Asking for a friend whos been been kindly informed by the staffer that hes probably not going to be promoted to Assoc at the year end review (February). He has recommended to go look for other opportunities elsewhere asap. Is it a common practice that they pay his bonus as they fire him or will he have worked the entire year for nothing?
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It's pretty hard to not get the associate promote (why push out someone you've trained for 2 years unless they are awful) so I'd say even if he will get a bonus it'll be very low. Doubt they would actually fire him right on the spot in Feb, usually they let you hang out at analyst for a bit until you find something
If I were in his shoes I would recruit very aggressively in the next few weeks. Try to get somewhere that will buy out his bonus or part of his bonus (phrase it as you're looking to make a move early in the new year and would rather move earlier than wait, even if you're not getting a 100% buyout from the new shop). Unfortunately with the market right now I'd recommend he casts a wide net, few IB places are hiring so corporate would have to be an idea as well
Thanks. Its a big local bank in the UK and the problem is that they are trying to cut costs - thats why they are not promoting some to assoc this year.
So you think chances are very low of not getting the bonus if he is eventually fired on the spot?
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