Investment Masterclass: confessions of a top ex-Citibank trader
Apr 16, 2024
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Former top ex-Citibank trader Gary Stevenson shares insights on trading and economic predictions. He discusses the emotional impact of wealth, risks in trading, and societal pressures on young investors. Stevenson highlights the importance of systemic change to prevent economic collapse and improve living standards.
Success in finance can come from seizing unique opportunities like winning a trading game to secure a job at Citibank.
Economic inequality is a critical issue shaping society's future, calling for tax reform targeting the wealthy to prevent economic collapse.
Deep dives
Citibank Trader Turned Economist
Gary Stevenson, a former Citibank trader who became the people's economist, shares insights from his journey in finance. Despite beginning in a lower-income background, Stevenson's success came from seizing unique opportunities, like winning a trading game to secure a job at Citibank. He reflects on the financial crises and the flawed predictions made by top economists regarding interest rates, which led him to realize society's economic shortcomings.
Wealth and Self-Identity
Stevenson's significant earnings as a trader, including a £400,000 bonus, brought moments of self-reflection on wealth and its impact. The sudden influx of wealth highlighted his upbringing where frugality was a norm, leading to personal conflicts and isolation from others due to the stark wealth disparity. This journey into prosperity underscored the complexities and emotional toll of accumulating vast wealth.
Becoming an Inequality Economist
Transitioning from trading, Stevenson emphasizes the need to address economic inequality. His experience in the finance sector led him to view wealth disparity as a critical issue shaping society's future. Stevenson advocates for tax reform, targeting the wealthy to address societal wealth imbalance and prevent economic collapse, showcasing a shift towards promoting systemic change for a more sustainable economic future.
‘If I try to put myself back into the shoes of me as a 21-year-old, all I can tell you is this: I was hungry,’ writes Gary Stevenson in his recently released memoir, The Trading Game, which tells the story of how the son of a Post Office worker briefly became the highest-paid trader working on Citi’s bond trading floor at London’s Canary Wharf. He sits down with host Claer Barrett to talk about what he learned about trading and how the wider economy works – and why he’s worried.
Find Gary @garyseconomics on YouTube, X, Facebook, Instagram and TikTok. Read Gary Stevenson’s recent FT Magazine profile by Miles Ellingham.
For more tips on how to organise your money, sign up to Claer's email series 'Sort Your Financial Life Out With Claer Barrett' at FT.com/moneycourse.
If you would like to be a guest on a future episode of Money Clinic, email us at money@ft.com or send Claer a DM on social media — she’s @ClaerB on X, Instagram and TikTok.
Presented by Claer Barrett. Produced by Tamara Kormornick. Our executive producer is Manuela Saragosa. Sound design by Breen Turner, with original music from Metaphor Music. Cheryl Brumley is the FT’s global head of audio.