Not every banker is confident about finding a new job
Our bonus & job market expectation report asked a lot of questions, from straightforward bonus estimations to job insecurity to likelihood of looking for a new job. One of the more esoteric questions we asked was about confidence – specifically, the confidence a banker had in finding a new job if they left their current one.
Bearing in mind that 10 is the hardest finding a new job can be (so everyone should want to be a 1), the results are… surprising.
For one, middle office people are all over the place. Operations and risk people are especially pessimistic – with operations the most pessimistic that responded to our survey – whilst compliance people are by some margin the most positive that we surveyed.
The lack of confidence shown by quants is also concerning. Finance is often spoken about as trending more and more toward systematic trading and process automation – two things that leave technologists and quants very safe compared to their rivals (often in the middle office). Quants, however, might be in too high a supply to benefit from that trend – or feel like it’s difficult to move to a new team.
Technologists being more optimistic about finding a new job is even more surprising, perhaps. Tech layoffs have been pretty brutal over the last year – from FAANG and Twitter to banks such as Santander.
It shouldn’t be surprising to know that there was a large overlap between respondents who felt secure in their jobs and those who thought they would find a new job quite easily. The logic is sound; you’re secure in your job for the same reason you’d find a new one easily. Oddly, however, there is less of an overlap with bonus expectations.
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