"I am a 38 year-old banker. I have been locked out of the market since last Christmas"

18 October 2024

2 minute read

"I am a 38 year-old banker. I have been locked out of the market since last Christmas"

This time last year, my career was going well. I was working for a leading investment bank and was up for promotion to director. However, with deals at historic lows, I was unexpectedly cut before Christmas.

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I haven't worked since.

The London job market for bankers is insane right now. It's insanely competitive, with a lot of candidates chasing every role. Somehow, at 38 I seem to be considered too old. Equally, the longer I'm out of the market, the less employable I become.

This is a crazy situation. I still have a lot to offer, but the London market is closed to me. I could try the buy-side, but there are hardly any roles there. I could try corporates, but they don't pay enough to live in London. I am therefore trying the Middle East instead.

I know people will say it's unfair, but I blame recruiters for this situation. Banks have begun to rely on their own in-house generalists to recruit and a lot of them don't understand the market and don't really know what they're doing. It's a mafia of the incompetent.

I'm travelling at the moment, but I plan to leave London before Christmas. I don't think I'll be coming back.

Roland Sharpe is a pseudonym

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AUTHORRoland Sharpe

Ma
Matt
19 December 2024
This remind me of that George Michael song
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Mi
MiddleAgedBanker
6 December 2024
Am alot older than the OP and have had to re-invent myself a number of times during my 25 years in the market. At 38 you are absolutely not too old for anything. As it was said by other commenters, the only one standing in your way of getting a new job is yourself and choosing to be a victim over a winner. The "market" for these top 1% jobs is always ultra competitive, was never different, will never be. You need to be a market-maker in your career a don't a "price-taker".
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an
anonymous00
21 October 2024
Isn't the market good? I heard Goldman just say profit in M&A jumps by >40% YoY.
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Yo
Your On Your Own
20 October 2024
Yep in house recruiters are not always great. I've talked to very few that understand the company or the job being offered. I suggest you diversify your banking skills and find a less expensive country to live in. I hear you loud and clear because I just lost my job last month. My skills are very specialized in banking and it's a very, very dismal market. Not set to get better before the US election on 11/5/24. Diversify your skills and look in other areas of banking. You may/may not have to take a pay cut. It's the reality of the new job market that sucks worse than anything I can imagine.
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Mi
MissyB
19 October 2024
I am therefore trying the Middle East instead.....I'm travelling at the moment, but I plan to leave London before Christmas. I don't think I'll be coming back...... I believe there is something called work VISA which is not easily attainable as this person seem to suggest. Even jobs in the UAE that sponsor you are very rare. You can get a VISA in the UAE without a job but you have to have been at MD level.
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