Financial

After 20 years in banking, no one will give me a new job

8 November 2021

2 minute read

After 20 years in banking, no one will give me a new job

Before I lost my job with a top U.S. bank two years ago, I spent 20 years trading cash equities. I've worked across the spectrum: algorithmic trading, client interaction, agency execution, and risk-management. Two years after being made redundant, I'm still looking for something else.

I made some mistakes. I thought finding a new role would be easy. I didn't even bother looking for one during the initial phase of the pandemic. This year, I've put a lot of energy into searching, but people aren't responding to my applications. Search consultants don't return my calls. I see jobs advertised, but there's no follow-up when I apply and no real, and it seems there's no firm commitment to actually filling it.

Whenever I do get close to a job, I find that budgets have been pulled or there have been problems with the process.

Nor does it seem possible to move into the middle office anymore. Hiring in risk and compliance is increasingly about technology. The people who are hiring for risk want someone with experience in risk - not an ex-trader.

Being out of the market is hard, but it has some advantages. I've become a full-time dad and this has been an amazing chance to spend time with my family.

Max Bates is the pseudonym of an equities trader

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AUTHORMax Bates

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2 comments

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Bill
9 November 2021
One would think that somebody with 20 years experience brings valuable skills, experience and 'intangibles' to the table that can't be learned in school but through life experiences and would make this person a prime candidate, sadly not the case. When somebody goes to the trouble of forwarding their resume, preparing for an interview, goes to the interview, or gets blown off is inexcusable. Since when are good manners and professionalism no longer applicable?. That being said with 20 years experience this means you're at least 40 years old and subject to age discrimination. Sadly this is still prevalent even though there are laws against this practice. Years ago I had a job interview in which they required 10 years experience yet wanted somebody right out of school. Somehow the figures didn't jive (according to the interviewers reasoning, I'd need to have begun working when I was 10 years old, and this person was in charge of hiring), go figure! . In school, the nuns were real good about ramming math down my throat, and as a consequence, I became good at numbers and analyzing things. This prompted me to ask the interviewer the following: "everyone wants experience, yet nobody gives you a job to get 'experience', where does one get experience"? The look on the interviewers face as i recall, was priceless. He was stumped to say the least at such as a question,
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Le6tan
8 November 2021
Are these stories even real? :D But to the point - of course it is difficult to find job with 20 years of experience - you are too expensive, probably on 250k+ base and similar for the bonus. And to be honest, FO is all about technology now. No expensive dinosaurs needed ...
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