…but more like a class F5 financial tornado just swept through Manhattan.
Similar carnage occurring in London’s Square Mile.
Smart and able IT professionals are having to rapidly rethink careers, lives and even country of residence.
Take a look at this Mar 24 Bloomberg article by Lisa Kassenaar and Stephanie Baker. The title certainly grabs eyeballs: “Fired Doctor of Derivatives Waits To Cry As Finance Job Evaporate”
It’s a well written piece – with the subheadings from page one alone telling a particularly torrid and alarming story (e.g. Quarter-million jobs, Self-worth, No Callbacks, Transaction bubble, Nobu’s Retreat).
Tokyo IT (Expats) Hit Hard Too
According to my Tokyo headhunter contacts, most all the Foreign Banks are in lock down mode for IT hiring. Good people are being let go, sent overseas (Singapore is popular) or outsourced.
Interestingly, Lehman Japan seems to be a special case – as this Reuters article explains: “Tension Simmers at Nomura As Lehman Bonuses Loom”
Here’s where I leave the professional pundits to do their thing – the end of the FIRE economy? Global Depression? The demise of over-leveraged, debt-based economies?
In all honesty, I don’t know. (And based on their track records so far, I doubt if most pundits and forecasters know either!) But things are changing, for sure.
Read on ONLY If You’re an IT Professional In Financial Services
My best guesstimate is…
12 months from now some of you will be doing just fine (bonus might be minuscule, though…).
Others will have unfortunately been fired despite endless hard work and “building the franchise” dedication.
And a minority will probably bite the bullet and leave Financial Services IT altogether – however, getting a remuneration haircut in the process. (I know how that feels.)
What can you constructively do in the meantime?
Take advantage of whatever training and courses are available via your employer and brush up your soft skills – as well as core technical skills, if you can.
And yes, do your job – to the best of your ability.
You might even freshen up your resume or hire a mid-career coach to review your options in a 100% private and confidential environment.
A Very Special Offer For Financial Services IT Professionals
I’ll be combining my career coaching skills and my recently launched resume writing service for a very special offer next week.
(Oct 2011 update: Both services are no longer available.)
As with previous offers, it’ll be limited to only a few people and available for just 48 hours. (That’s partly to prompt you into making a decision BUT also to help keep my schedule manageable. I can’t coach 50 people 1-to-1 in a month!)
Next Tuesday’s post (31 Mar) will have all the details.
(NOTE: It will be a password-protected post. Sign up for my email announcement list before Midnight Monday 30 March, New York time; and you’ll receive the password via email. The sign up box is on the right of this blog, below my photo.)
– Mark McClure