"I've been working in banking for 30+ years. I'm in Dubai & I cannot retire"
This is the fourth decade of my career in banking, and I am not in a position to retire.
To be honest, I don't mind. I love markets, and I believe that my years of experience give me an advantage. I'm lucky to be still working: I need to support my ex-wife and my son.
Most of the people I know who've retired were M&A bankers. They made so much money that they can afford to do nothing and still live a great life. Advisory bankers can make a lot of money by claiming to be experts in their sector. Some of them do know a lot, but many of them simply regurgitate what they've learned from reading other people's research and speaking to clients.
My own career has been mostly in equity sales. It's a difficult job that has been derated over the years as trading has become more electronic. Sales is a very political job - there's always a battle over client ownership and internal attribution. I've had periods of my career when I owned relationships with very profitable clients and I have earned far less than I should have done because the money went to the traders instead.
My life now is good, but not easy. I work in a business development role in Dubai so that I receive a tax-free income. I can only afford a very modest retirement, so I must keep working and that's not easy when you're in your mid-50s in an industry full of young people.
I sympathise with the other people here who have written about the misapprehension of pay for senior people in banking. I generated the most income of my entire career in 2007 when I was earning roughly $1m in equity sales. Since then, my pay fallen lower and lower.
When you're outside this industry, you think that banks pay a lot compared to corporates, but this isn't always the case. These days, even as a managing director in Europe, you're lucky to get a salary of €300k. Bonuses are often €50k or less. Pay across the entire industry has been derated lower.
Guy Jullien is the pseudonym of a senior banker in Dubai
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Signal: sarahbutcher.22 Click here to fill in our anonymous form, or email editortips@efinancialcareers.com.
Bear with us if you leave a comment at the bottom of this article: comments are moderated intermittently by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. You must take sole responsibility for comments you post on this site. We will take reasonable steps to weed out anything that we consider to be offensive or inappropriate.
