Now they know what we feel like in back office.
One back office professional writes in to Hereisthecity:
'I've waited years for this; a time when many of my colleagues in front office are being treated with the contempt they deserve. Now, like us, they know what it's like to be powerless, and made to feel that they are a useless component, tolerated yet never appreciated (or even acknowledged). Yes, trading professionals, welcome to my world!
I've worked in back office in the markets for 9 years now, and must say that I have rarely come across a trader who isn't arrogant, superficial and up himself (it's mostly a 'him'). It's all about the latest gadget, the most recent sexual encounter and the next ski or holiday trip.
Year after year, I've had to put up with their histrionics, insulting and boorish behaviour and ridiculous sense of their own importance.
For years, the back office guys are the ones who have suffered as firms have tightened their belts and grabbed cost savings wherever they can - improved technology has meant that many manual processes are now redundant (as are the support people who used to do them), shared service models have enabled firms to reduce operational headcount further, and transferring back office jobs to lower cost locations has resulted in huge cost reductions. And for us in back office, it was always a case of 'take it or leave it'.
And all the while we were suffering, our front office colleagues were pulling in ever-increasing cash bonuses, spending more and more of their (often) ill-gotten gains on expensive 'toys', and treating us like inferior beings - or worse, like we didn't even exist at all.
Well, what goes around, comes around. And I, for one, am delighted.
Cash bonuses are capped from next year, many front office trading jobs are under threat due to algorithmic trading models, and it is now being made clear to traders that there is a new reality, and a lot of their perks and privileges are getting slowly withdrawn.
The power has shifted, at least for the time being, and at long last, the trading tail isn't wagging the banking dog!'
The views expressed in this post do not reflect the opinions of Hereisthecity or its executive officers or shareholders