before public release.

Thomson Reuters is selling results of the University of Michigan Consumer Confidence Index five minutes before the data is released, CNBC reported last week, without saying how much Wall Street banks are paying. The highest-level subscribers reportedly get an edge by receiving the information two seconds earlier.

Talman expects other firms will follow and that selling a sneak peek into news and analysis will be the next big wave in high-speed big data.

“One could say world is propagating where opinion of one researcher becomes news,” he says. “You have vendors like the Wall Street Journal or Dow Jones, anybody who can generate market moving news, realizing they want to monetize content into machine readable formats and charging for that access.”

Another potentially prosperous market would be capitalizing on the success of the CBOE Volatility Index (VIX), Talman says. In an agreement with CME Group, the Chicago Board Options Exchange last month starting disseminating values for a new volatility benchmark index using futures options data on CME Group’s 10-year U.S. Treasury note contract.

“Maybe that’s where the future is,” Talman said.

One things’ for certain: the big money is no longer pumping out of proprietary trading shops and hedge funds that leverage high-frequency strategies as well as agency brokers doing low-latency algorithmic trading.

“In the prop trading universe it seems it is impossible to combine prop businesses … Anytime there is any kind of business combination it’s a distressed and not really consolidation. It’s more of attrition,” says Talman.

“We see a lot of ‘looking,’ not so much hiring. (There is) no clear pattern, whatever hiring is occurring is very deliberate and narrow,” he adds. “While prop trading firms’ business seems to have stabilized this year, we do not see an overall expansion to this whole area. On the hedge fund side firms are either fortifying their long running areas of expertise with very little net hiring or putting toe in the water exploring new types of trades and/or assets for them. This might result in net hiring, but so far we have not seen much of it.”

With so many opponents in the ring, from big banks creating their own algorithms to regulators waving a heavier fist, high frequency traders have steadily lost volume since 2009.

Royal Bank of Canada expects to win a U.S. patent for THOR, its own technology weapon to take high-frequency traders. Canada lags behind the U.S. in the fast trading space and banks are now stepping up efforts to reclaim a greater share of volumes. First deployed in 2010, THOR “solves market structure challenges” posed by lightning-fast electronic trades that can result in “disappearing” liquidity, the bank says.

Of course there are always job out there, it’s just nobody’s hiring in droves for any particular talent at this time.

“Somebody’s garbage is somebody else new-found treasure,” Talman said. “Some say we are not doing this kind of trade while others who are new to it say ‘this is great.’”

For now, most firms are “sticking to their knitting,” he says. Money managers, for example, are “looking to expand in areas they are familiar with.”

“I think that everybody is sitting and waiting for things to happen and they have been waiting for two years for Japan to blow, for Europe to blow, for interest rate markets to blow, and it might still happen and (firms) will need to have capabilities for that.”

Follow the author on Twitter @natashagural

The huge report contains a multitude of suggestions, but if you work in the City of London – or are thinking of working in the City of London – this is what you need to know.

1. The commission wants ten year bonus deferrals, which would apply very broadly to bankers working in London 

The Commission is proposing the most punitive bonus regime in the world. Not only does it want bonuses to be deferred for 10 years, it also wants 10-year bonus deferrals to apply to almost everyone – and not just the most senior staff. This is harsher than European rules (three-year minimum bonus deferrals), harsher than U.S. rules (three-year minimum deferrals for the most senior staff) and harsher than Singapore and Hong Kong rules (no minimum deferrals at all).

The argument for 10-year deferrals is similar to that touted by Andy Haldane at the Bank of England for years: the credit cycle lasts from 10 to 20 years.

The Commission wants the 10-year deferrals to apply to ‘all licensed staff’, who are likely to be far more widespread in future. The Commission notes that the current Approved Persons regime didn’t apply to derelict Libor traders: in future, it says that licensed staff should be defined as anyone, ‘whose actions or behaviour could seriously harm the bank, its reputation or its customers.’

If you come to London in future, you may therefore wait 10 years to get paid. The new regime is likely to lead to a de facto cap on pay for bankers in the City.

2. The Commission is encouraging ‘toilet cleaner job descriptions’

As we mentioned last month, bankers in London are already being advised to seek job descriptions that underplay their real responsibilities. The Commission’s report is likely to encourage this trend.

The Commission advocates a new, ‘Senior Persons Regime’ in which ‘key responsibilities within banks are assigned to specific individuals who are aware of those responsibilities and have formally accepted them.’

These responsibilities must be written documented and a handover document must be prepared detailing the responsibilities of each role whenever someone new is hired. Individuals who behave recklessly in reference to their responsibilities could be jailed. 

