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Why do ‘old’ people work in the back office?27 May 2008COMMENTSPeople in the front office are seen as the face of an organisation and the representatives should beam with energy and enthusiasm, something which is hard to find on 40 somethings in the workplace. Read all comments »Ok, early 40s isn’t exactly an age at which you’re likely be reaching for the Zimmer frame and the denture adhesive, but it’s fairly antiquated when you consider that the average front-office banker is probably 15 years younger.
Research from the Observatoire des métiers de la banque, a French organisation with affiliation to local unions, suggests the average person working in custody/settlements in France is aged 38 and has been in the same job for the past nine years. Back-office staff in French project finance are an even more decrepit 44.
Unfortunately, the Observatoire doesn’t have any figures for the average front-office person. However, BNP Paribas’ most recent annual report also states that people working in its corporate and investment banking business are among its youngest.
Back in 2005, the ex-City of London Mayor Sir David Brewer informed a group of assembled banking interns that it was somewhere around the mid-20s in the City, and we’re assuming this is still the case.
Do you work in the middle/back office? Are you surrounded by people who remember Margaret Thatcher? Why? Express your opinions below.
COMMENTSSanguine, Operations, Tue 27 May 08'Old' people work in the back office because life is easy, pay is acceptable and you're not surrounded by a load of testosterone driven 20 year olds trying to impress the female PAs. Add your comment »mark, Debt / Fixed Income, Tue 27 May 08The back office is more respresentative of companies. It's the front office that is the anomoly. With high burn-out and attrition rates trading rooms are always 70% new blood. Also the reason that every time we have a bear market banks get killed. The collective institutional memory is only about 5yrs. Add your comment »Hiwatt, Trading, Tue 27 May 08It's as simple as that: out of 10 people starting in front office, the brown nose will end up with a managerial position, 6 will burn themselves too early and end up driving a cab, and the remaining 3 will be too old to risk enough or too threatening to the manager, and they'll be "recycled" in some middle/back office position. That's the "circle of life" in the dealing room... Add your comment »Mr X, Private Equity / Venture Capital, Tue 27 May 08"Old people" work in the back office because not everyone is capable or suitable to working in the front office. Personally, I like the fact we have some people who more than a bit of bum fluff of experience on their chin with real business knowledge backing us up! Add your comment »Rachel, Equities, Tue 27 May 08I really just cant believe what I am reading .. In fact this conversation is just totally hilarious. "Old People" ??? 40 something...??? Listen I am sure 100% of the traders in front office would be over the moan to have Demi Moore ..oh I think shes 40ish... Jennifer Aniston ... Jade Jagger...Kylie..walking around....!!! Just because you are 40 is doesnt mean you are old. Yes people do burn out ..but the sensible ones dont. Maybe it might be a more controlled and better working environment if you had a more "mature" characters in the front office - Instead we have a few jumped up youngsters that throw their weight around...or young up and comings who have been promoted to management too early and have no idea how to manage but just buzz off the power aspect to it all. I have worked in front office and middle offices - to be honest its all the same. This industry has a "real" age problem - thats probably because its run by ego driven men. Old people... ?? just so hilarious.... Add your comment »Jerome, Trading, Tue 27 May 08Old people work in the back office because they can't afford to retire yet. Add your comment »Demi Moore, Investment Banking / M & A, Tue 27 May 08"Over the 'moan' " Rachel? Really? Add your comment »Andre, Hedge Funds, Tue 27 May 08I don't believe that 40 is old. I know guys who have had 20 years dealing experience and now work in areas such as Prime Brokerage, Equity Derivatives and Fixed Income roles, which are Middle office/CRM roles. They offer a wealth of experience, which contribute to processes being improved. Due to technology the role of the middle office/front office functions have changed. I know dealing rooms, which don't have a lot of young guys in them and others, which do. Time calls for change and it is best that we accept that fact. Young people are fascinated with the dealing environment where as a lot of people going into their 40s have been done and got the T shirt. It is not as glamorous as it looks. Infact there are many Middle office roles such as Prime Brokerage) which are just as challenging and can be rewarding. Add your comment »sjlee0329, Wed 28 May 08That's why you have something like the subprime debacle. Obviously, even the way way over the hills like Stan O'Neal and Chuck Prince couldn't rein in 20 something testosterone driven bankers from stamping out cookie cutter mortgage structured products. They had to know that the good time couldn't last forever. I, sitting halfway around the world, was asking since 2005, "what happens when the housing prices falls?" Add your comment »Mike, Capital Markets, Wed 28 May 08Seriously, who put together this article. What use is it to anybody? This site goes downhill by the day, its content is embarassing! Add your comment » |
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