Dec 2022.
Pivot to the Swerve
The financial sector is approximately 8.3% of the UK economy (based on economic output in 2021). It includes organisations such as banks, insurance, asset management and asset owners. This time of year is a period to pause and rest. This is a short reflection blog looking back at my twenty year financial services career journey.
In 2000 my first role was at Barclays Capital in Canary Wharf, London. Despite the remnants of both the Ruble crisis and Dot.com bubble, it was an exciting industry to be part of. Day-to-day work in product control, financial accounting and market risk was challenging and fun. Around this time many new financial products, including securitisation and leveraged products, were growing rapidly, as well as investment banking revenues around the world. It was a buzz, with many people in the industry singing the benefits of free markets and low interest rates.
“This used to be my playground” - Madonna
By 2006 the first signs of the impending Global Financial Crisis (GFC) were popping up. HSBC announced a higher than expected bad debt charge for its sub-prime mortgage book. By 2008 it was obvious to me, something was badly wrong in the financial markets and beyond. The financial industry and the leaders within it had miscalculated, this was a huge personal shock.
“Something is rotten” - Shakespeare
This period required soul searching about the financial industry itself. I asked myself many questions, Who was the financial industry serving? How did the financial industry leaders not see the crisis coming (or did they)? What is my own role in the financial industry and what do I want it to be?
By 2010 my career started to pivot towards banking reforms in response to the GFC, new regulations and the relatively new field of Environmental, Social, Governance (ESG). The industry appeared to be trying to learn some of the difficult lessons post-GFC about the dangers of short-termism in financial markets and the herd mentality going too far.
Over years there was a lot to learn about ESG and all its new acronyms. E.g. TCFD, UNSDGs, SASB, to name a few. My multi-year career pivot continued with a move to my first full-time ESG role during 2017, HSBC’s global CFO of Sustainable Finance. Then in 2020 after nearly two decades in the financial industry and pre-pandemic, after an ESG pivot, it was time for a career swerve and something different.
“The further you get away from yourself, the more challenging it is. Not to be in your comfort zone is great fun” - Benedict Cumberbatch
Leaving a full-time role in the financial industry was daunting and scary. Although staying in a field close to the industry, net zero consulting and sustainable finance, was my knowledge broad enough to be a success and enjoy the new role? Unexpectedly when communicating the news of my leaving banking one-to-one, three colleagues, all middle aged men, broke down in tears. They explained it wasn't a reflection on me, but themselves. They felt sad and trapped inside the industry, perhaps due to uncertainty about the other options available and/or perhaps due to financial considerations and money? These were eye opening, tough and emotional conversations.
“You can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something - your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.” - Steve Jobs
After consulting for a couple of years, earlier in 2022 Seawolf Sustainability Consulting was born; my own company. After a lengthy career pivot, this was a quicker pace to a swerve and onto a different entrepreneurial track! Both the longer pivot and shorter swerve in my career journey have been huge learning experiences, mostly about myself and other humans.
Setting up my own business has been like a breath of fresh air, also literally as my home office is close to the Dutch North Sea. My mindset around money and life feels much more balanced. The changes have meant trade offs and opting for different choices but the benefits have far outweighed any costs.
So today, the shortest day of the year and winter solstice, is a moment to pause and reflect. Changes in life, including leaving the financial industry, don’t have to be fearful and negative. Sometimes thinking in a different way, stepping outside of your comfort zone and learning new things can open lots of possibilities that one cannot even begin to imagine.
Happy winter solstice 2022 and holidays to you, friends and family.
Rebecca Self of Seawolf Sustainability Consulting will be sharing more stories from people connected to the financial industry, accounting and sustainability, including podcasts and videos on the YouTube channel @seawolfspeaks. A longer version of this blog will be available in the coming weeks.