Bankers are rather well paid. How much frustration will they put up with before considering a career change? Ex-HSBC banker Stephan Peterhans and headhunter Robert Zimmermann in an interview.
Robert Zimmermann, are high salaries and bonuses keeping people from getting out of banking in Switzerland?
Zimmermann: Yes, I still see that happening. The desire for change among banking staff is very high. However, the financial penalties of doing so can be quite high. That is keeping many people from leaving banking for other industries.
«Spending your bonus on the newest Lambo»
I do see that those who haven’t necessarily matched their living standards linearly with their rising income so that they still have some reserves have an easier time of it.
Stephan Peterhans: As a human resources head in banking, it wasn’t uncommon to see bankers spending money as if there was no tomorrow. But around the age of 50, you have to be aware of the fact that your career could be over very quickly. It pays off to make arrangements in early years and not to spend your bonus on the newest Lamborghini.
What was it like when you co-founded SchulthessZimmermann?
Zimmermann: I effectively started with nothing and it took some time to start earning money again. But you also shouldn’t forget that in an entrepreneurial environment, your salary prospects are even more attractive than banking if your firm performs well.
How crucial is the factor of age when looking at a career change?
Zimmermann: Risk propensity clearly drops wtih age. On the other hand, companies tend to assume that younger employees are more flexible, quicker to learn, as well as satisfied with cheaper salaries.
«Why move if you are satisfied with your job?»
Peterhans: You have to maintain and also foster your own flexibility and ability to adjust to new situations. We should all try to leave our comfort zones and look for a change every seven to ten years.
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