I would argue 100% yes. Firms want market knowledge and expertise (to SME level) but they baulk when your CV shows 30 plus years of trading/risk management experience. Linkedin has dozens of stories a day from people getting the same feeling. 
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Yes, I agree. First of all , there is the cost aspect as many years of experience also means a higher salary. There is also the interpersonal aspect, as typically if you are joining a team the team manager would be in his/her forties or fifties, he or she might not want to manage an older employee due to a different reasons.
Exactly, there is also a perceived risk that you might show them up, highlighting where things can be improved etc. It might be positive for the business but not for their career? Sigh.
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Itâs always been the case that if you lose your job after 45 in banking youâre screwed
Well to some extent I agree with you, in relation to the larger firms.
There are many smaller, foreign owned firms in London, more than 500 banks, quite apart from investment firms.
Once you hit 50, these smaller firms are relatively keen to pick up expertise, the problem tends to be an individualâs ability to fit into a smaller organisation and a slower pace of life, not to mention adjusting to lower, often significantly lower, compensation.
Then there are the elusive non-executive board positions as well, but they are even slower, even less well remunerated and tend to revolve around audit and risk committees, so an accounting qualification and credit risk experience is helpful.
Other life changes tend to happen around the same time, so be prepared to take life easy once you reach this stage anyway. Aging parents, divorce and other factors often coincide.
Get fit, strong and start figuring out what life looks like outside the City and Canary Wharf.
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It may apply for permanent roles where a career is the end goal . However for contract roles should be no reason for discrimination. In fact recruiters may prefer the experienced self starters who can hit the ground running.
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Thats true. Contracting is much easier and it gives the employer a ready-made experienced pro from the off. The day rates are good, circa ÂŁ600-800/day but the downside is the 45% tax plus the NI contribution as well, so close to 55% all in. But better than nothing I guessâŚ.
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Ageism doesnât have to mean social exclusion or being treated a certain way in the workplace. Addressing ageism is crucial if promoting fairness, equality for all no matter the age. Types of ageism are personal, institutional, non-intentional actions bought about due to others making assumptions. While being a contract worker I used ageism as an opportunity meaning extensive education, years of leadership attributes, qualities, vast intellect, being a thought leader, forging ahead of the group subject matter expert causing my wages to increase and being rewarded more often. Ageism is still alive you have to conquer it!
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I will also refer to âvast intellectâ as a point in my favour
Definitely- since hitting mid 40s, noticed fewer recruiters reaching out. Now thatâs zero. If I apply for a role itâs silence, proforma reject email or âover qualifiedâ.
May I suggest you refer to your vast intellect. It could make a difference
Not a fan of lying. Itâs really quite a moderate intellect.
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I applaud your humility
This is a tough one, I have held various senior positions at large investment houses, I took time out as my family had health issues, once out and over 50, its almost impossible to get back in. So i had to use my network of contacts and make myself highly visible. Humility is a major factor as you have to approach every opportunity as if you are competing against all comers despite what may be highlighted on your CV. I had so many âyou are too seniorâ responses, because it was easier to say that my roles had been more senior than ones i was looking for, but in reality it was my age and time out of the market. So I had to hammer my network and socialize heavily, its still hard work, but getting easier.
If you have real experience that you are keen to share with others then age is not a barrier. There are firms that will take on seasoned professionals to undertake assignments in the gig economy. My firm has always focussed on that sector of the workforce.
Urgh, that word again âseasonedâ. Itâs really not nice. Why not say âexperiencedâ or âskilledâ?
âMaturedâ, âCuredâ, âAgedâ, âRipenedâ, âFermentedâ?
Oooh, oooh, marinated!
I prefer âmaceratedâ, with enough drink in my system
Salted bankers