From
stocktrader
to start up
When your work is
already engaging, when
your salary could see
you easily driving the
latest supercar and
taking clients to the latest
restaurants is all part
of the job, what makes
someone take a risk on
a start up – and what
can you learn when it
comes to applying that
fearless mentality into
your business or even
your personal life?
We caught up with Antony
Yousefian who has worked for a
variety of high profile businesses.
Working as an Executive Director
in Sales & Trading for China’s
leading Investment bank CICC,
and previously a Global Equities
Trader at one of Europe’s largest
hedge funds. It’s fair to say
Antony has experienced the
heart of city life, so we were
curious when he joined a fast
growing start up called 30MHz, a
business dedicated to lowering
the barriers for using technology
so that organisations of any size
can innovate to become more
efficient, sustainable and cost-
effective. We asked him for
his insights on where banking
went wrong for him, and what
any industry can learn about
motivation, even when money is
no object.
“Comfortable is not
always a good thing”
I came into the industry right at
the top of the market, even as
the crisis was starting to unfold
in its early form. Brokers were
scrambling to have your time,
plying you with lavish restaurants,
late nights, golf and sports
car track days were a regular
occurrence. I was trading Asia
from London, so getting into to
work as the tubes were starting
was standard, but really you were
trading as soon as you woke.
As soon as Asia closed in the
morning, Europe opened – with
no time for a lunch as it was time
to prepare for US taking you
through to 9pm – and then it was
back to putting orders on for Asia
and rushing out for dinner with
the broker. So some days was
literally 1-2 hours sleep, I would
just catch up on the weekend.
It was certainly work hard,
play hard.
But if you do your time, hard
work doesn’t go unnoticed in the
city. I became a broker, taking
clients out and living lavishly.
However, we had been through
the financial crisis and reform
was sweeping through the city –
now clients were not allowed to
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go for meals, drinks or in some
cases even a coffee. The financial
crisis, fear of bad press and
the bribery act had completely
changed everything. Despite
arguably the healthier lifestyle,
jobs were still being lost, and you
had to do more for less. Client
commissions were shrinking
each year, so you had to really
think outside the box to generate
new revenue and opportunities
to sell. It was never comfortable
again. You were always on the
edge. Which count ry would
explode next? Banks around you
were zeroing bonuses, peers
were suddenly losing their jobs.
Was I next? This certainly took
it’s toll on my mental wellbeing
and family time was absolutely
sacrificed.
Bonus culture is a carrot
– but also a chain.
It’s hard not to love the rush, but
you soon see that in the city, the
bonus culture is a carrot, but
also a chain. My motivation in
the early years was certainly for
the financial gains, like the year
end bonus, but it was excessive
and I got tired. The industry has
focused too much on financial
reward and this has become
ingrained into the culture. It’s
almost outdated.
What’s more important is a
feeling of trust, value or impact,
its really about believing in what