I’ve spent over two decades as a trader at major banks and have been a managing director for 10 years. I feel in my bones that we are due another clear-out. And when it comes, it will not necessarily be the loyalists like me that go.
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What I have learned through observation of repeated market cycles is that when cuts happen, it’s the mercenaries who are targeted first.
These are the people who jump from role to role when the going is good, always trying to bid-up, always trying to be bid-back, always trying to get more and more for their own franchise.
This behaviour is remembered.
Link: https://www.efinancialcareers.com/news/mercenaries-banks