Banking Bust of ‘23 - Navigating Opportunities
Have seen many posts about young guys who got hit during the bust. Let’s start a forum on how we can help / break into other industries / share general insights to raise morale and get these fellas back on their feet.
1) What’s an industry you view as “nascent” outside of traditional “high finance” that might be interesting?
2) What’s a fun activity you do to recharge?
3) Share a time you’ve “failed.” Doesn’t have to be while in finance either.
4) If you’re a senior person - can you think of a time where you made a tough decision to lay one of these guys off? How can you help moving forward? These guys will be in the economy for the next ~40+ years
5) Any chance for some sort of “welcome back” hiring program after things get better?
Pls be mature about this and keep is “somewhat” clean. Thank you!
Fun activity to recharge - something simple like watching the ESPN and shit talk your buddies’ favorite team. That and a cold beer is my favorite way to relax.
Also think it would be cool to have a some sort of welcome back program assuming people have clearly done something to improve themselves.
Good luck everyone!
Good topic to start upon
1/ IMO generally speaking Tech is on the upswing, long term, need to pay attention to see which verticals are growing + What's interesting. For ex, Plenty of startups in Data management growing fast and maturing well (Alation, Collibra etc)
Would say similar things in Bio Pharma as well
A general piece of advice with nascent / high growth industries, esp if you come with less experience and from high finance - prep yourself mentally to make less money in hand in the short term, I know its quite a difficult thing to do (esp when comparing to ur peer group in finance) but as long as you stick with it you will get much more (money) for much less (hrs put in) in the long term thru stock awards - just need to be smart about when you demand these awards
2/ am outdoorsy, it's one thing I can only do when am not clocking 100 hr weeks
3/ oh where do I start, but don't want to write another story, sufficient to say this - the more you keep thinking about the past the deeper you are digging yourself into a hole which will make it even more difficult to get out of it, learn and move on faster - people remember success stories not failures in the long term
4/ the best way bankers can help is good references
5/ quite frankly that's a bad idea esp if you have been laid off, that animosity doesn ever go away
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