Banking - no longer a land of milk of honey

The end of month. My employer, affected by several adverse external factors (the pandemic, low interest rates, excess liquidity on the market) in a pursuit of cost savings and switching into more automated solutions, is conducting lay-offs. The last day of a month are chosen to hand in notices, to shorten misery of those made redundant and minimise their payroll and severance packages. The laid-off will have it uphill in terms of finding a job in financial sector in which headcount is on decline. Those who are kept in have few reasons to be cheerful, since efficiency per employee must rise and automation of processes does not apply to those whose work is not repeatable.

The style of work in banking no longer resembles residing in a land of milk and honey. Before the financial crisis bankers would do overtime more or less often and received sky-high financial rewards. Today toiling away has become less spectacular, more mundane. To blame is the growing extent of regulation the industry is subject to. On one hand I praise measures put in place to prevent a financial collapse witnessed in 2008, on the other I grit my teeth when I focus on ticking off fulfilling requirements from regulators instead of concentrating on sheer analytical work. The burden of regulations generates additional costs to the industry, which additionally faces competitive pressure on revenue side.

If I were to change a job, a transfer within the banking industry makes no sense. All banks are under the same pressure, room for salary increase is limited given my earnings. I do not slog like a dog and have established myself a reputation with my workmates. Benefits of changing a job would not make up for starting building my value from scratch. The only option is hence to move outside the banking industry.

What could persuade me to change a job? At the present I do long yearn for more money, albeit with a prospect of raising a family and wanting to buy or build a house, dough would come in handy. The new occupation would have to let me develop my competencies and not be repetitive. It ought to be challenging, yet not stressful. I would love to feel what I do matters, which seems a rarity, if one works as a clog in a corporate machine. Besides, balance between time spent at work and private life is of profound importance to me.

A few years ago I thought I would find it hard to come up with the idea of what to do in life, if I had a plenty of assets and could live off the income they produce. Today, as I have grown mature, I realise I would spend my time and energy on charity or / and on semi-political or expert organisations, to strive for a better tomorrow. This would sadly likely bring letdowns similar to what I have experienced with Szlachetna Paczka.