In which a structured credit specialist contemplates how his star has sunk from Stallone in Rocky to Stallone in Stop or My Mom Will Shoot in less than a year.

In this day and age, it is hard not to be a little nostalgic. Although banking is an industry which is notoriously (and increasingly) short-term goal-oriented, I can still recall that in 2007 (almost a year ago now!), hardly a day passed without a recruitment agent wanting to sit down at the nearest Starbucks to discuss all the exciting opportunities that were out there.

I was a specialist in structured credit derivatives, with almost five years of experience, which, in an asset class that is barely older than that, was as much as anyone could ask for. The regular skinny latte meet-ups only marginally touched upon the specifics of any given role, and were more about what packages could be realistically expected. And those packages came with what from today's point of view can only be described as the G-Spot of job hunting: a substantial guarantee.

I was happy in my role and reasonably well looked after, so these things were of no particular interest. But despite the fact that every one loves to complain about over-persistent headhunters, the feeling of being a sought-after commodity was a pleasant one indeed.

Fast forward 12 months later. How the mighty have fallen.

If you look around, the hottest commodity in structured credit is in fact a job. Many banks are shutting down their credit operations, many more are licking the wounds left by years of excessive risk-taking and less than stellar risk-managing.

Those 'credit specialists' that are deemed to have skills applicable to other asset classes are best suited for the change happening in the CIty. Those who have done little else find themselves in the most difficult of situations: their knowledge which a year ago was considered an asset is now trading well off its all-time high.

Perhaps as revenge for all the abuse headhunters have to endure, I received an unsolicited e-mail recently, in which an agent informed me that he found my CV when he took over from a colleague, and that there are no roles out there for anyone with my background.

I did not reply, and instead chose to grind my teeth and cherish the fact that - at present - I do not find myself in a job-seeking situation.

Then, out of nowhere, came a silver lining to boost the damaged ego: a random call from a recruitment agent on the continent looking for a structured credit specialist for a German bank. But in Germany.

Whilst it was nice to see that it's not all over, this would have felt like giving up a lead in a West End musical for a role in a Sheffield pantomime.

And furthermore, it would have been wrong for three simple facts:

• London is - despite a fair amount of doom & gloom nowadays - a great place to live and work
• A job in banking, even if not as well-paid as in recent years, is, for all intents and purposes, still a well-paid job
• Sylvester Stallone regained his reputation with Rocky Balboa, so there is always the off-chance that formerly hot commodities re-ignite...

Here Is The Writer : Billy No Box

Billy No Box has worked in the city for six years, and currently works in Derivatives for a North American bank. He enjoys playing golf, reading books by Umberto Eco, singing "Copacabana" in the shower and at karaoke bars, and occasionally updating his blog about London and everything else.

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