immediate reaction to being made redundant

dopivo · Post by **dopivo** » Thu Jan 31, 2008 9:04 am

Thanks guys, that's very helpful. I actually expected a lot more Barettas, Uzis and pissing on desks suggestions in your replies which I'm glad were kept to a minimum. Probably a sign how serious everybody feels the situation on the job market actually is.

It hasn't happened yet and if it doesn't soon I'm probably safe for some time.

dopivo · Post by **dopivo** » Thu Jan 31, 2008 8:53 pm

I'm safe. bonus has hit the account earlier than expected.

Now they have no reason not to keep me for another 12 months for that tiny running carry.

Some colleagues (who even lost their promissed bonuses), friends, clients, sales covering us and competitors were less lucky.

FDAXHunter · Post by **FDAXHunter** » Thu Jan 31, 2008 9:33 pm

You wouldn't say you're paranoid though, would you?

dopivo · Post by **dopivo** » Thu Jan 31, 2008 10:13 pm

maybe, but if you are a group of 8 and 2 actually have to go... maybe not. credit is less fun at the moment than being an independent portfolio manager, I guess....

Skillionaire · Post by **Skillionaire** » Thu Jan 31, 2008 10:24 pm

Lol, we just had a cake party for a VP who got shit-canned about ten minutes ago.......plus, for the last month I've been getting at least one call a day that goes something like this:

"Hi, I'm ____ from [insert sell-side name here] and I'll be taking over your coverage for [insert name of person that Skillionaire liked here]. Feel free to call me at any time to talk over any issues or questions that you might have. I look forward to working with you, etc."

Bachelier · Post by **Bachelier** » Fri Feb 01, 2008 10:18 am

"Hi, I'm ____ from [insert sell-side name here] and I'll be taking over your coverage for [insert name of person that Skillionaire liked here]. Feel free to call me at any time to talk over any issues or questions that you might have. I look forward to working with you, etc."

that is sooooo my story....I've got 26 year olds calling me with their "idea of the day" trying to generate flow. i got 16 years in this business. lord are they lame.

ynot · Post by **ynot** » Fri Feb 01, 2008 12:15 pm

polysena: "same for finance glass cage?"

Same, except for the rectal search, unless, well, you know.

polysena · Post by **polysena** » Fri Feb 01, 2008 11:30 pm

ynot

Smiley ....

sakret · Post by **sakret** » Sun Feb 03, 2008 9:18 pm

be professional. shake his hand and smile, later write a very short note in long hand, thanking the chap for his support and expressing regret you were not able to better contribute to the desk's p/l.

do not waste time feeling sorry for yourself, at least not in public, later when you are calmer, and can think dispassionately, at home or at a cafe in the weekend, mark yourself to market by writing down why you think you were made redundant, splitting it into technical issues and personal issues, into the the ones which you can change, the ones which are harder to change because they involve a fundamental change in personality or philosophy, make a promise to yourself that the situation will not be repeated.

do not dwell emotionally on it, it is like a bad trade, if it didn't blow you up and and you know why it happened, it is history, just try to avoid a repeat, and dispassionately watch yourself react to it. To dwell on it is to eat up your own (mental and emotional) capital.

to show anger or sadness is to lose emotional control, which is fatal if you want to continue working in trading.

throwing chairs, seeking legal recourse etc may feel fine on the spur of the moment, but you will regret later, because it means you are taking up the black ball that the company has given you and accepting their pinholing of you, instead of rejecting it.

you can be long the tails of the distribution in a trade, but you cannot be a (negative) long tail as far as professional behaviour is concerned.

this way, although the chap may not show it you will probably go up a notch in his estimation. If you really want to leave with a parthian shot, just say quietly that you hope to meet him again when you are more mature and better able to contribute, and thank him for helping you go towards that goal.

being decorous in things is hard, but I think pays off in the long run.

these comments are not meant to be any endorsement of the chap's behavour, I sympathise with you greatly in what must be a grossly unfair and unpleasant situation, and hope you soon find a new and better job.

Jaxx · Post by **Jaxx** » Wed Feb 06, 2008 6:15 pm

i absolutely agree with Bacheliers comments - its absolutely vital that you let them know that you have the resources to make it an ugly legal case, not that you actually need to do that when negociating your package. there is absolutely no downside in them trying to shaft you initially as if you take legal advice they can bump up the package and avoid the potenial mess at no additional cost - being nice is just selling a free option that they think has a very high delta.