This paper discusses the implications for managers' careers of the global financial crisis. It draws on empirical research during the last period of major job cuts. Evidence comes from a mail survey of over 1000 career histories of Australian managers, with a response rate of 44%. Changes to career satisfaction, job satisfaction, job security, expectations regarding future career moves and employability are reported for retrenched managers. The paper contributes a context for changes to managers' careers in terms of labour market structures and economic conditions. The main results are that following 1990s restructuring, job security was low and retrenched managers were less likely to have invested in their own employability, but paradoxically, exhibited more of the attitudes associated with employability. The paper is useful for careers practitioners to understand the impacts on managers experiencing job loss and to be aware of possible outcomes and actions required of individuals. (Contains 3 figures and 5 tables.)