My dream was to work here. I had a really nice time here for a while. Not anymore.
Now I get the urge to leave more and more often.
I got advice from some people to go to a much smaller bank. I don't know, I mean after so many years of trying to make a career, now to go to a small bank???
I've given it some thought but it doesn't feel like a good advice to me.
Thoughts?
7 replies (most recent on top)
Gorman will be ousted by year-end and TP will be new CEO. Dont worry about layoffs until 2022, after new CEO comes up w/ his plan. He does like a good RIF (remember FICC), but I'd suspect layoffs more likely to take place in that WM monster we now got.
Agree with you OP. The IAD is now in major turmoil with constant mindless changes .
Private equity may perhaps give you the right fit. Smaller firms, not inundated by cooperate politics, and not afraid to try new things and ideas.
Hedge funds also is another option. Similar characteristics.
If you are risk taking techi nature, coin related traders or exchanges seem for the moment doing well.
it's sad more people don't connect the dots. anyone paying attention to repo markets from Sept 19 to Mar 20, should have known something had to give.
Gorman (and Dimon) were central to the bank push for C19 hysteria. Without that hysteria, my guess is both would be unemployed right now and their banks in liquidation.
We can get into DB problems and that's interconnectedness, but it seems clear to me, by the CEO actions re: C19, that MS and JPM were in trouble, big time. Do we know how much each was hitting the repo markets in the second week of March 2020 when it peaked at $1 trillion?
You cannot understand the C19 scam without looking into the pre-existing problems in the global banking system.
As an old timer, I felt a certain amount of shame because of the firm's 2007-10 behavior. Specifically, what happened on the FICC trading desks and with MSREF, since I was not part of either group. The MS name on your resume wouldn't open many doors for you outside the firm at that time.
You may want to frame MS exit opportunities along those lines. Understand what JG is doing right now, such as mandatory vax for even clients, and decide how that may be received outside the firm to potential future employers. Years from now, people will still recall how MS/JG stiff-armed employees, consultants, and clients, with little to no regard for long-term effects of a rushed shot.
Net net, you may wish to exit sooner rather than later. The reputation of MS isn't going to be enhanced by its C19 policies. That is my point. You may wish to recall that JG was first out of the gate claiming he "had c19" to push the storyline, at the same time he Chaired NY Fed Board and the banking system was effectively insolvent. Look at the repo market.
Small companies, startups, tech, anybody that values your background are excellent. Banking is good for about 10 years after college, after that you either get into management, try different jobs that interest you or get out. Just look around and see how many people are ready to retire in your work place, what is the average age there. You get the idea where you stand.
If you are at MS for some supposed prestige, you are already misguided. People in finance care about IB's, but no one else anywhere in the world does.
You could go to a smaller bank, but you could also exit banks entirely. That would be my advice. Definitely work for a small company, because corp america is unhinged on any number of issues of late.
i left the firm and joined our family business. When younger, I viewed myself as "too good" for that, but at age 35 I see the light.