This paper sets out to investigate whether the recent wave of organisational restructuring has contributed to the further decline of the internally promoted manager or produced a new model of managerial employment in large organizations. Our research, which is based on in-depth case studies of eight major British-based employers, finds no evidence of the kind of transformational change associated with the introduction of a new model. Instead, we find that the traditional model of managerial employment has been eroded rather than replaced. The most notable changes include less job security - especially for those older than fifty - more emphasis on `managing your own career', fewer opportunities for upward promotion, and an increased emphasis on lateral career moves. We conclude by arguing that this restructuring adds further impetus to the decline of the internally promoted middle manager.