Gary Stevenson's Citibank Journey: Rise and Fall

Ever wondered how a kid from East London could become a top trader at one of the world's biggest banks? What does it take to rise to the top of the financial world, and what happens when you get there?

In The Trading Game, Gary Stevenson shares his incredible journey from humble beginnings to the high-stakes world of international finance. You'll get an insider's look at Gary Stevenson's Citibank career, from his meteoric rise to his eventual disillusionment with the system.

Buckle up for a rollercoaster ride through the world of high finance, ethical dilemmas, and personal transformation.

From East London to Wall Street

Gary Stevenson's journey at Citibank, from a humble East London upbringing to becoming a top trader, is nothing short of remarkable. Growing up near London's financial district, Gary was acutely aware of his family's financial struggles. But that didn't stop him from dreaming big and eventually landing a coveted position at Citibank, where his rise to prominence would begin.

At just 12 years old, Gary's entrepreneurial spirit kicked in when he started selling penny sweets at school. By 13, he had a paper route bringing in weekly earnings. Despite a few missteps in his teens, including a near-expulsion for selling a small amount of marijuana, Gary's determination to rise above his circumstances never wavered.

Academic Excellence Paves the Way

Gary's intellect truly shone when he entered the London School of Economics in 2005. While his peers focused on their future finance careers, Gary stood out in his tracksuit, speaking in his distinct East London dialect, and fully immersing himself in his studies.

His dedication paid off. Gary's exceptional mathematical skills and his habit of asking insightful questions caught the attention of both faculty and potential employers. This academic prowess ultimately landed him a coveted trainee position at Citibank, bypassing the usual graduate program and allowing him to dive straight into market transactions.

Rising Through the Ranks at Citibank

Gary's ascent at Citibank was meteoric. His keen understanding of risk management and strategic approach to trading quickly set him apart from his peers.

Mastering the Art of Currency Financing

During the 2008 financial crisis, Gary capitalized on his understanding of the changing economic landscape. He found opportunities in providing short-term, one-day loans in US currency when traditional lending avenues had dried up. This strategy, which Gary likened to getting "free money," proved incredibly lucrative.

Making Waves in the Financial World

Gary's ability to anticipate market movements led to substantial profits for Citibank. He once contributed a whopping $240 million investment, showcasing the scale of his trading ventures. His expertise in currency swaps, particularly involving the Swiss franc and various international currencies, solidified his reputation as a major player in significant trading transactions.

Living the High Life

With success came the trappings of a luxurious lifestyle. Gary found himself enjoying lavish dinners and extravagant trips with brokers. He even purchased a high-end apartment, marking a significant milestone in his rapid rise within the financial trading community.

However, as Gary climbed higher on the ladder of success, he found himself increasingly disconnected from his humble beginnings. The competitive trading landscape brought him markers of achievement, but it also obscured the simple life he once knew.

The Cracks Begin to Show

Despite his meteoric rise, Gary's journey wasn't without its challenges. As he delved deeper into the world of high-stakes trading, he began to see the inherent problems within the economic structure.

Recognizing Economic Disparities

Gary became increasingly aware of the growing gap between social strata. He noticed a pattern where wealthy individuals grew richer as less privileged groups accumulated liabilities. This process, he realized, was enhancing the financial status of the affluent at the expense of the middle class, gradually eroding the market's buying power.

Questioning Traditional Economic Theories

As Gary's understanding deepened, he began to see flaws in conventional economic theories. He observed that economists often focused on aggregates and averages without considering wealth distribution, leading to skewed perceptions and ineffective models. The challenges faced by European countries constrained by a common currency further highlighted the previously overlooked risks associated with government borrowing.

Predicting Economic Downturn

Gary's growing disillusionment led him to the firm belief that an economic decline was inevitable. He compared the economic states of various countries to situations of individuals he knew, concluding that mounting debts signaled the approaching collapse of Western social security systems.

The Toll of Trading

The high-pressure environment of trading began to take its toll on Gary's physical and mental health. His appearance became disheveled, and he experienced cardiac discomfort and insomnia due to stress. The deterioration of his mental state, exacerbated by poor nutrition and lack of rest, forced him to seek medical help and temporarily step away from his responsibilities at Citibank.

A Crisis of Conscience

As Gary grappled with the fundamental ethical dilemmas present in the finance sector, he found himself increasingly uncomfortable with the moral compromises demanded by the industry. The stark contrast between his opulent wealth and his self-imposed austerity led to an internal conflict between his situation and his ethical principles.

Seeking a Greater Purpose

In the midst of this turmoil, Gary began to contemplate abandoning his current path to re-enter academia and challenge the entrenched, erroneous economic theories. He felt driven to find a more meaningful application for his talents, beyond the realm of financial speculation.

The Struggle to Leave

Gary's decision to leave Citibank was far from simple. He encountered significant resistance from the bank as he attempted to shift from his lucrative trading career to philanthropic pursuits.

Legal Hurdles and Golden Handcuffs

When Gary first broached the topic of his departure with HR, he realized that his significant bonus could act as a "golden handcuff," potentially deterring him from leaving Citibank. He consulted with legal counsel and informed his supervisor of his intention to step down. However, Citibank employed various strategies to prevent Gary's departure, including legal maneuvers and manipulating his bonus structure.

Fighting for Independence

As the situation grew more tense, Gary found himself confronting the HR department over what he perceived as an infringement on his privacy regarding his plans. Stories of traders who ended up bankrupt after legal battles with their financial institutions underscored the severe consequences that can accompany leaving the profession. Gary braced himself for a battle to preserve his independence, aware of the potential manipulation and substantial influence held by the financial institution.

A New Chapter Begins

Despite the challenges, Gary eventually managed to leave Citibank. His departure was marked by a complex range of emotions, including anxiety and a subtle feeling of relief. He began collaborating with a group dedicated to tackling economic imbalances, symbolizing his shift toward a more purposeful and grounded existence.

While Gary's future path remains uncertain, his story continues to evolve. As he contemplates his next steps, he reflects on the influence of fortune and expertise throughout his existence, leaving readers to wonder what the next chapter of his journey will bring.