Hello, I am a VP at a BB in process of making a lateral move to another BB (lower-tier / HQ in Europe). All interview process, including the one with HR in the end, was complete exactly 1 month ago from now.
I still haven't heard back regarding an offer letter. Spoke with the headhunter (who is the liaison between me and the bank) earlier this week, and he says everything is good at the moment but the bank is taking awhile on their "headcount approval".
I have spoken with the regional IBD head multiple times, who has been affirmative of his team wanting me. Another senior member of the firm let me know, few days after the last interview, separately that hr heard the offer is in motion.
Does this "headcount approval" take this long normally? Would there be a chance that the firm decides to freeze the headcount despite the senior bankers verbally indicated an offer? Is it something to do with right now being close to the year-end?
I am hesitant to raise this to the regional head or the senior banker as I want to appear cool-headed. Appreciate your thoughts - to be frank I am sort of nervous that there may be something wrong in the process.
Unless you have a written offer, never take it for granted. Sometimes people even rescind the written one. “Headcount” could be legit and even then be the excuse to get a rejection.
Just read on a diff thread how the group head said to the guy you are our fav and looking forward to working with you next summer and then sending rejection email the next day.
Similar shit happened to me. Never expect anything. Keep networking and recruiting for sth else.
People say wait for written, I say even after written keep some doors open with networking. It sucks, but its life.
Thanks for the insight.
Sounds like headcount is frozen for 2024 and they are looking to get an exception. This is probably a legitimate thing rather than some other issue or them interviewing other people, but a month is a very unusual amount of time and you should keep interviewing. It's very possible they don't get the headcount, so keep networking/applying and hope they come back.
Thanks for the comment. It's weird to me that the team used a headhunter to reach out to me and the senior bankers telling me all that if they did not have the headcount.
Is this Santander?
Aren’t they the only ones not worried about headcount?
Nope, it's a BB.
Sounds perfectly legit given market environment. Giving offers out now is much more complicated than it normally is. I've been at offer stage in 2 processes recently which where both cancelled at the last minute (before and after final interview) due to no headcount approvals by HR / upper mgmt.
Thank you all. Pretty depressing but this is what it is I guess.
Confirming that headcount exception approval is a thing when there’s a firm level or business-unit level hiring freeze. I’m optimistic that they will find a way but it is normal for it to take some time, based on my group’s experience this year. Good luck.
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