TRANCHED: Life after CDOs, Week 12

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The week away has done me some good. I feel refreshed, relaxed and even a little bit tanned after spending some time away from London.

A blissful state one might think. However, a quick glance at the calendar this morning shattered my feeling of goodwill. Next week is August and I have been out of work since April. What the hell have I been doing? This is genuine panic. As I lay in bed very early this morning tossing and turning aware that time is not simply slipping by, but actually hurtling past.

Many of my former colleagues have found positions, even though they got the boot some months after I did. I have been making excuses and have let many leads go cold. Stepping out for a week made me realise that I need to up my game and get serious about finding a job. Monday morning I am going to get back on track and take the bull by the horns.

August, I have already accepted, could be a very quiet month and I fully expect things to be deader than a dodo cemetery, but the fact remains I need to get myself back into a disciplined frame of mind. It is the guys and girls that have been putting in the long days and making the calls that are back in the market, my playful approach is not enough to bear fruit.

Those former colleagues I referred to above have managed the transition more effectively because they seem to have thought outside banking directly and have investigated other angles. One has landed a handsomely paid role within the insurance sector, another will be plying his trade within the mysterious world of carbon funds.

These seem genuinely interesting opportunities, and I need to widen my search to take in a far broader range of activities.

Within the credit space the only people who appear to be genuinely hiring are the regulators, rumours have it that the Financial Services Authority (FSA) are aiming to hire as many credit bankers as they can get their hands on.

The reasoning is obvious, Northern Rock made it blatant that the regulators had failed to keep a handle on the rampant securitisation activity and the implications that a crash in liquidity would have on the market. It feels very much like they are trying to shut the stable door after the horse has well and truly bolted.

Despite my cynicism I have asked for my CV to be sent down to the FSA, in my opinion simply going down to see what they are offering can't do any harm. Although in my heart of hearts I think that to take such a role could be career suicide, but I guess at the moment these decisions must be weighed up against the alternatives.

Would it be worse to see a year-long gap on the CV or a year's experience with a regulatory body? I am not saying that things have got this bleak but as time speeds past options that would once have been sniffed at now need to given a second thought.

In the meantime I am off to spread the net far and wide and reinvigorate the great job hunt 2008. Time to get back in control.

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