Word: morgane
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...Morgan, a psychologist whose practice centers on senior-level banking executives, recognized that burst of animal spirit as the "euphoria" phase; he knew it signaled darker emotional repercussions to come as the Masters of the Universe undergo the psychological fallout from the global economic downturn. As jarring as the market drops have been, he says, "the psychological shock has been every bit as great" for bankers who have lost their jobs at Lehman and other institutions...
...Morgan says many of his clients are now out of work, and thanks to research done in the past few decades, he knows more or less what they're in for. Suspicions that a layoff may be in the offing normally generate negative feelings such as disappointment, anger and shock; then comes a period of planning for the transition, when the person takes stock of financial and other aspects of his or her life. When the actual joblessness arrives, there's a period of euphoria - especially for people with compensation packages. "It's in that euphoric time that [people] ought...
...someone to blame, and the banks and their employees are natural targets. For some employees, an entire sense of self is at-risk. "Not only is society saying, 'We don't want you to exercise [your profession] anymore,' it's saying, 'We actually don't value [your profession] anymore,'" Morgan says. The result can be a reduced sense of self-worth. Former bank employees may be timid about telling people what they do - or did. "Overnight, [people who worked in banks] have been placed in that second-hand car salesman category," says Morgan. To cope with these feelings, many...
...traders, the economic downturn may come as a particularly deep shock; because most of them are young, they have never faced unemployment or recession. For their entire professional lives, their abilities have been so in demand that many have been repeatedly headhunted, giving them a sense of invulnerability. Now, Morgan says, "They're living in a world that they didn't think existed." On top of that, traders tend to be single-skilled with limited academic backgrounds, Morgan says, meaning they will need further training in order to find other jobs...
...Senior-level bankers, on the other hand, have qualities that may work in their favor, aside from a cushion of accumulated wealth. They are older and have already been through market upheaval during the Black Monday crash of 1987. Morgan says they tend to be adaptable risk-takers who are good at networking and at articulating their worth. "It's the entrepreneurs who are going to succeed," he says. "It's not going to be the people who are waiting around for the next opportunity...