A shakeout is beginning that will reshape whole firms and sectors of the financial services industry, throw up unexpected winners and losers, make some old skills obsolete and put high value on new and different ones.
Banks have always tended to bulk up their staff in the busy times, lay them off in slowdowns and rehire them when markets pick up. It’s a brutal culture that bred a mercenary outlook among bankers who cast aside loyalty to their employers and determined to take as much money as they could in the good times, while negotiating guarantees whenever possible to protect against the bad.
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