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City Professionals Content To Wait For Credit Crunch Redundancy Pay-offs

Companies / Credit Crunch Nov 25, 2007 - 11:52 PM GMT

By: Submissions

Companies As the fall-out from the sub-prime crisis continues to hit, the latest poll from eFinancialCareers.com, the global financial services careers website, reveals that many City professionals would be quite happy to lose their jobs and collect a lucrative payoff.


Of the 940 polled, a significant 32% stated that even if a new job were on offer they would prefer to stay put and wait for the inevitable redundancy pay-off. By comparison, 35% said they would only move if they knew a job was already waiting for them at another bank.

Sarah Butcher, editor of eFinancialCareers.com, comments:“People who lose their jobs in the first round of redundancies typically receive larger payoffs than those who go in subsequent rounds. At this stage, therefore, bankers may be hopeful of walking away with large packages to help compensate for the fact that they no longer have a job. Equally, following widespread banking layoffs in 2001 and 2002, being handed a black bin bag and asked to clean out your desk no longer has the stigma it did."

The poll by eFinancialCareers.com also revealed a strong protectionist streak still running through many City professionals with 17% openly admitting they would jump ship simply to protect their CV, even if they did not have another job to go to, whilst a further 11% stated they would rather “chain themselves to the desk” than be forced out of a job.

Of those polled, only 4% said they would rather get others pushed out of their jobs first in order to protect their own position, suggesting the City is not quite as cut-throat as it’s sometimes made out to be.


The eFinancialCareers.com poll was conducted via the company’s international websites in November with 940 respondents polled.

Further information :

Sarah Butcher, Editor of eFinancialCareers.com, is available for comment and interview.

Contact Jade Mamarbachi or Christian Pickel (gth media) on 020 7153 8035/8036 for further details.

About eFinancialCareers.com

eFinancialCareers, a Dice Holdings company, is the leading global online network site for jobs and career management in investment banking, asset management and securities. Recruiters and employers can post jobs targeting specific sectors within the financial markets, both buy-side and sell-side, and search the resume database for highly qualified and specialized professionals.

eFinancialCareers provides career sites for the capital markets in the U.S., UK, Ireland, France, Germany, Belgium, Luxembourg, Netherlands, Switzerland, Ireland, Italy, Hong Kong, UAE, Singapore & Australia. The eFinancialCareers network also includes more than 40 partner sites that increase the reach of job listings. These partners include InstitutionalInvestor.com, (U.S.), La Tribune (France), Milano Finanza (Italy), Finanztreff (Germany), Finance Asia (Asia), Financial Standard (Australia).

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