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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.
COMMENTSjameslee77, Wed 28 May 08Simply because most financial institutions are committed to practicing age discrimination. They would like to have everybody in the organisation to be around 30 years of age and beautiful and convey some phony glossy image. However the law interferes with that commitment so they have to balance things out by employing older people somewhere. Hence the more experienced qualified people are in the back office while beautiful people are in the front. This is also a key factor in why financial institutions have regular problems such as trading frauds and credit crunches brought on by recklessly investing in sub prime pieces of paper. Add your comment »jameslee77, Wed 28 May 08By the way, mid 40s in banking is considered quite elderly. When redundancies hit, for whatever reason, the older staff is culled, ever decreasing the average ages of all areas. However, bank office tend to be most skilled, somewhat invisible and less expensive so the axe is not so severe. However, if you make it to mid 40s, get made redundant - just try to get a job. Recruiters don't want to know you because their clients are going for a different look or you are too experienced. Add your comment »Paul, Operations, Thu 29 May 08Is this not age discrimination? The reason why there back office staff are older than the FO staff is that the youngsters come into banking at the ripe old age of 18-19 with no banking experience at all, do 6 months in the back office and then move to a middle office/front office roles attracted by thde bright lights!! however as I have seen these young "whizz Kidd" turn out to be nothing more than jumped up juniors that they fall flat on their face!!! Add your comment »anon, Asset Management, Thu 29 May 08old peopl tend to work in the middle office, whilst young people will be found both in back and front office..hr has the best looking girls..fact Add your comment »John D, Hedge Funds, Thu 29 May 08The middle/back office is closer to the toilets, and as you know we crusty old 40-somethings are nearly incontinent, so that's why we work in the back. Near the loos. Now where did I leave my denture cream? Add your comment »DominiConnor, Thu 29 May 08One does not expect good quality research from a union, it is political spin, not evidence of anything.
tipsmatale, Fri 30 May 08The comments raised above are quite interesting, however, i would like to point out that having a 40 something yr old in front office is the worst mistake that any organisation can ever make. Be reminded that the people 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 the 40 something individuals at the workplace.
AraujoB, Sales & Marketing, Tue 03 Jun 08Bid 101, Ask 101 1/16. Yours. Done.
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