If the Commision’s proposals are adopted, there will be a clear incentive to have as few written responsibilities as possible.

3. The Commission wants to ban bonus buyouts

The Banking Commission also wants to ban hiring banks from buying out bonuses from staff they’re hiring from elsewhere. Whenever an individual has his/her bonus bought out, the Commission says it becomes impossible for the bonus to be clawed back if previous transgressions emerge.

The upshot of this would be that individuals moving from one bank to another would go without their deferred stock. This might be a good thing in terms of unfreezing hiring: if banks don’t have to buy out stock, new hires will be cheaper to make. However, it would be a bad thing in terms of banker loyalty and individuals’ ability to control their pay – how loyal will a newly hired banker with £5m of stock stuck at a previous employer really be? And what happens if you leave a bank in 2014 and its stock then tanks in 2018 through no fault of your own?

4. The Commission wants to fill trading floors with women

This might be a good thing too. Apropos of nothing in particular, the Commission is advocating that banks publish a breakdown of the percentage of men and women working on their trading floors. Male traders might support this. Women traders might too. In reality, banks might be encouraged to hire a lot of ‘trading assistants’ simply to make up numbers.

European banks’ loss of market share in their home territory is laid bare in the charts below, from U.S. boutique M&A advisory firm Freeman & Co.  For year-to-date 2013, U.S. banks’ share of European investment banking fees is 26.6%. This is up from 21.9% for 2012 and 20.3% in 2010. Freeman’s figures cover M&A advisory, bond and equity underwriting, and syndicated loan arrangement fees. They don’t cover sales and trading revenues.

Freeman & Co. identify several factors driving U.S. banks’ resurgence. They include higher inbound cross-border M&A activity, European universal banks’ retreat from emerging Europe, and U.S banks’ strong fixed income distribution capabilities – which are helping them to win share in the leveraged lending market.

Not all U.S. investment banks are wining market share equally, however. And not all European investment banks are losing share to the same degree. As the charts below show, the big winners in Europe so far this year have been Goldman Sachs (a 31% increase in market share), Citi (a 29% increase in market share) and Bank of America Merrill Lynch (a 21% increase in market share). The big losers have been RBS (a 19% decline in market share), UBS (an 18% decline in market share) and Barclays (a 13% decline in market share).

Some European houses have bucked the trend. Deutsche Bank, Credit Agricole, SocGen and Unicredit have all increased their share of investment banking fees this year – albeit with all but Deutsche growing from a low base.

U.S. banks’ share of EMEA investment banking revenues 2000-2013

Market share of the top 15 investment banks in EMEA 2008-2013

Source: Freeman & Co.

The real question is whether U.S. banks are on a roll and will continue seizing market share in future. They certainly have the benefit of a fast-growing domestic market as a platform for international expansionism. And as the chart below – also from Freeman, shows, U.S. banks were much stronger in Europe in the past – recent gains in market share could merely be the reassertion of the old order.

Source: Freeman & Co.

How can you ensure that turning down one job doesn’t mean your career grinds to a halt? We spoke to a few recruiters to get their insights into what can be a tricky decision.

When it’s a good idea to turn down a promotion

Even with the global financial services industry facing redundancies and cutbacks, you shouldn’t accept any old promotion, particularly if it’s a subtle way of handing you more work with no extra benefits.

Stella Tang, a director at Robert Half Singapore, said: “A good example of a bad promotion is being offered a new title and extra job scope without any additional remuneration. This may mean your boss is trying to take advantage of you and it’s probably time to look for employment elsewhere.” Tang says another example is a new job that directs you away from your career path or into a dead-end role.

Joel Hides, associate director of contracting and technology at Robert Walters Singapore, says that you need to assess the new position thoroughly. “While anyone would normally jump at a promotion, it is important to note that without the right skill sets, business support and infrastructure, taking on an expanded role could actually do your career and the company more harm than good.”

Marcus Emery, national general manager for financial services recruiter, Porterallen, notes, however, that people in the financial sector very rarely turn down promotions. “They worry about appearing to lack ambition, or being unable to step up to the challenges of a new role. And they are concerned that they’ll be overlooked when another opportunity comes up.”

How to avoid killing your chances of ever being offered another

As Emery notes, many people in the financial services sector are afraid that turning down a promotion, even if it is a poisoned chalice, will result in them being sidelined or targeted for lay-offs.

However, Tang said that you should not be afraid to say no to a new role – the trick is communicating your decision in a way that underscores your commitment to the business. “Be thankful, and start your rejection with a sincere thank you for the offer, as this creates a positive start to a difficult conversation. You must also be honest in your reasons for saying no. Your superiors will appreciate if you are upfront about why you have chosen to decline the role. Concern for family or wanting to pursue different goals are things most employers will understand.”

