who used to work in The City but has since left?

Discussion in 'OT (OFF Topic) Forums' started by rossyl, Jul 6, 2011.

  1. rossyl

    rossyl Active Member

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    Hi

    Following on from this thread: http://www.MBClub.co.uk/forums/ot-off-topic-forums/113064-anyone-near-bank.html

    I was wondering who used to work in The City and has now left, either a new job, a change in lifestyle etc.

    If so what did you do and what do you do now?

    Just found it interesting to find out in the other thread how many people might have done.
     
  2. Charles Morgan

    Charles Morgan MB Enthusiast

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    I left back in 2005 - a much welcomed redundancy from an investment banking job that was literally killing me. Travelling between teams I ran in London, New York and Singapore while suffering from severe (un-diagnosed) sleep apnoea made life a living hell.

    I ran a team of 30 advising companies & governments on structuring and financing projects, privatisations, acquisitions and general corporate fundraising within the Utility, Power and Energy sectors for what used to be called Kleinwort Benson, but is now buried within a German bank.

    After a few years recuperating, travelling and getting the zest for life back I now run my own (gloriously untaxing and unsuccessful) wine cellar installation business.
     
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  3. gchild

    gchild Active Member

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    Still there but want to get out so will watch this thread for inspiration!
     
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  4. Alfie

    Alfie Authorised Forum Sponsor Authorised Forum Sponsor

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    I have a couple of mates who both work in the city in very high pressure and high paying jobs. Both are planning on retiring at 50 as they have had enough of it. The trains, the crowds, the pressure - its all getting to them.

    I spent 26 years in IT and recently (last year) ditched the whole lot for a full time career in the motor trade. I now run my own buisness (with Richard) and havnt been happier!
     
  5. artyman

    artyman MB Enthusiast

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    I worked in Banking though not in London, quit in my mid forties and went to work in the charitable sector. Far more job satisfaction even if less money.
     
  6. R2D2

    R2D2 MB Enthusiast

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    I quit banking in 1997 and set up my own business. Never looked back-banking was draining the life from me though I was doing very well but it owned my every waking minute, it owned my house, my car, my fuel, my pension, my suits , my shirts, my finances, insurances-it owned my stuffing pen! A friend in a similiar situation walked out one day and set up as a Green Grocer:) Sadly every single one of my then peers is now divorced, ill or dead.

    Leaving banking enabled me to take my kids to school every single day, to have lunch with my wife, work more with church/charity and look after myself better. I have never regretted leaving for even a nano second!
     
  7. jaymanek

    jaymanek Authorised Forum Sponsor Authorised Forum Sponsor

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    Went to LSE for uni for 3 years and then a total of almost 4 yrs at JPMorgan Bank. Loved the work and colleagues on the whole but got sick of the daily routine, pollution, tube etc etc.
    Wanted to do my own thing so moved back to the countryside.

    Miss the social side of London though!
     
  8. OP
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    rossyl

    rossyl Active Member

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    I think both of these are major points.

    1. Do you dump The City and take a cut in your standard of living as well (in terms of nice holidays abroad, nice house, private education for kids). I realise that standard of living will increase from not being at work, but I'm talking about money.

    2. Do you stick it out till you can afford to quit? The majority of City-folk wouldn't be able to retire at 50 and yet maintain the standard of living that they would be at.

    For those that have left - did you make a conscious choice to accept a cut, or did you stick it out till you thought you would not have to cut anything?
     
  9. R2D2

    R2D2 MB Enthusiast

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    Well dont! You still work at a bank -it takes over your thinking. The money is irrelevant. Not looking grey in the mirror in the morning, having the time to see your wife and kids properly, discovering that you CAN actually properly let go and relax. I know it sounds twee but its true. The happiest man i know lives on £30 a week. He has no cares just loads of time for friends. I can only speak for me but the later part of my banking career was frankly reducing my life expectency. Outside the bank is a whole new world.:)

    PS. I have managed 14 years now without an employer or a salary:bannana:
     
  10. Charles Morgan

    Charles Morgan MB Enthusiast

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    Having been made redundant (oh so welcome) I didn't return to the city because I hated the lifestyle, the travel, the politics and working for people I had little time for. The money was nice, but it wasn't everything and much of it was spent on cars I had no need for.

    If you enjoy the job and get paid a lot, stay, if you hate your job but really need the money, well, life's a bitch but you are being paid well, and if you really hate it and can survive, quit, life's a bitch and then you die, may as well enjoy the rest of the time.
     
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  11. OP
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    rossyl

    rossyl Active Member

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    Let's discuss...if you don't mind?

    The £30 a week argument is never going to wash with me, unless he's won a lump sum of cash that he's really living off, and his mortgage is fully paid.

    The want for money is driven by what you hope to aim to achieve, at least it is for me. That being: 2/3 nice holidays a year, a nice car, a nice house and in the future being able to pay for kids to do the same.

    By ditching The City and doing something entirely different, are you, to a certain extent, giving up that style of life?
     
