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The End of The Show
 

Tier2Sta's picture
IB
(Orangutan, 290
 
Points)
 on 4/30/12 at 8:04pm
show.jpg

It is time...

...After 6 years Tier2sta is also leaving the industry....

Why? A lot of what Mr Ridley states is true...

  • This thing's not as lucrative as most people imagined, definitely not so now that so much of the above base comp is deferred / deferred stock
  • Banks don't know what business model actually works, they have no idea how to get their ROE back up to where it was pre-2008
  • IBD teams are too thin, at officer level it means there is not enough depth in resource / quality resource below you to do effectively the things you want to do without constantly stepping down to clean up, mop up, fix, re-do.../li>
  • The glamour isn't what it used to be, and because of the increased levels of stress generally it is less fun
  • My contacts are as good as my business card in most cases (there are exceptions but a large proportion of clients I have interacted with see me in exactly the same way they see my peers at other banks, these are not deep and meaningful relationships and they are driven by the product my bank can offer)
  • My sector knowledge is superficial (I covered the same sector throughout). I could never learn about the sector properly through IBD. The more senior I became the more frustrating this became

So I am stepping down. Been a good ride. Some fond memories. But I think now is the time to try something else.

Peace...

From the ghetto....
Tags:
TheKing's picture

Congrats on getting out of

O
 
Points)
 on 4/30/12 at 9:27am

Congrats on getting out of the rat race. You have any specific plans?

Check out my WSO Blog

UFOinsider's picture

Tough decision, thanks for

O
(Human, 10,347
 
Points)
 on 4/30/12 at 9:45am

Tough decision, thanks for sharing. Any plans for what's next?

FWIW, good luck in all you do going forward

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

Anacott_CEO's picture

Good luck, I'm sure you had a

CF
(King Kong, 1,259
 
Points)
 on 4/30/12 at 9:49am

Good luck, I'm sure you had a good run. What's next?

Human's picture

Thanks for sharing. Best of

PE
(King Kong, 1,891
 
Points)
 on 4/30/12 at 9:55am

Thanks for sharing. Best of luck in your future endeavors.

"I am the hero of the story. I don't need to be saved."

Nefarious-'s picture

Are you taking the IBD -->

CF
(Neanderthal, 2,216
 
Points)
 on 4/30/12 at 9:56am

Are you taking the IBD --> Street Musician path as well?

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

Abdel's picture

I guess I'll just become a

O
(Neanderthal, 2,064
 
Points)
 on 4/30/12 at 10:37am

I guess I'll just become a farmer.

Thanks for sharing your story...even though we're all happy for you, it is quite disturbing for the up & coming guys.

chicandtoughness's picture

Agreed with Abdel. I'm glad I

CS
 
Points)
 on 4/30/12 at 10:49am

Agreed with Abdel. I'm glad I got out before I started; the volume of these "peace out" stories is getting unsettling. What's next on your roadmap?

"Accept no one's definition of your life; define yourself."
Currently: quantitative marketing/business development
Previously: management consulting, investment banking

Relinquis's picture

Good luck with your future

RE
(Neanderthal, 2,186
 
Points)
 on 4/30/12 at 10:57am

Good luck with your future endeavours...

relinquis... Killing the GMAT this December; Over/Under set at: 725 GMATs.

mob01's picture

Instead of your peace out

(Chimp, 10
 
Points)
 on 4/30/12 at 10:58am

Instead of your peace out stories some advice or words of encouragement would be nice.

IlliniProgrammer's picture

I am thinking about getting

ST
(Almost Human, 9,244
 
Points)
 on 4/30/12 at 11:09am

I am thinking about getting out, too.

http://online.wsj.com/article/SB100014240527023048...

If I work in finance at Exelon/ Commonwealth Edison, I'll be able to come home, flick the light switch, the lights turn on, and I can smile about what I do. If I work at Northern Trust and log in to check my bank account and see interest getting deposited from bank loans, I'll be happy. If I work at Pfizer and wake up on Saturday morning and read in the New York Times about our latest cancer drug, I'll be happy.

Money is good. Work is good. But as you hit your mid to late 20s, you begin to snap out of chasing castles in the sky and start getting the first inklings of your mortality as a few small hints of gray hair show up, as a few light wrinkles appear, and clocks begin to carry way more symbolism than a piece of furniture should. You look at the money you have in the bank, and it doesn't make you as happy as you thought it would have made you at 22.

What makes you happy? Friends. Hang gliding/golf/sailing/ things that get you out of the city with friends. Remembering the things you did in college that helped make the world a better place. The arts (sometimes). Spiritual stuff. Money is nice in that it gives you freedom and financial security, but it's not a substitute for the human experience. Kids would probably make me happy too, but they're an 18-year-commitment.

