Today’s news on Wachovia Bank is unsettling for some. You can read more about Wachovia’s earnings here.
I find it fascinating how Wall Street (Gambling Street if you see it like me) moves into markets like subprime with great force and focus. Only to get quiet when the chickens come home to roost. C’est la vie…
What does this say about leadership and your career? I think the following considerations are in order:
- Make sure you really want to be doing what your doing. Have your eyes wide open and see the organization for what it is and not what you dream. In other words, embrace reality!
- Have advisors and mentors that can see things that maybe you miss. You might be thinking that you could never leave a place like Wachovia because your vested. A mentor might be able to point out that all investments (retirement or otherwise) are portable. He/She might also tell you that your bored and need a new challenge.
- Leadership is formed and lived out in integrity. Pay attention to why your organization decided to invest in subprime securities. If the leaders has integrity they should be able to answer the question. If the leaders can’t give a straight answer, watch out!
- Don’t let your identity (position, power, money, office location) get wrapped in your career. Doing this leads to blindness.
- Any lasting legacy (if that’s what you want) will be made up of things that never paid you a dime. Take a look at your spouse or kids on this one.