  12. OP
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    rossyl

    rossyl Active Member

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    I presume that you were comfortable / had enough saved as well as the payout for you to make such a break.
     
  13. Charles Morgan

    Charles Morgan MB Enthusiast

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    Getting my life back more than made up for the absence of money. I hadn't taken a full holiday in four years and when I wasn't travelling (at least two long distance flights a month and about 10 short haul) never left the office before 9 (having got in at 8) and the weekends were spent working or travelling.
     
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  14. R2D2

    R2D2 MB Enthusiast

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    Please take this in the gentle way I intend. I'm just sharing my experience not giving you a hard time.

    "giving up that style of life?" Hopefully yes. Why do you define yourself by what you have bought. Are you a better person if you have "achieved" a better house, a better car, a better holiday. My £30pw friend rents a flat, has no car at all yet is a great bloke who has seen far more of life than you or I have. (Take it on trust he really has!)

    Working in the city ends up with life being reduced to giving everything a financial value. I hope circumstance doesn't teach you the hard way what others are trying to tell you. If you have ever been ill, or those close to you have been ill or if you have endured some difficulties I suspect your priorities would change. I got to the point with banking where I regarded myself as a very rich, finely dressed slave! I'm poorer now but not a slave anymore. I'd recomend it:)
     
  15. jaymanek

    jaymanek Authorised Forum Sponsor Authorised Forum Sponsor

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    Do remember chaps that there are plenty who love their jobs in the city.. some I know have good preject type roles which allows them to see the world and the hours arent normally too bad.
    Some are in sales or trading and whilst they are in very early, they normally have the evenings with their family...
    Most earn fantastic money and as they climb the ladder the work/life balance should get better too.

    A lot also depends on the employer. Generalising the "city" isnt really fair.
    I worked at JPMorgan and I dont think I knew anyone that thought that "the company" didnt look after them over their career.

    Horses for courses.
     
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  16. Charles Morgan

    Charles Morgan MB Enthusiast

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    good point Jay - JP Morgan remains well regarded for good reason and I know a number of people who are happy in their jobs at plenty of other places.

    I can't say I was particularly good on the work life balance, but I also knew that few of my colleagues stayed much beyond 45.
     
  17. OP
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    rossyl

    rossyl Active Member

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    I had typed a nice reponse to this, but the forum made me Log In again when i hit Reply and it was lost:crazy:

    Apologies if my tone didn't come across in what I had written previously. I'm not silly enough to think that leaving the City means leaving civilisation as we known it. I often hear from those who have left the City how they are more relaxed, have more time to live and generally are happier. However, I never really hear how that is being funded.

    With Alfie, and apologies if this is incorrect, it appears that he built up a business whilst still employed which he grew to a point that he was able to quit the day job. With Charles, and apologies again if misunderstood, it appears that he was able to leave and live off what he had earnt whilst in the City whilst setting up a new business.

    Also this is not just for those who have worked in The City, but for any employee with a demanding day job working for someone else.

    Happiness is relative and i appreciate that. I don't define myelf by what I own, but buying things can make me happy, hence why I am on a Merc forum. To that end I know that £30pw won't make me very happy. I've had 6 weeks holiday so far this year, and I need to be able to fund that. A Lottery winner still lives at home with his Mum, that's a tad odd in my book, but he's happy. It's horses for courses.

    As for me, I am happy. However, i'm always interested to know about this sort of stuff for later life and because you never know what is round the corner. Also it is nice to learn from people who have been there and done it, as for me it is still very early days. Also it is just a nice story, to decide to quit work and it paying off and working out.

    As Jay and Charles have pointed out it is also not all doom and gloom. I for one, really like the fact that so many of my friends work within wlaking distance that we can meet up for drinks at the drop of an email (when we can leave the office!)
     
    Last edited: Jul 7, 2011
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  18. artyman

    artyman MB Enthusiast

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    I don't think anybody gets to their death bed and thinks "Drat I wish I spent more time in the office"
     
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  19. Mercy1

    Mercy1 Active Member

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    Aah, the rat race...isn't that what makes the world go round?:dk:

    I know a number of people who have got out, either with early retirement or to take a lesser paid job in a nicer place.

    NOT A SINGLE ONE REGRETTED IT!!

    For most people, financial considerations (running an AMG is not cheap!) mean that quitting is daunting if not impossible. Working is a necessary evil for most of us.

    But if you can see a way of doing it, I say DO IT!

    (PS: Me? Took early retirement from high pressure London job at 58 and moved to the south coast. Did my 40 years working for others - now it's ME time!!:bannana:
     
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  20. Colin_b

    Colin_b MB Enthusiast

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    Just to be a little off thread, but on topic[​IMG]

    I used to drive a delivery van around the City and East End 30+ years ago. Great fun, I used to know the area like the back of my hand.

    I had it all, Money (£20 a week), travel and pressure(traffic wardens).

    I gave it up to work for IBM. All the fun, pressure and travel for 5 times the money. I did have to give up the company Bedford CF, though [​IMG]
     
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