Traders See Shrinks To Come To Terms With Lay Offs

Well, once upon a time traders used to check into the Priory because they were suffering from BAD (Bonus Anxiety Disease). Now, it seems, they seek the help of shrinks to help them deal with the fear of losing their jobs and, in some cases, psychologists are helping ex-traders deal with painful career transition issues.

The New York Post reports that many traders in the US are in fear for their jobs as technology gains kick in and electronic trading comes to the fore. A recent IBM report suggested that 90% of all City traders could face the axe by 2015, as all-electronic algorithmic trading becomes more popular and traders find that they are surplus to requirements. According to the newspaper, traders can become clinically depressed or suffer from a phobic disorder, brought on by concerns about the future.

Michael Moran, CEO at career transition company Fairplace Consulting, said, however, that 'there are, in fact, a number of interventions which can help employees deal with the fear of job loss, or job loss itself. Some firms are taking a more responsible view, and are keen to put in place tools which are designed to help staff deal with the trauma of a major career change. Seeking the help of a psychiatrist or psychologist is usually a last resort'.

Finally, The Post also reports that air taxis are now in vogue on Wall Street - at least for those well-off bankers confident that they will still be in a job this time next year. Executives on the Street are said to be increasingly making use of 'on-demand jet travel', which comes with 'gourmet meals, no airport security lines and completely flexible scheduling' - and all at just 65% over the price of a normal first-class commercial airline ticket!

Source - The New York Post

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