Come to Wall Street. Spend two years working your butt off; spend another two if you can spend your weekends having fun. Enjoy a glass or two; just don't get drunk on it. Cause the hangover is a real bitch.

Work hard, play hard.

UFOinsider's picture

IlliniProgrammer: Come to

O
(Human, 10,347
 
Points)
 on 4/30/12 at 11:11am
IlliniProgrammer:

Come to Wall Street. Spend two years working your butt off ... Taste it, enjoy it; just don't get drunk on it. Cause the hangover is a real bitch.

This is perfectly stated.

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

Ultima-RDK's picture

Abdel: Thanks for sharing

CD
(Orangutan, 305
 
Points)
 on 4/30/12 at 11:35am
Abdel:

Thanks for sharing your story...even though we're all happy for you, it is quite disturbing for the up & coming guys.

This...

Good luck to you as well as you move forward. Thanks for sharing.

Sometimes lies are more dependable than the truth.

IlliniProgrammer's picture

Instead of your peace out

ST
(Almost Human, 9,244
 
Points)
 on 4/30/12 at 11:37am

Instead of your peace out stories some advice or words of encouragement would be nice.

Thanks for sharing your story...even though we're all happy for you, it is quite disturbing for the up & coming guys.

Our goal here is to impart wisdom. And it would be wrong of us to encourage you to do something without giving you the whole truth.

The bottom line is that one of the things that gives you pride in your work is the fact that it creates genuine economic value.

When you get to a financial firm, you're now talking about being three or four steps away from economic productivity. You don't get as much job satisfaction. There is no "I'm making the world a better place or at least helping to keep civilization running."

If you're straight out of school, you don't notice it for two years, and for two years after that, you can handle it without it getting to you. But eventually, if you're an intelligent person who isn't a total nihilist, it will get to you. And you need to keep that in mind as you go in.

The experience WILL help you with future jobs. And it WILL give you a lot of wisdom. And you WILL save up a decent nest egg if you live somewhat frugally. But most of you are going to discover at some point that your life is too valuable to spend it chasing seven figure salaries. Especially given the fact that this is a *shrinking* industry, not a growing one.

If I were starting over today at 22 with an offer from a top tier new york bank, I'd still take it. But I'd plan on staying for two years, not four. And I'd plan on leaving for corporate development or corporate finance at an F500 firm where I had a 50 hour/week job afterwards. Life is too short, and your working 20s are too precious to spend more than about one quarter of them in the money chase. You need to be chasing fun, families, wisdom, spirituality, and making the world a better place. And the sooner that you realize that your material accomplishments all turn to dust in 100 years, the happier your late 20s will be.

Work hard, play hard.

Ultima-RDK's picture

IP: If you're straight out of

CD
(Orangutan, 305
 
Points)
 on 4/30/12 at 11:42am
IP:

If you're straight out of school, you don't notice it for two years, and for two years after that, you can handle it without it getting to you. But eventually, if you're an intelligent person who isn't a total nihilist, it will get to you. And you need to keep that in mind as you go in.

The experience WILL help you with future jobs. And it WILL give you a lot of wisdom. And you WILL save up a decent nest egg if you live somewhat frugally. But most of you are going to discover at some point that your life is too valuable to spend it chasing seven figure salaries.

Yes. Thank you, IP.

Sometimes lies are more dependable than the truth.

SECfinance's picture

IlliniProgrammer: Come to

IB
(King Kong, 1,416
 
Points)
 on 4/30/12 at 11:44am
IlliniProgrammer:

Come to Wall Street. Spend two years working your butt off; spend another two if you can spend your weekends having fun. Enjoy a glass or two; just don't get drunk on it. Cause the hangover is a real bitch.

IP, this may be the best thing you've ever said.

barf's picture

Now seems like the worst time

(Monkey, 53
 
Points)
 on 4/30/12 at 11:47am
IlliniProgrammer's picture

'fraid so barf. Though I

ST
(Almost Human, 9,244
 
Points)
 on 4/30/12 at 12:07pm

Work hard, play hard.

rufiolove's picture

UFOinsider: IlliniProgramme

IB
(Neanderthal, 3,408
 
Points)
 on 4/30/12 at 12:13pm

1/2 of the WSO Bash Brothers
"Licensed to Ill It"
We all know Bro J did it...

Edmundo Braverman's picture

Just waiting for the college

ST
(Human, 14,391
 
Points)
 on 4/30/12 at 12:18pm

IlliniProgrammer's picture

Edmundo Braverman: Just

ST
(Almost Human, 9,244
 
Points)
 on 4/30/12 at 12:34pm

Work hard, play hard.

