Here's the latest missive from our 'Highly Placed Professional':

'Although it's easy to point the finger at previously high-paid traders and salespeople who are now down on their luck and on the street during the current downturn, it's not surprising that many spend what they earn and live for today - as that's the very mentality that probably made them successful in their jobs when things were going their way.

And, for many front office folk, things are certainly going to get tougher in the coming months. Many market professionals who got into a relatively specialised trading role, or who were selling sophisticated instruments, are between a rock and a hard place. Many of those deals are just not being originated any more, and there is virtually no secondary market. No-one's hiring - and most firms are clearly firing.

Those who do get axed will quickly realise that, excepting the first flush of calls from friends and former colleagues, relationships in the financial markets are very often PTWRs (Paper Thin Work Relationships).  In other words, you are only valued by a third-party if you, in turn, are of value. A salesman without a job sees his stock quickly fall. The telephone will soon stop to ring.
 
A laid-off trader will suffer from nightly 'mind spin', as he or she tries to work out what avenue to pursue next.  The promise of interviews, or even informal meetings, will start to take on a new significance - like seeing an Oasis in the desert. You are so glad to have something in the diary, especially a lunch, that when you inevitably get let down and the meeting is postponed for another week (or altogether), the feeling of disappointment is overwhelming. Meetings of this kind can give you back that sense of self-worth you had when you used to lean back at your desk after some big BSD trade. 

Hard as it will be, us front office types need to realise that it's nothing personal. It's just the business we're in. And, of course, it's 'sod's law'. When you are in need of help and support, very few are able to provide it - when you want to sell up, the property market tanks. When you want to find a new job, no-one is interested.

But let's end on a positive note - the guys and girls who earn their living in the financial markets are the greatest. They're sharp, entrepreneurial, funny, and born survivors. So, if you are unfortunate to get laid off this round, enjoy some family time, batten down those hatches and keep your chin up. Because good people always end up landing on their feet. Cream always rises to the top!'.

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Laid Off - And Mad As H.ll!

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