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Why do ‘old’ people work in the back office?

27 May 2008

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.

Comments (18)

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 40 somethings in the workplace.

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Comments (4)

  • Is 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!!!

    Paul 29 May 2008

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  • Simply 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.

    jameslee77 28 May 2008

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  • Bid 101, Ask 101 1/16. Yours. Done.
    In addition to this what else does a young trade knows?
    Try this, assuming the yield curve for the US Dollar flattens, the P/E for the Dow Jones drops, real rates for the Euro rise and copper futures fall what should you do? Long calls on the S&P500, long puts on the Wheat Futures or short puts on MSCI World?
    It is impossible to know all without experience. That is why most hedge fund owners are over 50 and successful!

    AraujoB 03 Jun 2008

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  • I really just cant believe what I am reading .. In fact this conversation is just totally hilarious.  "Old People" ???  40 something...???  Listen I am sure 100% of the traders in front office would be over the moan to have Demi Moore ..oh I think shes 40ish...  Jennifer Aniston ... Jade Jagger...Kylie..walking around....!!! Just because you are 40 is doesnt mean you are old.    Yes people do burn out ..but the sensible ones dont.  Maybe it might be a more controlled and better working environment if you had a more "mature" characters in the front office  - Instead we have a few jumped up youngsters that throw their weight around...or young up and comings who have been promoted to management too early and have no idea how to manage but just buzz off the power aspect to it all.  I have worked in front office and middle offices - to be honest its all the same.  This industry has a "real" age problem - thats probably because its run by ego driven men.  Old people... ??  just so hilarious....

    Rachel 27 May 2008

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