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I remember someone made a comment here few months ago saying he couldn’t wait to see the Australian property market collapse. I warned him that he probably wouldn’t have a job by then. He replied saying: “I don’t think so.”
I hope he still has a job and enjoys the relatively low interest rate environment. Truly, in the economic down turn, no one is the winner.
In comparison to many years gone by where industries such as manufacturing, construction and building experienced cyclical highs and lows and the banking industry saw years of highs – the financial storm this year has seen the ‘good times’ slow down.
I was working in a global Investment bank. I went out to the financial market every day to raise fund for our clients. I was having ‘fun’ every single day. I don’t believe that many bankers would have stressful job than I had. My job was 10 times harder than it was. The rating agencies require information 10 times more than ever. Delinquencies, LVR … You name it. I got use to see the bad news from our European colleagues when I opened my email every morning. I often dreamed about work in the middle of the night.
It is most bankers’ dream to work in an investment bank. The reason is very simple – Money. However, everything comes with a price. In the economic downturn, the investment banks axe their headcount lot more aggressively than any other industry in this planet.
In comparison, the commercial banks benefit from not being in the wholesale financing market, being in retail banking there is less impact to them. Mortgages in good shape and being a low cost provider, lean and well prepared also helps. Compared to investment banks they are lean on their resources which means not a lot to cut back.
When I approached my head hunters, I was told to stick with my job. Simply because the market was ABSOULUTELY DEAD and NO ONE WAS HIRING. They had never ever used such terms to me.
I must have done something seriously right in my previous life. I applied for a position advertised in the AFR and got an interview immediately and they made me an offer within 3 weeks ………… Good Bye Investment Bank. Thank God I am out of there!
Friend of mine works for government. They received about one hundred applications for a position advertised, whereas they hardly received anyone application in the past as everyone wants to join the Investment Banks.
My friends all hear news of redundancies from other companies and are concerned about their jobs. Many are changing their spending habits and saving more due to the market.
Bonus - Bankers usually get a bonus after the financial year ended. Under the current market conditions, many would say having a job is a bonus.
Super - much of super value has been written off dramatically. My mate's super lost 50% recently; other friend aged 58 has to extend his working life due to the huge lost in his superfund.
I was chatting with a colleague and saw an advertisement sitting on his desk this afternoon. His contract finishes in few weeks time. I asked him: “You are not going to work in Canberra while your family stays in Sydney, are you” Guess how he replied??
[ 本帖最后由 西关少爷 于 2008-11-22 07:21 编辑 ] |
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【全部更新完】2019年九日纽约华盛顿自由行 (2019-8-28) lotuses 
发表于 2008-11-21 21:40
