If you listen to Danish philosopher Søren Kierkegaard, regret is a fact of life. "Marry, and you will regret it; don’t marry, you will also regret it...Laugh at the world’s foolishness, you will regret it; weep over it, you will regret that too," he wrote, adding that regret at choices made is the essence of all philosophy. Maybe someone should try telling that to 'John', a banker whose regretful post about his wasted life has gone viral on Reddit.
John's lament goes like this: "I'm a 46 year old banker and I have been living my whole life the opposite of how I wanted. All my dreams, my passion, gone. In a steady 9-7 job. 6 days a week. For 26 years. I repeatedly chose the safe path for everything, which eventually changed who I was." The catalyst? Not the loss of a job or reduced pay, but the discovery of infidelity, which he was working too hard to even notice. "Today I found out my wife has been cheating on me for the last 10 years. My son feels nothing for me. I realised I missed my father's funeral FOR NOTHING. I didn't complete my novel, travelling the world, helping the homeless..... I regret doing nothing with my energy, when I had it. My passions. My youth.[efc_twitter text=" I regret letting my job take over my life. I regret being an awful husband, a money-making machine...Being a damn emotionless wallet."]"
You can read John's full post here. It has over 4,000 comments, mostly from people telling him it's not too late.
Separately, if you're casting around looking for a hot area to get hired in finance, you could do worse than alight upon private banking. Financial News reports that Swiss private banks are hiring in London now that bank secrecy is no longer a thing in Switzerland. Take Pictet: it reportedly wants to double its London-based team, hiring 25 people over the next three years on the proviso that it can, 'find the talent.'
According to KPMG, the median return on equity for Swiss private banks has fallen from almost 14 per cent in 2006 to 3.3 per cent last year. (Financial Times)
'Boomtime dealmaker' Dag Skattum is returning to JPMorgan after leaving seven years ago and working private equity. He'll be vice chairman of the bank's business in EMEA. (WSJ)
Dealmaking is close to $3tn globally so far this year, marking the best 10 months since the end of the financial crisis. (Financial Times)
Labour wants to ban success payments made to banks for completed M&A deals. (The Times)
Deutsche Bank is going to stop trading single name Credit Default Swaps. (Bloomberg)
The new shortage skillset: atomic engineers. (Telegraph)
Why firms should hire candidates who are just ‘good enough.’ (Economist)
26 year-old spends £64k a day. (Telegraph)