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"I have lost three jobs in a row"

I have a dilemma on my hands, and would like some advice.

I'm an investment banker in the Gulf who has suffered from the recent turmoil in the markets.

My career began four years ago at one of the largest Islamic investment banks in Kuwait. In 2007, I received an offer from a well-known European investment bank to come and work in London. Unfortunately, however, the job fell through after I had relocated to the City.

I was then out of work for a total of seven months. After a large number of interviews and the withdrawal of three offers from large institutions, I finally landed a private equity role at one of Australia's largest investment banks. I loved it, but after a few months I was made redundant due to market conditions.

I then returned to the Middle East and found a role as an associate in a boutique. That job has now been lost, too.

I am now thoroughly sick of the ups and downs of this industry. I love the work, but am fed up with the instability. I want to settle in one role.

At this point, I have two future job options and am uncertain which will be the more secure. One is as a senior VP at well respected Asian bank, as head of origination in corporate finance. The second option is working for a small start-up private equity company started by some friends in the UAE; the remuneration here is less, but still good.

In most circumstances, I would go for the first option. However, Asian markets are now hitting recession and I won't start in the role until the middle of December. Am I in danger of being disappointed again?

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AUTHORAnonymous Insider Comment
  • Om
    Ombanker
    29 November 2008

    Anonymous: venture capital may indeed suffer due to restricted funding, but this does not mean that there will not be opportunities to turn around businesses which are overbloated or need restructuring. The variety within PE itself is useful whether in boom times or bust. The challenge presented and skills acquired would be, I think, excellent experience.

    You do make a valid point regarding the possibility of moving around in a large organisation. That said, in these times, with whole teams being cut at a time, I think that it may be a bit too much of a gamble to join a bank and hope to move should the position not work out.

  • Jo
    Jonny
    26 November 2008

    My advice in the current market environment is to go for PE. Banking sector is going through a complete identity crissis and is not the place to be in the next few years. On the other hand with the recession coming there will some good investment opportunities for PE firms. And its much more fun and interesting to be an entrepreneur in a small company than just a very small fish in a bank!

    Very important, don't listen to any HH! They don't know what they are talking about, the reality ios that they have absolutely no idea on what banks do and are definately not people to ask for career advice. Through my career I have dealt alot with HH and have very little respect for them.
    HH have a very short sight view of whats going on, they are normally uncapable of assesing a candidate's skills for a job, and nobody in banking respects them. Remember they are mere proceesor, they get the cv from the candidates and then send them to the banks, that's all they can manage to do.

  • An
    Anonymous
    26 November 2008

    Thank you for the comments. I think you do have a point, Ombanker. However take a look from this angle - lets say we are all doomed even PE if we can not get the funding I have dealt with so many proposals in the past 6 months even in the Middle East everything is on hold. If both did not work out due to market conditions I feel I would be more employable from the large FI and could branch into sales or marketing because of the origination aspect in say another industry say IT etc. Let me know your thoughts and thank you for the comments.

  • Om
    Ombanker
    25 November 2008

    Anonymous, I suggest you go for the PE option if you want a longer term role. The origination role will be great for the next year or so but will tail off, and you may well find yourself in the same position as you are in now. Bonne chance.

  • Du
    Dunbankin
    25 November 2008

    Good to see such a collegiate response to the hard times you guys in banking are now facing.

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