Life

On Wall Street, IT Career Change Now Blowing In The Wind

Looks 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: Bloomberg Fired Doctor Of Derivatives - Finance Jobs Vanish http://www.bloomberg.com
(2017-03 Update: Broken link.)

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: Lehman Japan Bonuses and Nomura - Tension

Future Prognosis?

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 are an IT Professional In Financial Services

My best guesstimate is that 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.