There was a very interesting article in the Sunday New York Times about the psychological impact of layoffs on Wall Street’s big players. The financial services sector has been hit hard by job cuts in recent months. The Times interviewed several anonymous Wall Street  professionals who spoke about the widespread anger, mistrust and angst at financial institutions these days and how they are tired of being treated like cattle.

The requisite expert psychologist  said that people who are drawn to the intensity of Wall Street careers are also more prone to anxiety, depression, and substance abuse than the general population. On one hand, the volatility they have grown accustomed to dealing with on the job has prepared them to handle the sudden shock of a layoff. However, they are also more likely to base their personal identities on their financial success. As one laid-off banker said, "There’s not a sense that you’re helping the world. I’m not curing cancer. If the money goes away, then what?"

This same banker was earning about $400,000 per year and acknowledges that her financial situation doesn’t merit any "pity parties." However, she is still having trouble sleeping and eating. She feels disoriented without her overloaded work schedule and dreads being asked, "What do you do?"

Even those who are relieved to be free of a stressful or frustrating job will likely go through some emotional highs and lows after a layoff. It’s normal and natural and temporary.  I have been through layoffs twice. The first time was much worse because I actually liked my job and didn’t want to leave it. I also was young enough to take getting downsized a bit personally. Why me? Didn’t I work hard and score solid performance appraisals? My more experienced colleagues tried to explain to me that it was only because I was the newest member of the department. It wasn’t personal. Still, I couldn’t help feeling vaguely like I had failed in some way. 

After a few margaritas and some therapeutic trash talking about my old bosses, I was able to see things from a healthier perspective. I buckled down, found a new job, and went on to get laid off again a few years later. The second time, I welcomed the pink slip and celebrated it. I had been working for months toward leaving to start my own business. I was thrilled to be starting a new chapter in my career, but there were still adjustments to be made. I had to get used to a new identity and the challenges of managing myself. 

Learn more about the psychological effects of getting laid off.