Cull Over - But No More Complacency

I have not been writing recently because last week turned out to be quite traumatic at the bank. To everybody's surprise, after the smokes and mirrors that are rumours around these things, they instigated a full-blooded 10%+ cull from Wednesday onwards.

It was brutal, with many colleagues I rated highly and consider friends having fallen victim. Does it make this any more personal or meaningful? Not in the slightest - I have felt fully in touch with the downturn since mid-2007, this just feels like another round. Many people I have known and worked with for years mysteriously disappeared from the global email directory (the surest first sign a 'resource' has been erased). Suddenly all number of mails were bouncing, and then the biggest shock was the immediate dismissal of one of the most productive members of my own group.

With junior trader long since departed, I had long held an assumption that this would be sufficient, or at worse the other chap with a black mark on the list would get a quiet invitation from HR upstairs for a chat. As it turned out, it was nothing of the kind, and shocked everybody to the point where we all sat in silence afterwards - with the exception of an intern who could went off to the toilet, coming back later red faced, having evidently been crying.

I never really felt particularly in danger or worried, perhaps because a part of me yearns for the shove I need to move out of this profession forever. With this round the bank has reduced headcount now by approximately 30%, so should any further cuts be required there is no doubt it will be all into the meat.

Otherwise L has been getting evermore excited by the wedding later this year. I had a weekend of talk about various, tedious aspects of planning, followed by doing my best to be enthused as I was led around the Kings Road like a puppy on a leash, to inspect her in various bikini's ahead of our vacation next week. Actually that part was enjoyable.

I have made one definite decision about the future however: the 8-7 slog that I am currently enduring cannot go on for much longer. It has been observed by many that life is too short, and I don't intend to be one of those who only realises that when it is too late. As such it is time to push on full ahead with my business plan, and I need to stop leaving work pressures as an excuse as you can make anything happen with sufficient will.

The key story that for me in the last week has to be the government's hysterical response to Fred Goodwin's fat pension.

"Not even Abu Qatada at his most unappealing could hope to match the intensity of abuse heaped on The Shred."

I was going to comment on this in some detail, until I happened upon this article by the great Jeff Randall, who sums up my own thoughts on this perfectly. A pathetic, transparent attempt by a discredited government to fuel the public thirst for vengence whilst deflecting attention from the real issues, including those most responsible - the government. They can only spin like this for so long before The Shred stops being the main story.

Fred Goodwin's pension is obscene under any circumstances in my opinion. But were I him and suddenly found myself called by Lord Myners with a zero notice threat, I would have responded in exactly the same way: on principle fight it all the way, and only make a decision like that when not strong-armed or threatened. Should he cave in now, his detractors will say that he only gave money back due to Gordon Brown and his pious preacher of hypocrisy Jacqui Smith - thus handing them an undeserved victory.

Sir Fred has ample opportunity to reflect on his compensation, public feelings and what is the right thing to do. A mark of the man will be seeing what he decides in 6-12mths without any such threats hanging over him.