There is an article in my weekend news paper today about bankers taking a 50% haircut or worse just to get out of the financial sector. The pressure, the public outrage, the loss of moral, .... The interviewed say they just had enough and never felt better then after quiting their high payed job. They say many of their colleagues intrusted them in private they would do the same if they could. Unfortunatly they, their bills and their families have grown accustomed to such a high pay check they are in a way trapped in a golden cage. This one forex trader became a teacher, some other guy went to run a hospital.... Real jobs with real people.... Are we to pitty the bankers or are these just some random stories without any significant trend or anything...
IMO the financial sector revenues as % of GDP will revert to it's long term mean and these jobs will disappear no matter if these people quit voluntarily or not. And I doubt all bankers have high salaries, where does this myth come from? The cream of the crop get big bonuses, 99% of people in the financial industry do not. I know people working in mid-sized community banks and they get crap salaries while working their ass off peddling loans to farmers or foreclosing mortgaged McMansions.
You see these stories in bad bonus years: 2002, 2008 and now. In 2005 these stories were non-existant. I think most bankers only go into the industry for money. Some might find the thrill in the deal, but most are in it for the paycheck and when the check isn't there many will leave.
bullshit. the only reason they get out is because they can get paid higher elsewhere or forced out by the firm. "the pressure, the public outrage, the loss of moral, ...." <--- lol, earth to debaser82..
Banking used to be a family business. Morgan, Rothschilds, Barings, Kleinwurt and Benson etc. I think in hind sight it might have been better back then. They had a heritage to proctect so they wanted to maintain their good name. Now it is getting what they can.
Or the money wasn't enough to sell their souls for.... There are few places that will pay better than a bank, hf, or pe shop.
Interesting logic. I have been trying to quantify what has happened in the world (in my mind, to myself), and I think you have hit on something here. It seems everyone today is fixated with squeezing every drop out of everything. Get all they can when they can (banks, insurance, government, etc..). I think that there is a problem with this mind-set, and is starting to have repercussions throughout society.
You might say they are jumping ship. Might be true. However, I know those guys. They are setting up their little cottage industries. Do not trust them under any circumstances. However. That sign is good. The best will likely go bankrupt with recognition.