UK
CHEERING TALES: The front office banker who found back office salvation
17 September 2009
As part of our ongoing series of Cheering Tales © outlining rousing feats of career revival, we have this story from France, concerning an experienced equity broker who got a new back office job in the nick of time.
Current role
I’m working in the back office of a fund management firm, on record keeping, trade confirmation and settlements.
Previous role
I’ve spent nearly twenty years working in financial services, exclusively as a stockbroker.
When the lights went out
I was made redundant in 2007 and spent nearly eight months being unemployed.
Why the job was lost
I lost my job because the head office decided to close its local branch and bring the operations back to the base.
How the job was found
I was obliged to consider non-revenue generating positions that would capitalize on my long experience of the markets. Via my network, I finally found a new post in March 2008. The salary is 30% lower than in my previous role, but the Sword of Damocles which suggested I was worth nothing after 20 years, or that I’d have to retire, has been removed!
The low point
Recruiters are always looking for people with five years’ post graduation experience. Needless to say, this wasn’t helpful for a self-taught non-graduate aged 44 who’s used to earning a comfortable salary after 20 years in the industry.
Lessons learned
Essentially, financial services is a small world of around 10,000 people, with its own codes and own networks. Recruitment agencies know little about how it works.
The numerous recruiters who contacted me proved incapable of finding me a new role. At 44 I was deemed a virtual dinosaur in a world where youth is king.
GG: welcome to the real world
dd 21 Sep 2009
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