Imagine landing your dream job, only to have it ripped away from you just before Christmas.
That’s exactly what happened to Harry*, a recent university graduate who was set to start a lucrative role at Australian trading firm Tibra Capital.
The Shocking Phone Call
Harry had been deep in the interview process at other trading firms, but when Tibra came calling with a $150,000-a-year offer, he jumped at the opportunity. He withdrew from other job interviews, thinking he had secured his future. But last week, he received a devastating phone call from Tibra’s HR team. They told him the company had “restructured for the long term,” and his job was no more.
The Timing Couldn’t Be Worse
“I had to pull out of other job interviews because of this,” Harry said. “The timing is terrible, it’s Christmas, no one is hiring.” With the job market slowing down, Harry’s chances of finding a new job before the new year are slim.
Tibra’s Financial Woes
A financial report obtained by news.com.au reveals that Tibra Capital is facing significant financial headwinds. The company has suffered a significant loss, and its profit margins are under pressure. It’s not hard to see why they’re restructuring.
The Human Cost
Harry is not the only one affected. Around a dozen graduates, including international residents, had their job offers rescinded. They’re now left without a job and, in some cases, without a visa to work in Australia. Even more senior hires were also let go, leaving them high and dry after quitting their old jobs and serving out their non-compete periods.
A Hard Lesson Learned
Tibra Capital has agreed to pay out the notice period, but it’s little comfort to those affected. Harry’s story serves as a harsh reminder to always keep your options open and not count your chickens before they hatch.
Industry Woes
Tibra Capital is not alone in its struggles. Another Sydney-based trading firm, VivCourt, recently laid off staff, citing the need to adapt to changing market conditions. The economic downturn is taking its toll on the industry, and it seems no one is immune.
The Road Ahead
As the job market continues to tighten, stories like Harry’s will become more common. It’s a harsh reminder to stay vigilant and prepared for any eventuality. Have you experienced a similar situation? Share your story with us at [email protected]
About Tibra Capital
Tibra Capital was founded in 2007 by seven young entrepreneurs who went on to become some of the richest young entrepreneurs in Australia. The company trades derivatives, foreign currencies, commodities, and securities from its offices in Sydney, Wollongong, and London. Before the pandemic, Tibra Capital made headlines for its staggering profits, but the post-pandemic economic downturn has hit the company hard.