Financial Career and Social Reflection

Summary

The meeting was an in-depth personal and professional account from an individual reflecting on their upbringing in a poor area of Ilford, their educational journey, and experiences working as a City Bank trader in London and Tokyo.
Key topics included challenges related to class, meritocracy, motivations behind pursuing wealth, observations on inequality, and the mechanics of the financial industry.
Decisions about life and career changes were discussed, particularly regarding ethics, motivations to leave high finance, and current societal goals.
Attendees were primarily the speaker and an interviewer, with no explicit action items or collaborative decisions.

(None noted or assigned in the transcript.)

Speaker grew up in a poor area (Central Ilford, Frances Avenue) and aspired to improve socioeconomic status.
Family financial hardship instilled a strong drive for independence and making own money, starting with small jobs as early as legally possible.
Experienced expulsion from grammar school at age 16 due to drugs, but gained entry to another school by leveraging academic excellence, specifically in economics.
Achieved high grades and acceptance into the London School of Economics (LSE).

At LSE, speaker noticed class-based prejudices and the importance of extracurriculars in securing finance internships.
Realized that wealthy peers had advantages due to family knowledge and resources.
Gained entry to City Bank’s trading internship via a competitive card game ("the trading game"), despite obstacles and a deliberately rigged final round designed to test resilience and strategy.
Success in the game led to an internship and subsequent full-time trading position.

First experiences on the trading floor involved minor hazing and informal profit-making opportunities (e.g., lunch runs).
Trading floor perceived as more meritocratic than other environments, with appreciation for unique backgrounds and resilience.
Described personalities and dynamics among traders, highlighting egos, competitiveness, and unconventional behaviors.
Financial rewards were substantial—a first major bonus at 23 was nearly £400,000.
Significant financial losses (up to $8 million in a week) created intense stress and social isolation.

Attended internal meetings about sovereign debt crises (Italy, Spain, Portugal, Greece, Ireland, UK, US, Japan) and deduced that increasing global inequality was unsustainable.
Made successful trading bets based on the insight that interest rates would remain low, making $35 million for the bank and earning personal multimillion-pound bonuses.
Reflected on the ethical implications of profiting from economic collapse and growing wealth inequality.

Increasing dissatisfaction with the morality of high finance led to open conflict with management and eventual relocation to Tokyo as part of an attempt to retain the speaker.
Ultimately decided to leave banking to focus on addressing social issues, specifically wealth inequality and societal collapse.
Experienced a period of reflection post-finance, cycling around Tokyo and reconsidering life priorities.
Now motivated by a desire to counteract growing social and economic inequality, stressing the importance of pride in honest work and highlighting the dangers of a system that transfers wealth from the middle class to the super-rich.

Left City Bank and finance to pursue work addressing social inequality — Motivated by personal ethics and recognition of unsustainable and unjust economic systems.