Emery, said that you must make it clear that you have given deep thought to the pros and cons of the promotion before saying no. “You could then say that the proposed new role doesn’t play to your strengths, the timing is not right, or that you still have goals to achieve in your current position.”

How to explain yourself to a prospective employer

Many would be skeptical at hearing that a prospective employee had refused a promotion, especially in the current job market, and would be inclined to think the candidate was trying to gloss over being sidelined. At the very least, it could raise questions in the mind of the interviewer about the candidate’s work ethic and commitment.

Tang says in this instance, less is more. “It is wise not to mention that you have just declined a promotion in your previous company. There is no reason why you should bring it up unless you are asked about it. If you do need to explain your choice, then give the honest reasons for your decision. Never tell your boss one thing and a prospective employer another in case they know each other and compare notes.”

Integrity is key. Hides says it is essential to upfront and honest. “If need be, get permission and offer your previous employer’s contact as a reference.”

Billions of dollars in new issues were put on ice in October last year as the authorities cracked down on fraud and tried to restore confidence in the equities market. China’s burgeoning middle class is hard-pressed to find good investment and wealth creation opportunities due to the paucity of mainstream vehicles, which is one of the reasons behind the explosion of a parallel financial system, known as shadow banking.

But this pressure should ease if IPOs kick off again by the end of July, as is expected. Plus they should inject much-needed capital into the market, which could offset the flagging growth in China’s economy.The new rules for companies hoping to tap markets for funding include greater scrutiny of financial performance. And if any company that lists on an exchange reports a 50% or more drop in profits or a net loss, the investment bank that advised the listing may find the doors closed when it goes to the regulators on behalf of other clients.

HSBC under HIBOR probe spotlight

Hong Kong has turned its eyes on HSBC in the ongoing investigation into HIBOR interbank interest rate manipulation, which has already named and shamed UBS. Bloomberg reports that the central bank has extended its probe to “a number” of banks, and has instructed HSBC to  “promptly implement” remedial measures required by Singapore’s central bank last week following a similar probe in the city-state.The Hong Kong Monetary Authority investigation is ploughing through millions of communication messages, indicating that the process could take years to complete.

Lehman’s blocks Australian settlement

The US holding company of failed investment bank Lehman Bros has blocked a proposal to return AUD$210 million to Australian clients of Lehman Bros. The clients, who include councils, charities and churches, have been in pitched battle with Lehman since it collapsed in 2008. There was light at the end of the tunnel earlier this year,  the Sydney Morning Herald reports, when a tentative agreement was reached to return 50c on the dollar. But the US holding company has just  bought up rights from a key creditor, Lehman Brothers Asia, allowing it to vote down the proposal. A representative of the not-for-profit creditors has accused the US company of “not coming to negotiate on a principled basis.

Steep price of not being naked in Chinese companies

Executive liability insurance is a major cost for Chinese companies that have listed in the US. The Claims Journal reports that the cost of insurance to cover directors and officers of Chinese companies against lawsuits has soared, with premiums reaching as much as USD$100,000 per USD$1 million of coverage in some cases, up from a range of USD$10,000 to USD$15,000 a few years ago.

Hong Kong losing competitive edge

Hong Kong has dropped from being China’s second most competitive region to its fifth due to slower economic growth and weaker governance, according to the China Institute of City Competitiveness annual survey. Hong Kong was overtaken by Jiangsu, Shandong and Zhejiang provinces in terms of overall competitiveness in the past year.

Move over i-bankers and rap artists, high-flying Buddhist monks are here

You could be forgiven for thinking that a YouTube video of Buddhist monks in aviator sunglasses, wearing wireless headphones, and sporting luxury travel bags while travelling on private jets was a spoof on Saturday Night Live or Not the Nine o’Clock News, parodying the notorious lifestyles of over-paid investment bankers or blinged-up rap stars. Yet it seems that some monks have developed similar predilections for the good life. Rather than spurning a life of indulgence, monks from a monastery in northern Thailand have been swapped their monastic existence for lavish behaviour, according to the Financial Times, attracting the ire and censure of the country’s Buddhism body.

Deloitte agreed to the ban and a $10 million fine after authorities cited the firm’s “misconduct, violations of law, and lack of autonomy” during its independent investigation of Standard Chartered, which has been accused of laundering billions of dollars on behalf of Iran. A Deloitte partner admitted that the firm drafted a “watered down” version of its report at the request of the British bank.

