A decade ago, Gary Stevenson walked away from the high finance world that had made him a millionaire by his early twenties, following a period of disenchantment. Nevertheless, there continues to be a certain draw to the glittering allure it holds for him. He currently lives in Limehouse, near London’s docklands, a stone’s throw from the towering skyscrapers that populate the Canary Wharf financial district. Their rooftop lights can be seen flickering across the canal from his front balcony.
Born and raised in working-class east London, Stevenson would often gaze at those lights as a youngster, promising himself that he would eventually work in those high-rise buildings and accumulate wealth. Being a mathematical genius, he achieved his ambition. However, he grew to loathe such a world and even despised himself for a time because of its opulence.
Now, at the age of 37, Stevenson is an agitated individual with a passion for radical economics. He formerly held the position of the highest-paid trader globally at Citibank. Post the last financial downturn, he profited hugely from a series of large interest rate wagers guessing a sluggish economic recovery as the less fortunate struggled with obtaining basic necessities.
His thrilling tale marking his journey filled with adrenalin is elucidated in his latest book, The Trading Game: A Confession. Despite getting expelled from school, Stevenson’s intellect and zealous work commitment allowed him to enter the elite London School of Economics (LSE). Here, he outplayed everyone in a high-stakes card game that landed him an internship with Citi’s trading team.
He retained his position and, following his first complete year, the then 23-year-old Stevenson got a bonus in early 2010 amounting to nearly £400,000 (€470,000). In contrast, his father, a postal worker, had yet to earn that much in his lifetime. Stevenson fondly recalls the times when, strapped for cash, he would spend 75p each day for his regular lunch of two Scotch eggs from the Sainsbury’s close to LSE.
Gary Stevenson had spent his early adult life pursuing the most affordable options, which seems almost absurd considering he eventually found himself acquiring hefty salaries of £400,000. In his following year with the bank, Stevenson impressively became the highest trader earner worldwide, exceeding the million-pound mark with his unexpected winning streak in interest rate betting. Surprisingly, seven-figure income became standard for him, contrasting the financial struggles his working-class friends had to go through in the east end of London for basic needs like housing.
Earning big at Citi, he realised that his winnings were only contributing to the increasing economic disparity, where the wealthy prospered at the expense of the underprivileged. That realisation saddened him and led to his decision to quit his successful trading career at Citi in Japan after a few years.
Alongside his victory, came accolades and applause with no room for anyone to question the wider implications of it. “That’s the reality we exist in.”, states Stevenson, as we enjoy a cup of tea and chocolate biscuits in his contemporary flat, a purchase he made with his initial big Citi bonus.
Clearly a bachelor, his modern flat lies somewhere between neat and messy. Evidence of his bachelorhood is scattered around the space in the form of guitars, dumbbells, and a variety of books on topics ranging from trading to economics and political science. The persistent scent of Asian cuisine wafts from the kitchen, denoted by the spices and woks piled up on the counters.
With his neat haircut and unconventional track-suit attire, Stevenson gives off an air of a mature gamer. One might wonder whether he ever misses the well-dressed, lavish lifestyle of high finance or if he ever derived pleasure from it.
Initially, the thrill was exhilarating. It was an intense experience that I reminisced about. Looking back, it was somewhat chaotic, though. However, I found myself among a vibrant group of individuals on the trading floor, and I was aware that there was a potential for monetary gain.
[Discussing the issue of income disparity in Ireland: Details are crucial]
I concede that the triumph did somewhat inflate my ego, and there remains an inherent overconfidence in my abilities. Nevertheless, I harbour resentment against a few of my previous colleagues in high-finance, who I perceive as naive and privileged, with their education and aloof attitudes. They seemed so full of themselves, and it was generally annoying, he mentions. However, what bothered me the most was their wealth, combined with their lack of worldly knowledge that made them tedious.
“More than anything, I felt a sense of disillusionment,” he comments about his time at Citi. After a successful start in London, he was transferred to Japan when he first contemplated leaving the bank. Despite being forewarned by an industry peer about potential difficulties faced by high-performers when leaving, he took the plunge after a couple of years.
He doesn’t explicitly mention it in his manuscript; however, there are strong indications across its contents that he dealt with clinical depression during his tenure at Citi, particularly in Japan. The classic warning signs – both physical and emotional – are noticeably depicted.
“I don’t admit this in the book, but I was indeed diagnosed with depression,” he says. “Those who lack an inexplicable emptiness within are unlikely candidates for this sector. I question if being overly ambitious is genuinely an indicator of sound mental health. There’s a reason you’re seeking something – because you have a void within.”
I’ve accepted the nature of my relationship with my parents. The unpleasant reality was that my family background was difficult. In all honesty, it wasn’t a conducive environment to grow up in.
His answer is forthright when asked about the one thing he felt deprived of in his life: “Emotional support.”
The book reveals an apparent emotional detachment between Stevenson and his parents, a theme he says he intentionally incorporated into the plot of The Trading Game, albeit subtly. This element, subtly hinted at in numerous sections, brings a depth of emotion to the otherwise adrenaline-paced financial thriller.
Stevenson acknowledges his affection for his parents, who he describes as ‘rather unconventional people’. He also shares that they will not be present at his book release due to the lack of a close bond.
Coming to grips with his difficult upbringing has been a struggle for Stevenson. He says it was not a simple family environment to grow up in and that he tends to avoid discussing it. This, he says, can be a difficult concept for those who haven’t had a similar experience.
When he talks about his experiences, he often switches between first and third person, showing a degree of detachment. He confesses to having been self-reliant for a long period, primarily for emotional and practical support. He believes this will resonate with many men who have been socialised not to seek help, particularly in matters of emotional wellbeing.
While expressive about his financial predictions, Stevenson maintains a rather bleak outlook on the world’s economic future. He foresees a dire economic collapse due to the widening gap between rich and poor, creating a society where power and wealth are held by a fixed elite class. This dystopian appearing vision is not to be taken lightly, as Stevenson has proven his foresight in the past.
Stevenson is the face behind the popular Youtube channel, Garyseconomics, where he renders complex fiscal issues understandable for the general public. He admires the research of economists Thomas Piketty and Gabriel Zucman who study wealth disparities. Additionally, Stevenson is a member of The Patriotic Millionaires, a global society advocating for higher taxation on wealth.
Stevenson admits he has the financial means to avoid the anticipated economic downturn and ‘relocate to a beach in the Philippines’. However, he questions who will remain to alert the working-class poor about the impending financial catastrophe he envisages looming ahead.
Stevenson divulges that he feels “more satisfied than before” at a time when he was dealing with emotional turmoil in Japan. Though, he passionately questions the authenticity of such contentment when you can foresee an impactful calamity, drawing similarities with the Titanic’s disaster – a gloomy prediction he’d rather not have to share. Stevenson’s The Trading Game is released by Allen Lane, and an engaging discussion alongside Martina Devlin at DLR Lexicon in Dún Laoghaire is scheduled for March 19th, for which tickets can be acquired through Eventbrite. For the most recent analysis, tune into our Inside Politics Podcast. Receive the top news, analysis and commentary straight to your mobile device by signing up for push alerts. Keep informed with The Irish Times on WhatsApp.