A moment of silence for our fallen comrades
This is proving to be an annus horribilis for financial markets. After spates of bank writedowns and losses, monolines crises, Northern Rock, Bear Stearns, Freddie and Fannie, today opened with Lehman filing for bankruptcy and Merrill Lynch being taken over by Bank of America. In the space of one short year, three large, venerable US financial institutions with long histories have collapsed or lost their independence - their names consigned to history. And the question on everyone's mind is: who's next?
Earlier this year, in March/April, I had been miserable at work. Things were super tense at work - everyone was expecting the cost-cutting knife to be wielded. The questions were: how many, who, when? The air was thick with rumours, counter-rumours, morale and motivation were low, and there was a sense that we were all on death row.
I told myself to soldier on and ignore what I could not control. But it was a struggle and the tension and bleakness were wearing me down. And this was despite the fact that I had nothing much to lose, and that really, it didn't (and still doesn't) matter that much to me if I have a job or not, given I have no financial commitments - no mortgage, no children, and have a little bit of savings.
I had thought then (and meant to write it here, but never got around to putting fingers to keyboard) that, this could be a crucial turning point. I was curious to find out, what I would think in the future, when looking back on this period of prolonged mental strain. Would it be a short term strain and brief financial markets (and career-emotion) trough - a dust speck in my eye that is easily blinked away and with no long term material consequence? Or would it be the turning point, when I either got fired, or throw in the towel myself (doesn't make a lot of sense to work very hard for very little pay), and chose a completely different path instead (environment conservationist, wild child?)? And I had a really awesome, breath-holding sense then, that that was one of those rare pivotal cross-road moments in my life, that had the potential to send me down radically different trajectories and change the course of my life forever. Because I was still young enough, fed-up enough to do something reckless and give it all up - the hours, and the financial peace of mind that came with it (assuming sensible spending habits)
That round, I survived. There are surely more rounds of headcount reductions to come, or who knows, my bank could be next on the block. But, a mere 4 months later, I think I'm older enough and sufficiently set in my ways (having gotten used to nice food in fancy restaurants) to think that I'm very likely to (want to) come back to work in the financial services industry, in some shape or form, even if/when I take a year out to travel. I have invested too many years of my youth, too many tears and wrinkles, to walk away from the knowledge and experience that I have so dearly bought. The question will then be, will the financial services industry have changed so much structurally and in terms of volume/capacity, that there will not be work for me in future? After all, an entire bank has just collapsed and the streets will be flooded with a tsunami of unemployed bankers from Lehman alone. And that is before BofA wields its axe at Merrills. There is excess supply in the industry and some will just have to exit.
And so, if I have a seat at the table, does it make sense to give it up, when so many are scrambling for a chair before the music stops? Come May and my residency (fingers crossed), I think my answer will still be: yes.
Earlier this year, in March/April, I had been miserable at work. Things were super tense at work - everyone was expecting the cost-cutting knife to be wielded. The questions were: how many, who, when? The air was thick with rumours, counter-rumours, morale and motivation were low, and there was a sense that we were all on death row.
I told myself to soldier on and ignore what I could not control. But it was a struggle and the tension and bleakness were wearing me down. And this was despite the fact that I had nothing much to lose, and that really, it didn't (and still doesn't) matter that much to me if I have a job or not, given I have no financial commitments - no mortgage, no children, and have a little bit of savings.
I had thought then (and meant to write it here, but never got around to putting fingers to keyboard) that, this could be a crucial turning point. I was curious to find out, what I would think in the future, when looking back on this period of prolonged mental strain. Would it be a short term strain and brief financial markets (and career-emotion) trough - a dust speck in my eye that is easily blinked away and with no long term material consequence? Or would it be the turning point, when I either got fired, or throw in the towel myself (doesn't make a lot of sense to work very hard for very little pay), and chose a completely different path instead (environment conservationist, wild child?)? And I had a really awesome, breath-holding sense then, that that was one of those rare pivotal cross-road moments in my life, that had the potential to send me down radically different trajectories and change the course of my life forever. Because I was still young enough, fed-up enough to do something reckless and give it all up - the hours, and the financial peace of mind that came with it (assuming sensible spending habits)
That round, I survived. There are surely more rounds of headcount reductions to come, or who knows, my bank could be next on the block. But, a mere 4 months later, I think I'm older enough and sufficiently set in my ways (having gotten used to nice food in fancy restaurants) to think that I'm very likely to (want to) come back to work in the financial services industry, in some shape or form, even if/when I take a year out to travel. I have invested too many years of my youth, too many tears and wrinkles, to walk away from the knowledge and experience that I have so dearly bought. The question will then be, will the financial services industry have changed so much structurally and in terms of volume/capacity, that there will not be work for me in future? After all, an entire bank has just collapsed and the streets will be flooded with a tsunami of unemployed bankers from Lehman alone. And that is before BofA wields its axe at Merrills. There is excess supply in the industry and some will just have to exit.
And so, if I have a seat at the table, does it make sense to give it up, when so many are scrambling for a chair before the music stops? Come May and my residency (fingers crossed), I think my answer will still be: yes.
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