Your comments on the City Diaries

In the midst of an economic downturn that has seen UK interest rates hit an all-time low, the BBC has been running a series of blogs from city workers giving insider updates on the mood in the City of London.

Here, readers of the BBC News website react to the City Diary series and share their experiences and opinions.

I am not in the financial services industry, but my tale of woe is inextricably linked to the City Diaries contributors. Until a few weeks ago the credit crunch seemed to happen to other people, but had little effect on me. Then, almost at a stroke, our company told us we had to reduce costs because of lost orders and if this cost cutting exercise was not successful we were in danger of closing. The present proposals that are soon to be implemented are: Loss of 10% off the basic rate; shift allowance to be cut from 39% to 19%; no allowance to be paid for Bank holidays; downgrading of the pension scheme from a final salary to stakeholder. There are a few other bits and pieces that will eventually see a net loss of almost £600 per month. We were told the reason for the severe cuts was due to pressure from shareholders, who are banks, pension funds etc - the very same people who got us into this mess.
Mike, Newport, UK

The comment by "Daniel" is an excellent illustration of just how far removed from reality many city workers really are. I work in architecture and the signs that this was going to be a major crash were writ large by December last year. If the developer "Daniel" met was confident in his sale he will have had good reason to be. I made a move from private sector work to government funded projects early this year because it was obvious there would be effectively no private sector projects in 2009. I believe that there will be a stabilisation of property prices by mid-2009 outside London but that commercial property and house prices have further to go as the economy rebalances with a much reduced Financial Services sector.
Barry, Sussex, UK

I work in the operational department of a major player in the hedge fund business. "Tom's" point about people often rising to the top of their firms with levels of knowledge inferior to that of many people below them is terrifyingly true. It's a function of many businesses - the people who do know what they are really doing are often too busy doing it to keep an eye on those who are playing politics. It is the politicians who climb the greasy poll and make the decisions. This has been coming a long time, and whilst a lot of people who did understand the risks aren't surprised it's all going wrong, we were all happy to ride the wave while it lasted.
Rob, London, UK

"Tom's" comments above are the most telling. My son who has a masters degree in international finance comes from a humble background and currently (so far) has a good job with an international bank as a junior trader. Unfortunately he is surrounded by numbskulls - Oxbridge graduates with degrees in English and History - from privileged backgrounds who are daily gambling your and my money. They have such little knowledge of the financial sector that it is no surprise that the banks and the global economy is in such a mess! Remove these gamblers and give the control of the banks to people who know the ropes.
Guru, Leicestershire, UK

I work in banking and unfortunately "Tom's" experiences are all too common. The City at the higher levels still operates more on perception than substance. How else could Madoff have duped so many so called investment experts. Due diligence is thrown out of the window if someone creates the right image.
Amanda, London, UK

I work for one of the high street banks. Our main accountancy function is closing in 2009 with the jobs being sent offshore to India. 350 jobs will have gone in the process. There appears to be little understanding from the top of the bank as to the years of knowledge which will walk out of the door when these jobs are lost.
Pete, UK

I used to work for a large bank (the insurance division) and one which came close to collapse in 2008. I was unfortunate (or so I thought at the time) to be made redundant six months ago and have since be fortunate enough to find another job. Looking back, I'm glad about what happened to me. My colleagues who still work there are not so fortunate. Although many people are blaming the so-called "credit crunch", the underlying issue is the bad management that was in place in the banking organisation that I worked for. Complacency was everywhere at the senior/exec level. It was like working for a rudderless ship that could not be turned around in time. I recently met up with my previous colleagues for a drink and found that their morale was at rock bottom, not just because of worry about their jobs but through lack of direction. These are people with mortgages to pay and bills to clear each month. Unfortunately, that complacency at the highest levels, according to them, is still there!
Geoff, Bromley, UK

I used to work for a large accountancy firm in Canary Wharf was laid off in one of the early redundancy rounds back in May. I, however, am one of the 'good news' stories. I immediately had a job offer from a rival firm but turned it down to form my own consultancy firm providing financial advice to the public sector. We are now making money hand-over-fist and my work-life balance is easier. With a large accountancy firm you are required to work a minimum of 10 hours a day, now I earn more working little more than a standard 9 to 5.
Robert, Egham, UK

I have now worked for a major bank for two years, and was amazed that those who had worked for the bank since leaving School or University had no comprehension of what was going on in the outside world! When the share save plans were issued early this year, I rang the helpline to ask what would happen to my plan, should we do a "Bear Stearns". I was told that this was impossible as we were well capitalised. I pity those that have spent their entire career in this organisation, and believed the corporate line. They had no savings behind them apart from share options (now worthless), mortgages and company cars through their employers. Annual appraisals have started and the level at which performance has been set has been increased by 50%. I can see that they are looking to reduce headcount in the first quarter through the cheapest route, rather than redundancy. Personally I cannot wait to leave what has become an unacceptable working environment. Life is just too short!
Sam, UK

This all has a familiar ring. I was a building society manager until the mid 1990s when I gleefully accepted redundancy and happily now work in a small IFA. The recent crisis seems to have been brought about by too many "bright young things" achieving their "lifestyle goals" with all too few "old-stagers" left to question what the heck they were thinking of. Surely to goodness it was obvious that any society building its wealth on an ever increasing mountain of debt, is going to hit the buffers sometime. Anyone suggesting such a thing would just be seen as a "negative persona". Nothing much changes, nothing learnt from previous foul-ups!
Peter, Epsom, UK

I work for a top broker in London for the IT department. Brokers tend to find new positions, the back office staff are the ones that struggle. However, our company is upbeat. We're still doing well and have a bright future ahead of us. Generally there is a good feeling. This company is full of the brightest staff in the City. We're fighting fit and well placed to ride out the storm. During the peak of the crisis there was a Dunkirk spirit. People worked long unsociable hours and made them count. We're innovating and investing when everyone else is cutting back. We're streets ahead of the competition and when the good times come back we're going to be quick off the blocks. A recession trims the fat and those that are left are leaner and meaner.
Mark, Bracknell, UK

"Daniel" talks of people that have already booked their holiday. Does he know how real people live and how they make ends meet?
Stuart, Kent

I have worked within retail banking for the last three years. The two retail diary writers ("Caroline" and "Emma") seem like they will never be happy with what their employers do. This is clearly sensationalist reporting from the BBC. More than ever in this industry, this has brought us closer together, and made us appreciate more than ever the issues and challenges that our customers face. Please, when you report, can you bring a two-sided argument to the table as the respectable, independent and unbiased news outlet that you are supposed to be.
Adam, UK

Do you work in financial services? Have you had similar experiences? What is the mood like where you work? Send us your comments using the form below.