Living dangerously: Diary of an ABS professional, Week 3
Bankers are only human and need to be loved, says the anonymous ABS pro (who hasn't been reckless regarding his mortgage).
Our global head has paid us a memorable visit. My boss got global head-butted in the face. He had to clear his desk and leave on the same day.
A few days later there was a meeting where two guys who I did not even have to report to were publicly demoted. From a management point of view, I am absolutely stunned that I was invited to attend that meeting as I had no reason to be there. It looks like the management simply wanted to humiliate the two guys as publicly as possible so invited anybody who was available to attend.
I've always thought a successful career is down to a combination of several factors: intelligence, hard work, timing and luck. I never thought before that it's the latter factor that probably plays the biggest part in the careers of people who reach the top echelons of management in banking.
Most firms think the banking bonus is the only management tool - when they want to motivate people they throw money at them. I can't pretend that this hasn't been what has kept me going, and that I have not so far very much enjoyed it. Without a bonus, I don't think I would have lasted in an environment where people tend to think that if they're earning more than most of their mates it's because they're better than them, and they can therefore behave with a complete lack of manners towards their colleagues.
Now that bonuses are likely to be smaller or non-existent, the poor quality of managerial skills in our industry is all the more conspicuous.
I feel sorry for my boss. He had many years of banking behind him, although not enough to retire just now - certainly not with children in boarding schools. At annual school fees of around 24k per head they are real cost centres.
I didn't have an opportunity to say a proper good bye. Now that my mentor is gone, I am left exposed to more senior people who will want a chunk of his business. Their only concerns are first to protect themselves, and second to protect their guys. I am now no one's guy.
To make matters worse, one of my mates at the bank who reports to one of the senior people has starting taking a very unhealthy interest in the clients I cover and the few ongoing transactions I have left.
And in response to my detractors...
Last week I got some stick about my flamboyant lifestyle and how stupid one has to be to take out a large mortgage. All in all, I got a lesson in moderation from people who are happy with their basic salary.
I invite all of you who are happy with your basic salary to let your bosses know so that they can take good note of this as we draw closer to bonus time.
Northern Rock's base rate is now far above what was the AAA Libor stress when I took out my mortgage, which also reflects that it had a bank run.
Its base rate is about 2.5% higher than the fixed rate that another lender is offering and it is only if I do not have any gainful employment enabling me to refinance that I will have to revert to it in several months. I obviously have some savings to fund the potential shortfall.
Hopefully, once the bidding process for Northern Rock is over, it is most likely that its base rate will be more in line with its competitors'. In any case, yesterday's BoE rate cut is very welcome news.
