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Financial Times: The City Office Where Bankers Cope With Life After Redundancy
As the industry shrinks and investment bankers lose their jobs, companies turn to outplacement firms to help those affected move on. Oliver talks with Financial Times about life after redundancy and this growing industry trend.
David* worked in investment banking for 33 years and was made redundant three years ago. Banking had defined his sense of self, provided him with friends, disposable income and monopolised his waking hours.
“Banking dominated my life. When you put in 12 hours a day and often more; flown from London to Singapore at a moment’s notice; when you devote yourself to a job like that, it takes over. It defines who you are,” he said. Losing his job was a blow and caused him to slide into depression. “When I left I was in a very bad mental state,” he said. “It took six months to admit that I was damaged by it.”
Redundancy is becoming an increasingly common experience for those working in investment banking. The industry itself is shrinking, as tougher regulation after the financial crisis squeezes profits. The rise of technology is also automating certain tasks, meaning banks are consistently restructuring teams and reassessing roles…
Those made redundant from investment banks usually receive generous payouts, typically much higher than the legal minimum of one week’s pay for every year worked at a company. Lawyers say bankers usually pay out a month of salary for each year of service , with senior individuals who leave on good terms often receiving even more generous compensation.
Oliver Holloway, a coach at SEVEN Career Coaching, said this gives investment bankers a leg-up when faced with redundancy, allowing them to have breathing space in which to reflect. Holloway said: “Every client comes in saying this is the biggest nightmare. But really what is the bigger nightmare? Sitting there for the next 20 years in the same job? This a time where they get to stop. Someone has forced them to reassess everything.” That can be important for individuals to process the mixed emotions that come with leaving a job unexpectedly.
Written by Becky Pritchard and Nell Mackenzie Read the full article on Financial Times here.
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Oliver Holloway is an excellent coach. He has a huge amount of enthusiasm and his positive energy is infectious. Ollie was able to help me pinpoint my strengths, push me out of my comfort zone and provide clarity. Along with all that, he provided me with very valuable and effective practical tools to take my career forward when I couldn't see how it was possible.read more
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Where to begin! I’ve just spent a truly transformative 6 months working with Oliver from SEVEN. I was feeling really stuck when I started thinking about coaching. I had a seemingly great job, lots of friends, a supportive family but somehow I was feeling unfulfilled and anxious and wondering if this was it? I had an idea of what I wanted my life and work to feel like but I felt completely at a loss as to how to achieve it. After an incredibly inspiring telephone conversation with Evelyn from SEVEN she suggested Oliver as a coach and so it began. I had no idea how empowering it would be to have someone in my corner whose soul aim was to help me become the best possible version of myself and make those daydreams a reality. The amount of energy and enthusiasm that he injected into our sessions was infectious. He provided me with endlessly interesting and helpful resources and was brilliantly creative in his approach to our sessions. Oliver has helped me work out what I need in my life to make it feel fulfilling and exciting. He has also helped me to value my unique skills and strengths and to devise a strategy for using them more effectively at work and in my personal life. As a result of my work with Oliver I've restructured my work so that I can focus on what I love, I’ve negotiated a more flexible set up at work so I can travel more and I feel empowered and more confident in my personal relationships than I ever have before. Perhaps most importantly. I now feel like I’m in charge of my life and I can achieve the things that once thought were beyond my reach.read more
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When we first started working together, I felt completely off-course and didn’t know which way to turn in my career. Through a series of engaging and creative exercises we worked together to tackle the issues that were holding me back, clarify my career trajectory, focus my values and discover my leadership style.
In each session, Oliver always had an infectious, optimistic energy that helped make this such a rewarding experience for me and each time I felt energised to take the next steps in my journey. I’ve completed our time together with such a deep appreciation for what he does. My career has taken leaps and bounds, and I’m now armed with the techniques to help me grab each and every opportunity in a way that is most beneficial for me.read more
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