Regulators called the ban an important step in eliminating the “I’ll scratch your back if you scratch mine” culture that has been fostered in the consulting industry.

Unable to provide consulting work to hundreds of financial institutions in New York for the next year, Deloitte will likely face some workplace issues.  The scandal will “certainly make it more difficult to recruit given [Deloitte’s] tarnished reputation,” said Richard Lipstein, managing director at Gilbert Tweed Associates.

“The competition and recruiters will certainly take advantage of this situation by increasing its recruiting efforts at the firm,” he said.

Peter Laughter, CEO of Wall Street Services, thinks the ban will have an even broader impact, touching the partner and principal levels. “I expect an exodus of high level employees to other consulting houses,” he said. “With that exodus you will see several of Deloitte’s key clients moving to other members of the Big Four.”

Deloitte didn’t immediately respond to requests for comment.

“Going through a job search and meeting with every big wire house and broker dealer, looking for a job with an engagement ring made for some interesting off-the-record discussions,” said one female trader who was recently married. “I was, at times, speechless in response to some of the comments made to me about my desires to have a family and my desire to have a career.”

The trader, who chose to remain anonymous, was asked directly in one interview whether she wanted a family OR a career, with the interviewer preceding the question by saying that it was “completely off the record” and, noting jokingly, that human resources would “kill him” if they knew about the line of questioning.

“I was flabbergasted,” said the trader, who was looking for just her second job on Wall Street after a long stretch with one employer. “I said that I didn’t realize the two were mutually exclusive.” She didn’t get the job.

During another interview, a father of two went into great detail about the vacation house he has for his family, and how he sits in the driveway in his car working all weekend. He also mentioned missing his children’s baseball games and school plays. “As a mother, would you be OK missing all of that for your children?” he asked her. She didn’t get that job either.

Louisa Symington Mills, a senior analyst at Jefferies and founder of the City working mothers network, says that having an open dialogue during an interview can be a good thing, and can lead to a happier working relationship in the long run. “If you have near term plans to have a baby, or if your childcare arrangements mean you would need to work certain hours, starting the conversation during the interview process might help rather than hinder your chances,” she said.

Another female Wall Streeter was never asked any inappropriate questions in interviews, but noticed strange comments after she became pregnant. “I was always asked about my due date and my home arrangements during my pregnancies,” she said, noting that maternity leaves at her particular firm tend to be more figurative than literal.

“If you want to take maternity leave and have any sort of credibility when you come back, it is assumed you will be fully accessible while you are out, not to mention the resentment of your colleagues who would have to pick up the slack if you didn’t manage your workload,” she said.

Working on Wall Street both before and after having children, the VP saw the disadvantages of both lifestyles first-hand. Before she had children, she would always get assigned the “extracurricular” activities with no thought to additional compensation, said the veteran Wall Streeter.

“Women tend to take on all the details and work toward a best solution so we end up being viewed as the go-to person for a lot of project work,” even though her line of business was in a different field, she said.

After she was married, the role of men and women in the office became more polarized in her eyes. “Married men tend to stay at the office and enjoy after work activities – work related or otherwise – because they knew if they got home after a certain hour all of the ‘chores’ would be done by their wives,” she said. “Women, on the other hand, can’t stay late because they feel the same duty to the home as they do to their work.”

Married women at her firm utilize every minute of the day efficiently, she said. No long lunches – unless they’re running a family errand – and they often work during their commutes.

Efforts to Keep Mothers Employed

In fairness to banks and other financial firms, major efforts are being put forward to give women more opportunities and to encourage them to stay on Wall Street after having kids. As an example, Goldman Sachs offers onsite backup childcare, OB-GYN services and infant transition care, as well as a Maternity Mentoring program, along with other offerings.

Morgan Stanley provides seminars on infant cardiopulmonary resuscitation (CPR), car seat safety, and newborn care and lactation, along with onsite Lamaze classes. At J.P. Morgan, employees are eligible to receive eight weeks of childcare after they give birth to or adopt a child. The eight weeks are in addition to the 20 back-up days for which all employees are eligible. Nearly all financial firms today offer flexible working arrangements for mothers.

The problem, according to the Wall Street VP, is the subversive pressure not to rely heavily on such programs. “Even though every company touts their flex work arrangements, most women feel they can’t get approval, or are looked upon differently if they take advantage of it,” she said. “And for those of us who do take advantage of it, it is clear work comes before flexibility and many times meetings are still arranged with no consideration to flexible arrangements. So the flexibility goes out the window.”

She’s never seen one of her colleagues speak up about the reality of work-life programs. “So you grin and bear it,” she said.

