I am 49 and have worked in various roles in financial services my entire career. The last few years I have worked in risk, audit and compliance. I have been looking for a new job in risk, compliance and audit at other banks and investment companies and it is slim pickings. Where have all the jobs gone? Can someone who has gone thru it provide any advice on how to find a job in another industry? I feel stuck right now. Thanks
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Really, 50% unemployment. That did not even happen during 2008. Having lived through the 2008 meltdown, I think I have some perspective that isn't the "sky is falling". This will likely be a short sharp recession unlike 2008 that was the byproduct of underlying major issues in the financial markets created by mortgage practices and fraud in those areas that can be traced back as far as 2004. I also know many 50+ plus individuals that jobs relatively quickly. However, they had actually skills and experience in high demand areas vs preparing Powepoints for internal use. Younger workers might not have experienced a recession so this is going to a shock to their systems.
Have you been living under a rock? The economy is about to fall off a cliff. World markets are collapsing. There is going too be 50% unemployment soon. The depression we are heading into is going to make 1929 look like a picnic.
And 49 is the new 50, companies don’t like hiring people over 50, especially white men.
Wake Up, this has been the case for a long time.
Jobs at other financial institutions and banks likely went to the first crop of SSB layoffs with those skills. Right now, most are holding back on new hiring (and with last week's selloff even more so), to see what happens with the election and the economy.
Jobs in risk areas should be possible in industries outside of financial services. Make sure your resume is 2 pages. Remove any SSB specific stuff. Highlight certifications or get some.
Sorry the majority of companies do not want experienced older workers with a work ethic.
They just want cheap labor whether its younger workers or hiring H1B workers.
@OP+13LsIyau I believe that many of the positions have been outsourced. It isn't just State Street but also our competitors have been sending positions to India, Poland, etc. I am close to retiring but not in a position to retire yet. It is of course more difficult for the older worker, even though you still have many years before you reach full-retirement. My advice is to update your resume and go to an employment agency or meet with several different recruiters who should be able to assist you in looking for a new opportunity. Indeed, Linkedin, and Glassdoor are a few of the websites that you could register with. Good luck !