Abdel's picture

IlliniProgrammer: Edmundo

O
(Neanderthal, 2,064
 
Points)
 on 4/30/12 at 12:44pm
Nefarious-'s picture

IlliniProgrammer: Edmundo

CF
(Neanderthal, 2,216
 
Points)
 on 4/30/12 at 12:45pm

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

moneymogul's picture

I've always wondered how in

IB
 
Points)
 on 4/30/12 at 12:45pm
happypantsmcgee's picture

Abdel: IlliniProgrammer:

O
(Almost Human, 9,621
 
Points)
 on 4/30/12 at 1:04pm

If I had asked people what they wanted, they would have said faster horses - Henry Ford

IlliniProgrammer's picture

Nefarious-: IlliniProgramme

ST
(Almost Human, 9,244
 
Points)
 on 4/30/12 at 1:19pm

Work hard, play hard.

Nefarious-'s picture

IlliniProgrammer: Nefarious

CF
(Neanderthal, 2,216
 
Points)
 on 4/30/12 at 1:43pm

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

Faddy's picture

Some serious knowledge being

(Baboon, 112
 
Points)
 on 4/30/12 at 1:48pm
Faddy's picture

Double post, thanks again for

(Baboon, 112
 
Points)
 on 4/30/12 at 1:52pm
IlliniProgrammer's picture

Abdel: The plan for everyone

ST
(Almost Human, 9,244
 
Points)
 on 4/30/12 at 1:58pm

Work hard, play hard.

Nefarious-'s picture

Faddy: Some serious knowledge

CF
(Neanderthal, 2,216
 
Points)
 on 4/30/12 at 2:01pm

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

Abdel's picture

IlliniProgrammer: Abdel: Th

O
(Neanderthal, 2,064
 
Points)
 on 4/30/12 at 2:08pm
moneymogul's picture

I have similar aspirations to

IB
 
Points)
 on 4/30/12 at 2:12pm
TheKing's picture

Whenever I'm out having fun

O
 
Points)
 on 4/30/12 at 2:16pm

Check out my WSO Blog

IlliniProgrammer's picture

Abdel: I just

ST
(Almost Human, 9,244
 
Points)
 on 4/30/12 at 2:21pm

Work hard, play hard.

moneymogul's picture

Because it'd probably require

IB
 
Points)
 on 4/30/12 at 2:31pm
SamuelClemens's picture

These topics are getting kind

PT
(Baboon, 115
 
Points)
 on 4/30/12 at 2:33pm
Abdel's picture

IlliniProgrammer: Abdel: I

O
(Neanderthal, 2,064
 
Points)
 on 4/30/12 at 2:39pm
IlliniProgrammer's picture

moneymogul: Because it'd

ST
(Almost Human, 9,244
 
Points)
 on 4/30/12 at 2:40pm

Work hard, play hard.

SF_Reg's picture

TheKing: Whenever I'm out

 
Points)
 on 4/30/12 at 3:03pm
moneymogul's picture

But if you exit with $500K in

IB
 
Points)
 on 4/30/12 at 3:16pm
Abdel's picture

moneymogul: But if you

O
(Neanderthal, 2,064
 
Points)
 on 4/30/12 at 3:17pm
moneymogul's picture

Well that's a nice goal that

IB
 
Points)
 on 4/30/12 at 3:20pm
Nefarious-'s picture

moneymogul: Well that's a

CF
(Neanderthal, 2,216
 
Points)
 on 4/30/12 at 3:24pm

You're born, you take shit. You get out in the world, you take more shit. You climb a little higher, you take less shit. Till one day you're up in the rarefied atmosphere and you've forgotten what shit even looks like. Welcome to the layer cake, son.

SamuelClemens's picture

I might as well give trading

PT
(Baboon, 115
 
Points)
 on 4/30/12 at 3:30pm
TheSquale's picture

It's look like Tier2Sta

AM
 
Points)
 on 4/30/12 at 3:58pm
IlliniProgrammer's picture

TheSquale: But as said

ST
(Almost Human, 9,244
 
Points)
 on 4/30/12 at 4:22pm

Work hard, play hard.

TheSquale's picture

You should be

AM
 
Points)
 on 4/30/12 at 4:43pm
UFOinsider's picture

Edmundo Braverman: Just

O
(Human, 10,347
 
Points)
 on 4/30/12 at 4:49pm

YOU JUST GOT TROLLED
http://www.troll.me/images/red-foreman322/dont-you...

IlliniProgrammer's picture

TheSquale: You should be

ST
(Almost Human, 9,244
 
Points)
 on 4/30/12 at 5:01pm

Work hard, play hard.

Flake's picture

chicandtoughness: Agreed with

ER
(Neanderthal, 3,595
 
Points)
 on 4/30/12 at 5:13pm

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.

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