How low is it necessary to go?

7 April 2009

1 minute read

Investment banking jobs have bombed. According to various estimates, anything from 125,000 jobs in large Western banks to 277,500 jobs in global finance have gone already. The FT's

Gillian Tett says management consultants are predicting that up to 300,000 jobs will go before the shakeout ends.

In the circumstances, Tett is advising demobilized bankers to provide seed capital for manufacturing companies, or to move into engineering or the public sector.

British bankers are already flocking to become teachers, but in the US there are signs of deeper desperation.

According to the New York Times' DealBook ex-bankers are 'clamouring' for restaurant work. A former Deutsche Banker has become a tour guide, offering tours of credit crunched New York, and a former US hedge fund CEO has started delivering pizzas.

Is it really becoming necessary for out of work bankers to do any job going? Or is this just media hype?

AUTHOReFinancialCareers UK

Insider Comment

Wa
Wall
9 April 2009
45k is assistant head of a primary with London weighting. This is achievable in London due to high turnover of staff. If you play you cards right you can get promoted pretty fast.
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An
Anonymous
9 April 2009
I'm a banker. Don't plan to remain a banker for more the next five years. Jim Rogers is right. The world will see a food crisis. I'll be going into food after my banking career.
That's all I wanted to tell about me. Now, the fun part. I've resisted posting any comments in response to the banker bashers. However, I do have a view. I know I don't need to work again. Can start my own venture and live a peaceful and happy life. As for the s**ker banker bashers, we're rich. You are not and never will be. You keep your virtues. I'll take the money. Thanks.
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Bo
Bob
8 April 2009
Well, I find it funny that a job as a teacher is seen to be for people who cannot get anything else (low status) and/or want easy, secure job, good pension etc. No wonder UK kinds are at the bottom of the league tables in all sorts of tests. In some societies, you can only become a teacher if you graduate in top 5%, it guarantees that most of the teachers are also bright and well qualified. They don't get paid significant amounts, but there's a good amount of respect for them and they generally enjoy doing their job. Any banker trying to get into teaching in these socities would be laughed at.
You can always become a teacher...sure you can, but you not helping the society. LOL.
Bar tender = pizza man = banker = monkey.
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Fr
FriedmansLoveChild
8 April 2009
If it wasn't for the City no 27yo teacher would be earning 45k (still question that number btw).
Try finding pay like that in teaching on the continent, esp Southern Europe, where they have a much smaller financial sector.
Many people have forgotten this now but thanks to the City non-finance workers all over the country have been earning wages their international counterparts could only dream off.
When bankers earn lots, they spend lots and the money goes round.
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Pe
Peter Campbell
8 April 2009
Anything is better than being in the financial industry. I am CEO of a small company that has almost been wiped out by the screw-ups who brought this finanical crisis about and we all know who they are, don't we.
I won't even mention the losses to my personal savings. Offer me anything at all. House cleaners are better thought of than bankers and financial people so, to answer the question about becoming a teacher or pizza delivery man, my answer would be, "No." I would become a window cleaner and then build a janatorial services and supply company. I know at least one millionaire who did just that.
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