Hallie Crawford, an Atlanta-based career coach who has worked with women in financial services, said the programs do help, provided they are safe, convenient and affordable. “The challenge is we need more of them,” Crawford said.

The numbers tell the tale. Despite accounting for roughly half of the total workforce in the U.S. and the U.K., women are still in the minority at the highest levels of Wall Street. Goldman Sachs’ newest partner class is 14% women, for example, which is the highest percentage since at least 2006. The latest class of managing directors at Goldman was 23% women. At Morgan Stanley, it was just over 17%.

Since people who cover finance know the jargon and general rules of big money, they’re often savvier than those seeking jobs in general journalism. When news agencies and trade publications began shedding staff in 2008, resumes and CVs from senior people willing to take very junior jobs began flooding in and I found one thing to be universal: an often emotional reaction to having been fired or laid off from the last job listed on a lengthy and impressive list. Some were defensive from the start, offering too much information about why they were let go.

Others were fast talking back into their earlier experience, hoping I’d ignore the loss of their last job. Stumbling sentiment came from several applicants with more management and executive experience than the woman who could be their boss.

Losing your job isn’t necessarily a sign you’ve failed, but it’s nonetheless daunting, even devastating, especially for those in positions of power who suddenly find themselves off the market. Some 40,000 high-level bankers lost their jobs in the financial crisis, sweeping Wall Street’s stoic faces with shame, shock and even tears. Pride aside, you have to stay strong and forward-focused to land back on your feet in the C-suite. Here are some tips on tackling an interview after you’ve been laid off or fired.

Focus on the job you want, not the one you lost

Dwelling on the past doesn’t put anyone on the path to success. Praising the virtues of the firm that flopped begs the question of why you didn’t see what went wrong, save for a black swan. And bad-mouthing management, strategy or any other factor that may have contributed to your employer’s demise won’t earn you any respect. And if you’ve been ousted because of your unit’s or your own poor performance, tread carefully and don’t offer any unnecessary details. Chances are the recruiter or the competitor considering you for a new role already know what went wrong, and you are better off only answering direct questions. Instead, explain why you are a unique candidate for the open position and play up your skills, including any you’ve honed since your last job.

Be confident, not cocky

Investment banking and other top-tier finance jobs require a certain swagger and savvy, but keep your attitude in check. Don’t let your unemployment status squash your ego, and certainly don’t overcompensate. You’ve lost a job, not your pride. You haven’t been robbed of your education, experience and talent. Stay on topic, answering questions directly and carefully without worrying about whether the next query will prod into your past and why you were let go. Maintain eye contact, respect the interviewer, be articulate, be honest and relax. The same rules apply to any interview, whether you’re being recruited from a rival or you’ve been out of work for any period of time. Stick with the basics.

Point out the positive

In an industry where volatile markets and unexpected events can wipe out even the most established players, there is a lot to be learned even from the worst experiences. Maybe you were in the wrong company, the wrong team or the wrong role, but don’t say that. Demonstrate the skills you took away from that period of time and how you can play them forward. You can’t blame corporate culture or poor management. You are accountable for your own actions. Think about what you’ve gleaned and how it has made you a better candidate for a new job. Often the most unwelcome events can be agents for change and progress. Maybe you’ve gained a new perspective on management or strategy that you can bring to a new company or a new role.

Make landing a new job your current career

If you’ve been fired or laid off for the first time, don’t let the stigma associated with being temporarily unemployed drive you into the first job you’re offered. Consider this a process and take the time to carefully review the companies and people who are recruiting and courting you. After all, they’re scrutinizing your background. Use your expertise in the financial services industries to evaluate prospective employers. Study the company’s track record and potential for future earnings. If you were let go by a big firm, don’t automatically assume a small one will suit you better. Do your homework and reach out to contacts who can offer insight into corporate culture, workplace dynamic and other factors you won’t find on a balance sheet.

Don’t just update your resume, upgrade it

Your resume may be embarrassingly outdated, particularly if you’ve been at the same job for years. As you add your date of departure from your last position, consider what to highlight and what to cut. Why not give your resume or CV a spring cleaning, sharpening every bullet point and playing up your most significant roles, accomplishments and accolades. Make sure your summary has a future focus, demonstrating your potential in a new position or project. Add any relevant new skills that are essential or a commodity in a modern workplace. And be sure you update your last job description, especially if you haven’t been job hunting.  Most importantly, frame your resume for your next employer and use it as a tool to figure out what you really want to do next.

Natasha Gural is senior North America editor at eFinancialCareers and has previously worked for Financial News and Associated Press.

Follow the author on Twitter @natashagural