People in the financial industry, are you all worried about your jobs?

Originally Posted by Unregistered

Those who were cut during the Lehman crisis quickly found work in at most 6 months, so what's there to be afraid of?

People outside of finance tend to exaggerate such job cutting news to psychologically compensate themselves for not having the good fortune of landing a job in finance.

u wrong. people inside finance tend to exggerate such job cutting news to psychologically ask people outside not to come in

Originally Posted by Unregistered

u wrong. people inside finance tend to exggerate such job cutting news to psychologically ask people outside not to come in

Nice one. I didn't think of that.

[Liverpool]

Originally Posted by Unregistered

u wrong. people inside finance tend to exggerate such job cutting news to psychologically ask people outside not to come in

if people are just spooked by one thread in the forum and give up joining finance then he does not deserve to join finance.

Originally Posted by Unregistered

u wrong. people inside finance tend to exggerate such job cutting news to psychologically ask people outside not to come in

Both correct

Yeah I am pretty worried, the job pays well but there is a hire and fire mentality that is more prevalent in the finance industry then in any other previous jobs I worked in. I also noticed people tend to job hop a lot in the finance, but on the flipside, the banks also feel less hestitation to fire.

That is not to say that there is no retrenchment in my previous jobs. The difference is that they try to retain the employee thru adjustments like maybe work 4 days per week instead of 5, cut back on benefits, and only retrench as a last resort. Whereas in banking, they just reach for the axe when times are bad.

Overall, I feel that banking is a lot more volatile. They hire very aggressively and pay very well when times are good, but the opposite is also true.

lol, tio retrench and out of job for 10years also no problem 1year pay more than 11years of most people anyway

There is no job loss if you are in risk management, in fact, we are getting a pay raise!

Risk staff set for pay hike
Richard Partington
09 Mar 2012
Salaries awarded to staff in key risk management roles at investment banks are forecast to increase at a quicker pace than for chief executives, as regulatory demands heap pressure on banks to retain top control employees, a new report published today finds.


Base pay for staff in the so-called ‘control roles’, such as risk management, legal, internal audit and compliance positions, is forecast to increase by at least 3%, according to a survey of 63 financial institutions worldwide by Mercer.

By contrast, base pay for chief executives is forecast to be frozen in 2012, according to the survey.

US and European regulators have ramped up pressure on financial institutions to ensure risk procedures are adequately adhered to in order to prevent a repeat of the financial crisis.

Vicki Elliott, senior partner and financial services industry leader at Mercer, said: “Financial services organisations are responding to significant changes in regulatory requirements concerning compensation policies, incentive plan designs and their governance. In Emea and the Americas they face keen public scrutiny.”

Chris Forbes, chief executive at PhD Search & Selection who specialises in risk control recruitment, said he had seen new hires attract a salary premium of about 10-15% when switching employer. He said: “There’s so much risk and regulation in the market right now and there’s not enough talent, so it’s a very competitive environment.”

He added: “Counterparty risk analysis and the stress testing of models and products has come more to the fore. What you’ve seen is a lot of people touch around the edges of it but you haven’t got many true experts.”

-- Write to richard.partington@dowjones.com

Originally Posted by Unregistered

lol, tio retrench and out of job for 10years also no problem 1year pay more than 11years of most people anyway

Referring to these front line finance jobs (I'm holding one such job):
1. Not everyone makes so much
2. Not everyone makes so much long enough to accumulate enough wealth
3. Every retrenchment means your average monthly pay is lowered
4. There is a cost to pay, e.g.long hours, stress
5. The psychological toll of retrenchment. It's painful trying to make spending cuts on yourself and your love ones.. the biggest uncertainty is one doesn't even know when the next high pay job will come.
6. Alot of people are trying to get in. Locals, foreigners, young and old, people from any industry, any field of study. The competition is extremely keen.
7. Alot of very mean, ruthless, selfish, unethical people are in this industry.
8. Alot of people in this industry are very bright, gifted, hardworking and they are likely to excel in other fields and make above average money
9. There is no such thing as lowering your pay to justify your existence. I like what I'm doing and I will stay even if my pay is cut by half. But it doesn't work this way. You either have a job or not.