George the Banker

George did not know what to think .The walk to the train, the train ride, and the drive home
involved no effort at consciousness. His world was in turmoil, and he did not know whether
to feel anger or relief, exhaustion or despair.
George had what most would consider a "good job", vice president in the accounting
department of Obelisk Bank. Obelisk was a medium-sized regional bank with just more than
$2 billion in deposits. At 54 years of age. George had believed he would retire comfortably
from Obelisk on his own terms and when he decided it was time. George had begun working
at Obelisk nearly 23 years ago. After High school, he had spent 4 years in the marines and
then used the GI bill to get his bachelors degree in accounting. After spending 6 years in
public accounting, during which he gained his CPA, George joined Obelisk as an assistant
controller. His early career at the bank had progressed nicely, but he had held his current
position for the past 8 years. George was generally pleased with his work and his record of
achievemenets, although since his mid 40s' a vague sense of unfulfillment and even
disenchantment (dissatisfaction) had taken hold. He knew that the lack of an MBA prevented
him from advancing, and he recognized that he had been passed over for promotion, to much
younger colleagues, twice within the past 4 years. .He even half-heartedly entertained the
notion of returning to school for his MBA, but age and a lack of real desire, he believed,
precluded this.

George's oldest daughter was graduating from college this year and she was planning to
attend graduate school in the fall. His youngest daughter was entering college as well. George
was proud to tell his co-workers how he was putting his two daughters through college.
George's wife returned to work 5 years ago, managing a gift shop. Her salary was a nice
addition to the family income, but it really did not go very far in paying the bills. College
tuitions were a real financial strain, and there were still 9 more years to go on the mortgage.
As was the case with his father before him, George saw his primary life role as breadwinner
of the family. For financial, emotional, and psychological reasons, George was nowhere ready
for retirement.

George had gone to work that morning as always. For the past 3 months, Obelisk had been a
buzz with rumors that it was the object of a takeover by a large bank from another state.
The bank's senior management had even written an open letter to the employees, telling
them, in no uncertain terms, that the bank was not for sale and that the management would
resist any and all takeover bids.
George felt encouraged by the letter to the employees. He personally believed that the banks'
senior management would take whatever steps were necessary to keep the bank from being
acquired.
George began to reflect back on one of the many saying his high school football coach had
told his players-"The worst hit in football is when you are blindsided, because you never see
it coming and you really can't prepare for it."
George now had a better appreciation than ever for his old coach's words of wisdom. In the
late afternoon that day, he had gotten a call from one of the secretaries in Human Resources
that the head of HR needed to see him immediately. The message from the senior vice
president of Human resources was delivered frankly. Obelisk was cutting costs as a means to
crush off the takeover, and several officers were being targeted for dismissal. George was
given two options.
The bank either would "credit" him with an additional 3 years of service so he could take
early retirement or earn a full pension when he turned 59.5 years of age, or it would give him
a severance package of 1 years' salary, 6 months of medical coverage, and 3 months of
outplacement services. George was given until the next day to make a decision, but with
either option, his last day at Obelisk would be on Friday, just 3 days away.
When George got home, the house was empty. His two daughters were out, and his wife was
working until 10 that night. George rarely had a drink after work, but tonight was different.
He eased back in his chair, sipped his drink, and thought. About 20 years ago his college
roommate had prodded him to join his firm. The salary was about the same, but they would
pay fro his MBA degree. Also, the chances to move beyond accounting and into more general
management were strong. Twelve years ago, George's cousin had encountered him to join her
at her fledging CPA firm. He could have come in as her partner, but the income was less
certain and the benefits were nowhere near as good as they were at Obelisk. The bank was
like a rock. And he knew two things-the bank offered security, and they would never let him
go because he was too valuable. George became depressed as he grasped the reality that he
had opted for security over opportunity every time.
George started feeling bitter. He had given his life toObelisk, willingly working nights and
weekends when necessary. He recalled the times he missed his daughters' school functions
because he was so dedicated to the bank. He had never ever taken more than a week of
vacation at a time because he believed he was needed too much at the office to spare more
than a week. George tried to figure out all the questions he needed to answer in the next few
hours. They came to him quickly and in no logical order. How much is college tuition going
to cost me over the next 4 years? How many more years am I going to live? Will my wife and
I be able to travel the world like we had planned? What company would be willing to hire a
54 year old accountant with a limited range of work experiences? What severance packages
makes the most sense, should I think about opening my own business? Should I hire a lawyer
and hit Obelisk with an age discrimination lawsuit? Will my family think I am a failure?
Should we sell the house and move to something smaller?
George poured himself another drink. He heard the garage door closing and the familiar
words"Hi honey, how was your day?

1. How would you rate Obelisk's approach to the dismissal of George?

What could/should they have done differently?

2. Why do you think George was blind-sided by his dismissal? Do you think
there was any way he could have seen the dismissal coming?

3. Why do you think George opted for security over opportunity every time?

4. Do you think George has a right to be bitter at Obelisk?

5. What do you see as the key issues for George as he decides what to do with his
career in the short run and over the longer term? What actions should he take in
seeking reemployment?

6. If you were to make a prediction, what do you think George's career and life
will look like 5 years into the future?