blog_post-template-default single single-blog_post postid-1428 bodyID1428
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.
My experience has been just the best! Sandra has helped me in drawing my goals and steps to achieve them. Every session brings me more and more clarity and keeps me motivated. It's been such a great experience that I even continued further with the session as it truly helps me. t's been a huge pleasure working with such a talented, motivated professional that is Sandra. Highly recommend it!!read more
I found my career coaching with Oliver Holloway very interesting, thought provoking and effective. Oliver's blend of coaching expertise mixed with great enthusiasm and insight helped me understand myself better, motivate me to make change and see opportunities in a new and positive way. I feel better equipped to taken on new challenges and seek out new opportunities with a clarity I was lacking before.read more
After having an hour long phone call with a seven coach professional, I was partnered and mentored by Derek and it couldn’t have been a better experience. Working with Derek and seven not only did I unearth a lot of dark truths, but it really pushed me to my limits and to the best version of myself. It makes you ask a lot of questions about yourself and understand your WHY! I’ve gone from leaving a career and moving to a new city to finding my vocation in life. I’m now a yacht broker and living the life I’ve always wanted. It has been an amazing experience personally and money well spent. I couldn’t be happier. Personal shoutout to Derek and Jack for their professional help throughout. Invest in yourself and strive for more. Thanks Sevenread more
Melanie has been an amazing coach, and I highly recommend her. Thanks to her I could understand which career path I wanted to take. She helped me focus, see the right opportunities and gave me fantastic advice and exercises to assure my success. The coaching process and working with Melanie truly helped me in my job search and to find the right job for me. I am glad that I have chosen Seven Career Coaching and more specifically to have been coached by Melanie.read more
I had the best experience working with Nicky Chambers from Seven Career Coaching! Over the last few months she has helped me focus on what wasn’t working in my current job, understand myself better and and gain clarity on my goals for the next few years - as well as how to attain them. I feel motivated and confident in a way I really couldn’t have hoped to be without her help and support. I would heartily recommend for anyone to try this process for themselves.read more
Evelina is an excellent coach who is very professional, knowledgeable and extremely helpful. Working with her helped me a lot to clear my mind and most importantly identify and define my career path. I feel very fortunate for having her in such an important phase of my life. Evelina guided me in a journey of self-discovering, she inspired and encouraged me during our coaching sessions and with her help I was finally able to discover what I really want to do in my life. I highly recommend Evelina to anyone who is looking for a coach for either career or life. Thank you for all your support.read more
Evelina is the best coach I could possibly imagine! She listened to my story, then guided me with sharp and inspiring advice. She supported me with kindness thought each step of this meaningful journey. I've made such jump in a few months. I've got my dream job, which is aligned with my values, my believe and my skills, and I've got a promotion! I feel like I've grown up a lot in a short period, as a person and as a professional. Now I have the right tools to pursue my path with serenity! Choosing Seven Career Coaching was the best thing to do ever!read more
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
I can say with utmost confidence that Oliver from SEVEN has completely reinvigorated my career, helping to open up new opportunities for the future. He did this by helping me find the core of who I am and then use these skills to the best of my abilities.
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
This is a well organized and helpful service. Marcie led me through an analysis of all my strengths, a visualisation of where I want to be, and gave me some great suggestions for improving my CV and interview skills to get there. I don't hesitate to recommend them!read more
I started coaching with SEVEN a few months ago and have found the experience extremely helpful. They paired me with the perfect coach, Jo, and not only do I feel more hopeful and energised after each session but I have also started taking active steps towards achieving my goals. Thank you for everything - money well spent! Jenread more
I really enjoyed working with Jo from Seven. I was looking for some help for increasing confidence and bringing passion to my working career and she was the appropriate person. The coaching process boosted my confidence with immediate results, allowing me to excel in presentations and formal conversations. I would definitely recommend her to anyone suffering from a true lack of confidence but willing to go forward with positive solutions.
Thanks a lot,