If you work in equities, you're going to feel precarious right now. That's ok. If you lose your equities job at, say, Morgan Stanley, you could soon find an entirely new one in a different continent on the buy-side.
Take James Rose from UBS as an example. He left UBS's U.S. office in September 2016 and has now revealed that he joined quantitative hedge fund GSA Capital in November. At UBS he was head of European equity sales in New York. At GSA, he's a portfolio manager.
It's not clear whether Rose lost his job unintentionally at the Swiss bank (he may have gone entirely voluntarily). Either way, his move is an impressive achievement given that most job gyrations are supposed to involve either a change of role or a change of continent, rather than both.
Rose's new role should also provide succour to all equities salesmen who fear being displaced by electronic trading systems and 'low touch' customer service staff in future. Who cares if you lose a job as the head of sales in an investment bank, when you can get a new one as a portfolio manager in a hedge fund?
Rose spent nearly seven and a half years at UBS. Before that, he spent seven years at Citi.