I have spent over two decades working in US investment banks; during that time I have both been fired myself and I have hired people who have been fired.
When you work in financial services, this is something you must expect. And it's something you must prepare the people around you for. Very early in my career, I had a conversation with my wife and her told that I would be fired one day. It's standard in this industry.
My wife was prepared, but it doesn't make it any easier when it happens. In banking, you are most likely to be subject to a RiF [reduction in force] when you're very junior or very senior. But as you become more senior, you forget this and start to presume that it won't happen to you. Be warned that it will, especially if you've been at the same place for a long time.
When you're RiFFed as a junior banker, it can be hard: you don't have the contacts or the experience to differentiate you from all the new graduates entering the industry. This doesn't mean you should give up: finance is filled with people who struggled at the start of their careers; it's a rite of passage.
If you're RiFFed as a more senior banker, your response can define the course of your career. If you've come from a top tier bank, you will get offers from second and third tier banks that want to hire you. If you can afford to do so, you must ignore them. I've seen a lot of people make that kind of move down the pyramid, thinking they can get back in after a few months. But climbing back up is not easy.
Instead of chasing any job that's out there, it makes sense for senior bankers to either sit out of the market or do something tangential until the right offer comes along.
In either case, whether you're junior or senior, no one will blame you for being fired. Unless the market is absolutely booming, your performance will not be a consideration; it was simply your turn.
And if, after being fired, you're through with the finance industry? You have plenty of options. Even traders have plenty of transferable skills - they can assimilate a vast amount of information quickly and made decisions, and they can do that for 12 hours a day. People in banking work at a much faster pace than people in other industries, and their skills are valuable across the economy.
Fabian Reid is the pseudonym of a managing director at a US bank in London
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FAQs
Tell your husband that you've got some hard news to share, and then tell him. Don't wait for him to ask you, "When did this happen?" Give him the date in your opening statement. Say something along the lines of, "About a month ago, I lost my job. I haven't told you because I've been too embarrassed."
What can you get fired for at a bank? ›
Insubordination and related issues such as dishonesty or breaking company rules. Attendance issues, such as frequent absences or chronic tardiness. Theft or other criminal behavior including revealing trade secrets. Sexual harassment and other discriminatory behavior in the workplace.
Do investment bankers get fired? ›
I have spent over two decades working in US investment banks; during that time I have both been fired myself and I have hired people who have been fired. When you work in financial services, this is something you must expect.
How to support someone who just got fired? ›
Encourage Self-Care: Suggest self-care activities that promote emotional well-being. Encourage them to practice mindfulness, engage in hobbies they enjoy, or seek professional help if needed. Remind them that it's okay to prioritize their mental health during this challenging time.
What not to say in termination? ›
11 Things You Should Never Say When Firing an Employee
- “This is really hard for me.” ...
- “I'm not sure how to say this.” ...
- “We've decided to let you go.” ...
- “We've decided to go in a different direction.” ...
- “We'll work out the details later.” ...
- “Compared to Susan, your performance is subpar.”
“Unless you submitted a resignation letter, if you're being terminated, it's better to accept the news with grace and dignity,” Taylor adds. “Even suggesting that you were planning to quit anyway is an obvious defense that has no redeeming value.”
What defines wrongful termination? ›
In California, wrongful termination refers to the unlawful dismissal of an employee by their employer. It occurs when an employer fires a worker for reasons that violate state or federal laws. Common unlawful reasons include discrimination based on factors such as age, disability, or pregnancy.
How to answer reason for termination? ›
These are some steps you can follow to explain a termination:
- Be honest. Always be honest about your termination from a previous position. ...
- Keep it simple. ...
- Remain positive. ...
- Demonstrate personal growth. ...
- Promote your skills and experience. ...
- Emphasize your positive qualities.
Typically, you give one verbal warning and two written warnings (one initial and one final) before dismissing them. However, in cases of severe or gross misconduct, you may dismiss the employee without prior warning.
Do investment bankers make 500K a year? ›
Ways to make a lot of money in this world
Sure, anybody can make a good living being a doctor or a lawyer or an investment banker where you can make ~$200-500K per year a few years after you finish with your studies, but you hit a ceiling very quickly unless you start your own practice (aka start your own business).
Investment banking is a demanding and competitive field that can take a toll on your physical and mental health. Long hours, high pressure, and tight deadlines can cause stress, burnout, and anxiety. However, there are ways to cope with these challenges and maintain a healthy work-life balance.
Do bankers retire early? ›
When do investment bankers retire? This varies widely. But on average, the oldest full-time execs I saw were in their early to mid-50s. A banker's retirement age (much like that of any profession) really depends on what his motivations are.
How do you support your spouse when they get fired? ›
Open Communication. Talk to your spouse about your thoughts and fears. Share your concerns and be open to hearing his. This can create a supportive environment where both of you can express your emotions without judgment.
What to say when you lose your job? ›
Keep it short: 100 to 200 words is a good target. Keep it positive: Don't blame your boss, the company CEO, HR, etc. Don't rehash the past: Focus on the fact that you are moving forward. Make an ask: If you want to talk, or are looking for a specific type of job, say that.
How do you professionally say someone was fired? ›
For a general termination, consider a statement like: “Jeremy will no longer be working with us. We will be hiring to fill his position. Let me know if you have any questions” or “Today is Deirdre's last day. We'll all be pitching in to cover her responsibilities for the next week.”
Should you tell your partner you lost your job? ›
Tell Your Partner and Family
As hard as this is, telling your family should be one of your first actions when you lose work. Yes, there is the sense of letting someone down and the fear of how they will react. However, there will need to be discussions about money, insurance, and finances.
Should I disclose that I was fired? ›
What to say when you get fired from a job: on your resume. Nothing! There is zero reason to mention being fired on your resume. Your resume need only contain the start and end dates for the jobs you've held, without going into details as to why you left your former employer.
How do you deal with a spouse who has been fired? ›
"Make it clear that you love them, you care about them and the job loss doesn't affect how you see them," Morin said. "Discuss the steps you can take to manage the expenses." She added, "Let them know you're confident that you'll [both] be OK and you'll figure something out — and that and you're in this together."
How do you politely say someone was fired? ›
For a general termination, consider a statement like: “Jeremy will no longer be working with us. We will be hiring to fill his position. Let me know if you have any questions” or “Today is Deirdre's last day. We'll all be pitching in to cover her responsibilities for the next week.”
