Day in the Life: Nick Donovan, foreign exchange salesman
0600 I wake up in my one-bedroom Battersea flat, which I share with my girlfriend. It's a bit early, but not too bad compared to people who commute from Brighton and get up at 4.45.
I have a bite of breakfast while watching the news to check what happened overnight. Then I dash out to the station, which is conveniently positioned opposite my flat.
0710 I arrive at work. I'm usually one of the first people there. The other 12 members in my team arrive for 7.30am. I work in foreign exchange, where your clients dictate your hours. The foreign exchange market never closes, therefore we don't need to be in for when the London Stock Exchange opens at 8.30am, for example.
My clients get in between 8.30 and 09.00. I have until that time to get completely up to date with everything that happened in the markets overnight, and if necessary to prepare reports on the significant issues.
0900 The day really begins. As a salesman for foreign exchange and interest rate derivatives, I spend most of my time putting together structured products.
This means tailoring solutions to suit clients' needs, which is challenging and interesting, and where the real excitement of the job lies. I don't see myself as a salesman, but as a consultant.
My clients are financial directors of large corporates with a turnover of between 50m and 500m. They are mostly importers and exporters within different currency zones and as a result they have regular foreign exchange cash flows.
As they are buying components or selling products abroad they need to buy euros or sell dollars, for example. My role is to help them to do so as economically as possible, within their credit limits.
Because deals often run over one or two years, it is also necessary to insulate clients from adverse movements in the market. Clients commit to enter into a series of currency transactions over a period of time.
It's up to me to determine exactly what they're looking for. I weigh up whether they want to make big returns on their foreign exchange investment, or whether they're simply looking for something to protect them against adverse market movements. Products are structured accordingly.
Having worked for the bank for more than two years, technically I'm no longer a graduate trainee. The graduate programme within Financial Markets lasts for a year. The first three months are spent in the classroom.
I was then seconded to New York for six months, where I rotated between different areas within financial markets before being assigned to foreign exchange and interest rate derivative sales.
1100 I spend some time structuring products for a new client. When a client is entering a deal that will unfold over a period of 18 months it's critical to devote time to establishing the right structure.
We normally bounce ideas around the team and generate ideas together; it's a joint effort.
I then write emails to existing clients to keep them informed of events in the marketplace, and how they will be affected. This is an important part of building the client relationship. At the moment there is a lot of concern regarding the effects of a war on different currency pairs.
1230 Most people run out for 10 minutes at lunchtime, grab something to eat and consume it at the desk.
1400 Early afternoon is spent troubleshooting. A client calls to say a large product order has unexpectedly been placed and they need to buy components immediately. As a result, they need 10 million euros today.
Using the intercom, I transmit the order to the traders. They give a price, which I relate to the customer, who gives the go ahead and the order is executed.
1730 The day usually ends relatively early. I stay later if something big is happening in the US, like the Federal Reserve announcing an interest decision.
After work, I go the gym. I'm quite health conscious and having spent time as a professional sportsman, I'm used to leading an active life.
Intellectually, basketball wasn't a particularly fulfilling career, so I'm glad I got out when I did. There are similarities between sport and banking though: they both require commitment and teamwork. I apply the dedication I had as a sportsman to my current career.
2000 Either my girlfriend or I cook a meal. I try to get to bed by 10.30. Once it gets much later than I start falling asleep anyway.