Why (Some) Bankers Quit Their Jobs
It's hard work being a banker.
That is not to say that the men (and increasingly women) of Wall Street, Paradeplatz and London's City are to be pitied.
Most of them make a lot of money - a whole lot of money.
But there is evidence that for more and more of them, the big bucks are no longer enough. A large number of banks have seen their turnover rate jump dramatically.
Why is that?
One reason might be a rebellion against the long, grueling hours and the mental toll that comes with the fat paycheck. Big bank veterans label it "softness" and scorn those who turn their backs on a lucrative career.
But there must be more reasons why bankers in New York, London, Zürich, and other major financial centers are calling it quits.
Here are a few of them:
Banking isn't exciting anymore - In the conservative world of high finance, tempered by national regulators, there is little space for experimentation, innovation or new ideas. It just isn't as exciting as the world of fintech or startups.
It is a zero-sum game - How do you move up in the banking world? By beating someone else. In the pyramid “scheme” of hierarchical companies, there are only so many spots at the top. Most lose out.
The future is elsewhere - Banks may not disappear overnight, but the general consensus is that the future is happening in the world of technology. Marc Andreessen was right - software (and technology, as well as amateur journalism) is eating the world, including the world of finance.
One of Switzerland's most prominent bankers, former UBS Wealth Management president and now deceased Jürg Zeltner said in an interview upon taking over Quintet Bank in 2019 - "It's a childhood dream."
How many bankers have the opportunity to stand on their own two feet, launch out into the deep and build something from scratch - in true entrepreneurial style? How many can truly say that they, by themselves, actually created something from nothing?
Not many.
Too often they live their lives in a gilded cage, held captive by money and perks and status. Their success, if they manage to stand out and accomplish anything significant, can be attributed to the army of staffers who support them, rather than to their own ingenuity.
In a world that puts more and more of a premium on growth, innovation and 'thinking beyond' - it is no surprise that bankers are quitting their jobs.
And becoming pioneers on their own.