THE INSIDER: The long hard road back into the industry
The last downturn saw many good bankers laid off from the major firms. While some have sought to move on, many have tried to get back into the City. However, this is not easy.
Banks often have a strong aversion, if not a formal policy, against rehiring talent that they laid off. Other banks will hire selectively hire from the pool of laid off people, but they tend to pick the cream of the crop or those with very specific skill sets for very specific roles.
Nevertheless, it can be possible to get back in. When I look at former colleagues and friends who've re-emerged in City jobs, I see three critical patterns.
Timing
Be patient and wait for markets to show some signs of recovery before putting your name back in the hat. Don't push your CV all around the market while there's nothing going on.
One ECM professional was fired from a bulge bracket player at the end of 2008 and did not really look at reapplying until Q4 2009, when equity markets had demonstrated a sustained rally.
ECM was by then rehiring in anticipation of an increase in the issuance pipeline, rehiring. With 10 years of relevant experience on his CV and no gardening leave to worry about, this individual was snapped up pretty fast.
Long-circulated CVs lose appeal. A fresh CV that has the right profile at the right time is more likely to elicit a response.
Lower expectations
Target the non-bulge bracket institutions including the middle market firms and boutiques. These institutions value the bulge bracket credentials more highly than the bulge bracket firms themselves.
Network
Another banker friend joined a boutique re-establishing an old relationship with a former boss from when he was an analyst over 13 years ago - they had stayed in touch and when he needed a leg-up his former boss was there for him.
The value of networks cannot be overstated, but they need to be based on real relationships not just on acquaintances, in order to be able to provide this kind of an in.
It is why those with more experience, excluding those in their waning employment years (who face a whole set of different and politically incorrect issues), have an easier time as they tend to have developed broader and deeper networks across the City over time.
