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| Date: |
16 Jul 2008
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| Name/Email: |
Wizard of EC1 ()
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| Interesting, but I disagree that outplacement agencies offer that much. Aside from "it may be uncomfortable for you ..... but get networking" type of advice, outplacement services offers very little apart from making your former boss and HR feel a little less guilty. The avalance of redundancies is the result of one dimensional leadership at the top, City leaders simply can't think about alternative solutions to any crisis other than to fizz people. They just can't think outside the box they have made for themselves. What we really need is a change of senior management culture. |
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| Date: |
16 Jul 2008
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| Name/Email: |
John ()
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| Many hundreds of thousands of people are just desk jockeys. The UK isn't interested in training people, preferring instead to take educated foreigners or locals on relatively low wages. Those with no talent are the first to go.
The rout has started.... |
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| Date: |
16 Jul 2008
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| Name/Email: |
No Name ()
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| Agree with Wizard, this crisis is all due to a wrong senior management culture at top level of top financial firms. The FED, by saving these companies, is saving the bad culture that they represents...
I think the worst is still to come in terms of job cuts, and the 2009 will probably be the worst year... I also expect that LEH, MER and maybe Bank of America and JPM (because has acquired BS) will go banckrupt by the end of 2009 |
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| Date: |
16 Jul 2008
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| Name/Email: |
Henry ()
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| Only inferior people get made redundant. Period. If you're good enough you'll be kept. Period. |
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| Date: |
16 Jul 2008
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| Name/Email: |
John ()
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| People who don't get made redundant seem to think they're 'good enough' and everybody's just rubbish.
Interesting. |
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| Date: |
16 Jul 2008
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| Name/Email: |
Arsene ()
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| Henry, you dont need to end every sentence by "Period", and it doesn't make your points more valid.
Regarding your comments, its clear you don't know much on how to run a company. People get redundant for 2 reasons: (1) Your among the worst performers in your team or (2) the role you have in the company is no longer needed, or can not be afforded any more.
So when you consider some of the best traders and quants being made redundant, it is not because they are "inferior", it is because they are too expensive for the firm to keep hold of them. In fact, many of them have Phd's and many of them on 6 figure salaries. I don't know what you do, and frankly I don't really care, but it's quite clear that you are not employed in any position of power within your company.
Just be careful when you make generalisations.
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| Date: |
16 Jul 2008
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| Name/Email: |
Henry ()
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| John - and people who get made redundant blame everyone else except themselves. Interesting.
Arsene - yes, when roles are no longer needed there are headcount reductions. HOWEVER, if you are good you will not be fired from the bank. Every time we've had redundancies, the top talent just gets redeployed onto a different desk. A firm would be idiotic to get rid of a rising star, someone with future managerial potential, one of the best talents they have, just because their role is no longer needed. Its easy to move people to different sectors, regions, products etc. So if someone's good, they'll can a poor performer on a different team where there's no/less headcount reductions to accommodate for them. |
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| Date: |
16 Jul 2008
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| Name/Email: |
Anon ()
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| Henry,
Take the example of UBS who are making redundancies in the region of 5,000 employees. Are you suggesting that UBS is capable of moving all its top performers?
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| Date: |
16 Jul 2008
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| Name/Email: |
Trefor ()
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| Only a relatively small number of staff members actually generate revenue. IT and HR, for example, don't make money. They usually get let go because the business is trimming costs and not investing in things like new technology.
I've worked in FX and there have been some absolutely useless people but because FX isn't as sensitive to massive losses like equities, they are basically invisible. In the case of UBS, there are probably many good people in that 5000 the entire department is just no longer of use, maybe related to the mortgage industry.
This macho 'you got canned coz you're no good', period just doesn't wash, especially when we're dealing with such large numbers in the finance industry. The losses in the building and retail sectors take place for the same reasons... |
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| Date: |
17 Jul 2008
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| Name/Email: |
Henry ()
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| Anon, why not? 5k is a minority percentage of UBS' staff, its easy to just fire 5k weak people based on results, and if there's gaps in desks you redeploy people. UBS is a perfect case in point, everyone I know who's been made redundant from there have been completely inept cretins, whereas people who were on problematic credit desks, but were high calibre, have just been moved desk. |
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| Date: |
17 Jul 2008
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Intrigued (but not that much) ()
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| Hi Henry,
Out of curiosity, what's your theory on unfair dismissal? For example, are you suggesting that women of child rearing age have the same chances of promotion as their male peers with the same performance record? I think most bankers know it is not a level playing field, based purely on personal merit. |
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| Date: |
17 Jul 2008
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| Name/Email: |
Anon ()
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| Henry,
I always have a good laugh reading your comments. Have you thought of writing a book? Good fall back position if you get the chop! :-) |
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| Date: |
17 Jul 2008
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| Name/Email: |
Henry ()
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| Intrigued, it depends. If the woman is single and has explicitly said they wouldn't want children because their career is of prominent importance to them, they'll be on pretty much level playing field for promotion. If there's a chance they could start rearing children then obviously not - the last thing you want is someone of an expensive senior position taking 3 months off which your company has to pay for, having morning sickness, being more tired etc. Some of the best senior people I know here, including my boss, are women - they are strong, powerful and motivated - and have all actively chosen not to have children to let their careers flourish. |
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| Date: |
17 Jul 2008
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| Name/Email: |
jonnybgood ()
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| outplacement firms are a waste of space, they tell you what you already know and don't tell you anything new. Just keep searching yourself, find a reputable headhunter, some of the smaller firms I feel are better, as they make it personal when trying to find someone a job as they will only work on a small mandate... so get some good heahunters on your case and keep networking... |
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| Date: |
17 Jul 2008
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| Name/Email: |
Tommy ()
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| 5000 weak people? Must be one hell of a skills audit! When did UBS start this, 2002? |
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| Date: |
17 Jul 2008
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| Name/Email: |
Intrigued ()
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| Company: |
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| Hi Henry,
Thanks for your comments. The problem arises when employers make the assumption a woman of a certain age wants a family over a career, despite what she has expressed. This is a reality for many women in the city. Which is why it is dangerous to assume all people who are made redundant are poor performers. Banks get rid of people for many legitimate and many illegitimate reasons. |
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| Date: |
17 Jul 2008
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| Name/Email: |
John ()
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| Famous 'inferior' types:
Bill Gates - founder of Microsoft and university dropout.
Sir James Dyson - Inventor of the bagless vacuum cleaner who had to remortgage his house to get finance for his idea that made him untold millions.
Walt Disney - Failed at his animation venture in the earlier years
What they wouldn't have given for an office job in the financial district, eh?
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| Date: |
18 Jul 2008
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| Name/Email: |
Henry ()
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| If women ran an investment bank...
http://www.dailymail.co.uk/femail/article-1036107/Pictured-What-world-look-like-women-charge.html |
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