Why bankers say they want new jobs in 2023
The outlook may be rocky, but plenty of people in financial services still say they want new jobs in 2023.
We asked the 1,500 people who responded to our recent sentiment survey whether they'd be looking for new jobs in 2023 and plenty of people answered affirmatively. Their reasons for moving weren't entirely what you'd expect.
Predictably, pay was a big deal for respondents considering new roles. A number of people said their compensation was "below market" and many felt new jobs would be the route to more money. Some said they needed higher salaries to maintain their lifestyles in an inflationary environment. “Trying to change jobs, one New York VP told us. The “job market is still hot, and colleagues have been able to secure 20-60% raises.”
“Happy for now,” a director in asset management said. “Unless annual compensation disappoints, and senior management don’t share the monster profits made over the prior two to three years.”
An associate at HSBC declared that his pay was too low given how boring his job (in macro sales) was.
Work-life-balance was the other big reason to change games. There were complaints that working hours were "unreasonable" and eating into "personal time." A DCM associate based in New York said they wanted to “feel like a normal person again, working reasonable hours,” and to be “able to spend time with friends and family.”
A Singapore VP with Toronto-Dominion said that she “wanted more remote working” and that she would be “making changes.” A Parisian DCM director is living that dream already – with work from home here to stay, he said “no changes [are] expected.”
An equities researcher with JPMorgan in London complained that he was “working harder and longer for less reward,” and he was “definitely be open to phone calls.” Similarly, an asset management associate said he was looking for a new job because he was forever expected to do more with fewer resources, while the company tried to outsource work to India.
More interesting work
The HSBC macro salesperson wasn't the only one complaining of boredom. A compliance professional at Goldman complained the job was "not intellectually challenging" and said they wanted to move to the front office. A private equity analyst in Saudi Arabia said his job was boring.
Others had more esoteric goals. A Chicago MD with JPMorgan wanted to “move out of a high tax blue state.” With DCM doing badly this year, every penny counts, we suppose.
A Goldman Sachs VP in London also had a strong reason to move – 12 hours of commuting a week. He was only working two days a week in the office, though.
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