Retrenched Investment Bankers (Where do they go to?)

I had a friend who was a banker last drawing about $12k a month.
couldn't hit sales target as he got older and subsequently
got retrenched; Sales target keep increasing.. stress level too.

Because he's about 40, no one is willing to pay him that amount
not even half of it. He basically had 0 experience besides
doing sales.

So now, end up with a 3k plus month job.

family of 4 to feed, sold house, sold car, wife suck thumb got to start
working because previously $12k comfortable enough for all.

Was his previous home a bungalow?
What's his home now? A condo?

Originally Posted by Unregistered

I had a friend who was a banker last drawing about $12k a month.
couldn't hit sales target as he got older and subsequently
got retrenched; Sales target keep increasing.. stress level too.

Because he's about 40, no one is willing to pay him that amount
not even half of it. He basically had 0 experience besides
doing sales.

So now, end up with a 3k plus month job.

family of 4 to feed, sold house, sold car, wife suck thumb got to start
working because previously $12k comfortable enough for all.

Generally if one is smart enough, investment banking pay ought to be able to allow you to invest and retire by late 30s. So if they had planned properly, getting retrenched after 15 years in the game isn't much of an event.

The problem is some of them when younger live beyond their means, i.e. trying to live the life of a tycoon while only getting few hundred k pay. When they finally get retrenched, too late, no savings, unable to adjust to drastic drop in life style.

Most will at first try to get investment /trading related jobs through their networks, but chances are if he/she were retrenched that means the whole industry is in trouble. Your network is busier trying to save himself than help you. If really no choice the common routes are to either try some normal finance related sales like consumer/corporate banking or more generic business analytic jobs in/outside the industry.

I think they still can get decent pme jobs as long as not too old (i.e. < 50), but the prob is can they adapt to a normal pay and normal lifestyle? For most of us paycut 20% already can feel the pinch, for them if end up like that most likely 80% paycut. Some can while others just sink into depression.

I used to earn a lot when I was in high finance. While many of my colleagues spend their big bonuses on expensive holidays, partying, women, new sports cars and buying expensive, ultra luxury condos and bungalows beyond their means, I invested my salary and big bonuses in undervalued stocks and undervalued properties.

I knew from the start that in my line of work, the good times never last long. I made a lot of money, invested heavily and retired at 43. I am debt free, own multiple income generating properties and dividend generating stocks and live a more meaningful life devoted to lots of charity work.

Those older ex-colleagues in their 50s who were spendthrift are still working hard as they have to keep up with their high expenses, servicing huge credit card debts, car loans and mortgages.

Originally Posted by Unregistered

Generally if one is smart enough, investment banking pay ought to be able to allow you to invest and retire by late 30s. So if they had planned properly, getting retrenched after 15 years in the game isn't much of an event.

The problem is some of them when younger live beyond their means, i.e. trying to live the life of a tycoon while only getting few hundred k pay. When they finally get retrenched, too late, no savings, unable to adjust to drastic drop in life style.

Most will at first try to get investment /trading related jobs through their networks, but chances are if he/she were retrenched that means the whole industry is in trouble. Your network is busier trying to save himself than help you. If really no choice the common routes are to either try some normal finance related sales like consumer/corporate banking or more generic business analytic jobs in/outside the industry.

I think they still can get decent pme jobs as long as not too old (i.e. < 50), but the prob is can they adapt to a normal pay and normal lifestyle? For most of us paycut 20% already can feel the pinch, for them if end up like that most likely 80% paycut. Some can while others just sink into depression.

Originally Posted by Unregistered

I used to earn a lot when I was in high finance. While many of my colleagues spend their big bonuses on expensive holidays, partying, women, new sports cars and buying expensive, ultra luxury condos and bungalows beyond their means, I invested my salary and big bonuses in undervalued stocks and undervalued properties.

I knew from the start that in my line of work, the good times never last long. I made a lot of money, invested heavily and retired at 43. I am debt free, own multiple income generating properties and dividend generating stocks and live a more meaningful life devoted to lots of charity work.

Those older ex-colleagues in their 50s who were spendthrift are still working hard as they have to keep up with their high expenses, servicing huge credit card debts, car loans and mortgages.

Good for you. In this industry it is often not easy to maintain your bearings under significant social pressure.

Originally Posted by Unregistered

Good for you. In this industry it is often not easy to maintain your bearings under significant social pressure.

Yes, the temptations are great. It takes a strong willed person to overcome the pressure.

[T0043231D]

Do you have any statistics or links to provide? I am actually a JC student doing project work.

I am really surprised to read that investment bankers and senior bankers are earning only $12k to $14k pm. Thought they were all boasting that they earn big bucks.

If $12k to $14k pm was their actual salaries then many are really living beyond their means.

So would you prefer "High" salaries but short shelf life or slow but steady progression till retirement at 55 or 65.

I am in the slow but steady type of profession. Starting salary was really low (below $2k) and current pay above those investment and senior bankers and into my 32nd year of work.

Because of the initial low salary, I built up the habit of frugal and simple living. We currently own 2 condos and 2 cars (mass market type, nothing fancy) and our passive income is $150k pa.

Originally Posted by Unregistered

I had a friend who was a banker last drawing about $12k a month.
couldn't hit sales target as he got older and subsequently
got retrenched; Sales target keep increasing.. stress level too.

Because he's about 40, no one is willing to pay him that amount
not even half of it. He basically had 0 experience besides
doing sales.

So now, end up with a 3k plus month job.

family of 4 to feed, sold house, sold car, wife suck thumb got to start
working because previously $12k comfortable enough for all.

Originally Posted by Unregistered

I am really surprised to read that investment bankers and senior bankers are earning only $12k to $14k pm. Thought they were all boasting that they earn big bucks.

If $12k to $14k pm was their actual salaries then many are really living beyond their means.

So would you prefer "High" salaries but short shelf life or slow but steady progression till retirement at 55 or 65.

I am in the slow but steady type of profession. Starting salary was really low (below $2k) and current pay above those investment and senior bankers and into my 32nd year of work.

Because of the initial low salary, I built up the habit of frugal and simple living. We currently own 2 condos and 2 cars (mass market type, nothing fancy) and our passive income is $150k pa.

Not this fkn guy from the annual income thread AGAIN

Originally Posted by Unregistered

I used to earn a lot when I was in high finance. While many of my colleagues spend their big bonuses on expensive holidays, partying, women, new sports cars and buying expensive, ultra luxury condos and bungalows beyond their means, I invested my salary and big bonuses in undervalued stocks and undervalued properties.

I knew from the start that in my line of work, the good times never last long. I made a lot of money, invested heavily and retired at 43. I am debt free, own multiple income generating properties and dividend generating stocks and live a more meaningful life devoted to lots of charity work.

Those older ex-colleagues in their 50s who were spendthrift are still working hard as they have to keep up with their high expenses, servicing huge credit card debts, car loans and mortgages.

I am in a similar situation but still not retired yet at 49. Do you have a family to support when you retire at age 43? What do you think is a comfortable networth for one to call it a day and retire in Singapore?