OpRisk & Compliance - Magazine on operational risk, corporate governance, business continuity, compliance, financial crime
OpRisk & Compliance - Magazine on operational risk, compliance About Oprisk & Compliance Subscribe to OpRisk & Compliance Advertise on OpRisk & Compliance Contacts at OpRisk & Compliance Free trial to OpRisk & Compliance Help on OpRisk & Compliance
Career Center Jobs and Career Management in the Financial Markets, Banking & Finance Career Center
  Job Seekers Sign in / Register Recruiter's Sign-in
TOP STORIES  
 
TRANCHED: Life after CDOs, Week 5
By CDO Joe
10 Jun 2008
You would have thought that these would be bleak times indeed. However, as I sit here on my roof terrace, with the lush green gardens stretched out below me and the sun sparkling in a cloudless sky, it is hard to wipe the smile off my face. Yes I need to get back into the world of work and reinvigorate a career dampened by the upheaval that is going on around us in the financial markets, but sometimes I am reminded of the wise words of Ferris Bueller (he of day-off fame): “Life goes by pretty fast. If you don’t stop and look around once in a while, you could miss it.”

This doesn’t mean I am giving up on the short-term prospect of getting myself back into the job market – I have a family to house and feed, so reality hasn’t totally deserted me. But some things are too important to miss out on.

Two months have now passed since I was asked nicely to walk the career plank by my former employer. If anything, the backdrop has got somewhat worse and the market remains tetchy and unsettled. Numerous attempts to call the end of the turmoil seem to have proven premature and the chances of recession in the US and the UK now look like even money bets. Jobs have become ever more scarce and the number of applicants swelled by increasing numbers of victims of the credit crunch.

Undaunted, I’ve decided that I am going to adopt a highly organised campaign of job hunting targeted at making the most of the summer and the good weather. Efficiency will be my watchword: I shall use days that look damp and cloudy to arrange to see headhunters, head up to the City for lunches, and make e-mail and telephone contacts.

I admit this strategy sounds like I’m already compromising on the promises I made to myself to be diligent and rigorous in my pursuit of employment, but in reality there are simply not enough opportunities out there to justify five days a week, eight hours a day of searching. Therefore, I intend to allow my new efficient strategy and the BBC weather forecast to drive my job hunting for the rest of the summer.

The arrival of the two-month milestone was difficult, especially given the speed at which it came around; I must confess to feeling a little low as it came and went.

Luckily, the conversations I’ve had with close friends and colleagues over a few beers made me see that this time has its merits, and that sitting around feeling sorry for myself is not the answer.

Hence the new approach: there are days when trying to force a new job to appear will not make the process any easier; and on those days it helps to see this episode for what it is – a wonderful opportunity to enjoy some freedom.

However, on the days where there is traction to be had, it’s important to make the most of any opportunity.

In order to practise what I preach, I’m now off to the park with my family for a picnic. Tomorrow I head for the City for a series of meetings with headhunters and a lunch. I think that this new balance will help maintain my sanity in these difficult times and allow me to enjoy this rare opportunity to enjoy my freedom, without the guilt.

Related Articles:
Tranched: Life after CDOs, Week Four
Redundancy it isn't your falt, honestly
Not much hope for French bankers in France, either
Related Links:
Financial News: Corporate synthetic CDOs next on the hit parade?
Reader Comments
Date: 10 Jun 2008
Name/Email: Jeff Stryker ()
Company:
I wouldn't stress mate, there's always McDonald's or Burger King if things get really bad....hehe.

Date: 11 Jun 2008
Name/Email: anon ()
Company:
u should try some other industry.. looks like ur time in banking has expired.. there are loads of finance opps in other companies in london or in other parts of england.. there are too many bright young guys gunning for jobs and eager to get less pay.. good luck nevertheless..

Date: 11 Jun 2008
Name/Email: canuck ()
Company:
April 9th, 2 months ago, I was also laid off by an Investment Bank. Two months pass fast, I got a job offer in risk management area in another bank within 5 weeks. Although, it is less glorious compare to investment banking environment. But again, I also have a family to house and feed. Different from your strategy, I treated it as a full time job, I still got up everyday at 6:00am and treated my job hunting as if I was still on the trading floor. The strategy paid off and I got the offer after 5 weeks out of a job and I used the remaining 3 weeks to study for CFA. June 9th, exactly 2 months after I got laid off. I am back in the work force. I am not saying that I am no longer interested in I banking, but given current job market, it is probably better to have a job in any bank than no job at all. right?!!

Date: 11 Jun 2008
Name/Email: H ()
Company:
Summer is a great time to be taking a 'sabatical'. Good to catch up on reading books in the park and getting back into shape, whilst your ex-workmates are slaving it out for a tiny bonus.

Date: 12 Jun 2008
Name/Email: liquidity=life ()
Company:
Joe - I was laid off around a month ago from an ibank, the main thing I missed was the buzz of the market and strangely enough the BBG chat! I took a similar strategy to you, about 50% of my time job hunting and 50% of my time with my family. I was luckily enough to get 2 offers recently, one of which is close to my dream role, working in a small fund on the buyside. I'm going to sign the offer shortly enjoy the summer off and start work in September. Good luck to you – there are some jobs out there!

Email this article
Print article
Search Archive
See all articles 
 
Send us your comments or article ideas

 


Poll
The likelihood of writedowns spreading to corporate debt is:
Very, very low: 0.0%
Lowish: 25.0%
I don't know: 25.0%
Very high: 45.0%
Very, very high: 5.0%
More to say?

MORE NEWS & ADVICE:
JOB MARKET NEWS
PAY NEWS
GRADUATE / MBA NEWS
SALARY SURVEYS
ASK THE EXPERT
SECTORS EXPLAINED
ADVICE
A DAY IN THE LIFE
EMPLOYER PROFILES
© Incisive Media Ltd. 2007 Jobs at Incisive Media | Terms and conditions | Privacy policy | Accessibility statement