Here's the latest from our Highly-Placed Professional.
'All this stuff about job losses is clearly very depressing. The 'victims' of these cuts, of course, will run the whole gamut of emotions - some are simply relieved it's all over. Others bay for blood, and want redress from those they hold responsible for putting-paid to their hitherto successful careers. How could, the cry goes out, the industry simply do away with so many experienced market professionals ?
But although the term 'market professional' has been bandied around for so many years that it is now an accepted part of the City vernacular, I wonder whether there is really any such thing. Hasn't this crisis revealed, once again, that us so-called 'market professionals' do nothing more than run around like headless chickens, chasing imaginary profits ? Can we really be regarded in the same high(er) esteem as doctors, accountants, and other professionally qualified people ?
So, when the job axe falls, what happens to those 'market professionals' ? Are we really qualified for much else ? Many of us have excellent experience in an industry that no longer wants or needs us. We often earn many-times national average pay, and yet we don't have skills that are obviously transferable. That's why this industry's always been a young person's game. The idea was to have an exit strategy and get out by the age of 40 (before you got found out). But it's too late now for many of us. I'm supposed to be at the peak of my earnings power, and yet there are no earnings! If you are under 30, I suppose you can always join the army (after all, you'll be used to getting shot at!). If you're a 40-something has-been like me, however, you may struggle. No respect. No earnings-power and very little future. How could it have all ended so quickly ?'
1. 'No - we are not washed up! We are intelligent, innovative and intuitive. We will move forward'.
2.' The same thing happened to the coal industry 20 plus years ago. Our industry is as dispensable now as the miners were then. I can see a sequel to the Full Monty being made with laid-off bankers'.
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