Canary Wharf too far from home? Where do Bankers live in London

I am incoming SA at a BB in Canary Wharf and I was starting to think about my living situation for when I start FT. I think it is very likely that I convert or work for another bank in Canary Wharf, so I was wondering if my current situation is feasible in the long-run. 


CONTEXT: I currently live around the Euston/Camden area with my parents and it takes me around 40-50 minutes door to door via the Northern/Jubilee Line. I am happy to continue living with my parents if it means I can save 12-18k extra a year, but I am weighing up the trade-offs of an extra 20 minutes to my journey.


A) Stay in parents house and save 10k+ a year, but lose 40min a day

B) Move somewhere closer

C) Just get a FT job in the City


(I know there have been previous threads on this) but, I am also interested to hear where Canary Wharf Bankers live in London and if it is feasible with the long hours. 

 

Living in the Euston/Camden area and commuting to Canary Wharf is quite common among professionals working in the financial district. Here's a breakdown of your options and some insights based on the WSO content:

Option A: Stay in Parents' House - Pros: Significant savings (12-18k a year), familiar environment, less immediate financial pressure. - Cons: You'll lose about 40 minutes a day commuting, which adds up to roughly 3.3 hours a week. This could be significant given the long hours typically worked in banking.

Option B: Move Somewhere Closer - Pros: Reduced commute time could improve work-life balance and overall well-being, potentially more networking opportunities with peers. - Cons: Higher living costs, which could significantly cut into your savings and disposable income.

Option C: Get a Full-Time Job in the City - Pros: Potentially shorter commute if living centrally, might offer a different work culture or opportunities. - Cons: Job change involves uncertainty and the new role may still demand a long commute depending on exact location.

Where do Canary Wharf Bankers Live? - Many finance professionals choose to live in areas with good transport links to Canary Wharf. Popular choices include: - East London areas like Limehouse, Wapping, and Canning Town, which offer relatively affordable living and shorter commutes. - South of the river, places like Canada Water and Bermondsey are favored for their proximity and decent transport links. - Along the Jubilee Line, which directly serves Canary Wharf, areas like London Bridge or even further out towards Stratford can be good options.

Given your current situation and the trade-offs involved, staying with your parents while starting your career could be a wise financial decision, especially if the extra commute time is manageable. This would allow you to save money and gain stability in your early career phase. However, if the commute becomes too taxing or if you find a good opportunity closer to work, moving closer could significantly enhance your daily life and productivity.

Sources: Where to live in London?, London Rent / Living Arrangements 2019, Investment Banking in the UK - An Overview, https://www.wallstreetoasis.com/forum/investment-banking/investment-banking-in-the-uk-an-overview?customgpt=1, https://www.wallstreetoasis.com/forum/investment-banking/london-vs-new-york-city?customgpt=1

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100% live at home. 40 mins a day is ntg especially since we have the tube so that commute is 100% stress-free, I pop a podcast and read a book, and that time is productive. I commute about an hour a day myself. With the savings, that's a fucking no-brainer. I'm surprised you're not thinking about the mental health benefits of living with parents/ family (unless you're not close), and how soul-sucking it is to live and work in Canary Wharf. Maybe think about that more.

I think it is very likely that I convert or work for another bank in Canary Wharf

Surprised at this confidence. Ah well, you're only young once

 

You mention it is soul sucking to live in Canary Wharf…

I’m starting at a BB as a grad there, I’m from up north and have no friends or family to live with in London. Canary Wharf presents its self as a clean and safe place with a commutable walk.

Anywhere but the Canary Wharf area is immediately a £8.50 charge for peak tube, so that’s easy £100+ a month I’d be saving by living there.

Also, it has some of the best flats for its price, anywhere else and I’d be either living in an outdated cramped mansionete out west or maybe a similar flat in Greenwich or Stratford.

What would you do in my situation? I agree with you that it is materialistic, empty and corporate, but it’s also convenient, modern and well connected.

 

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