Am I crazy to consider lateraling in this market?
Currently in what I would consider a relatively secure position at a lower MM bank and have received an offer from a Mid-tier BB (interviewed pre-Covid). Based on my discussions with the team they still have a strong pipeline of work (hence the offer) however I am nervous to leave a role where I have established track record in the current climate.
This may be my best opportunity to make the jump to a BB, but don’t want to end up being the first to be laid-off if conditions change. Am I just overthinking this or this a risky move?
If you were moving from a bigger bank to a small one then the answer would be absolutely not. But while there is risk in starting a new job, you are also hedging that risk by having that new job be at a bigger, more secure place. It really does come down to how safe you feel about your current bank doing well (and doing well is not only surviving but growing enough so that it's worth your time) versus how safe you feel about the mid-tier BB surviving and growing post-covid. I would make the jump if I was you.
Agree with the above. I made a simlar move (though not during such a time of uncertainty). If you lateral now, there is a significantly less chance that you will be let go from the BB than the MM since the BB just hired you (not that I would imagine you are doing badly at your MM).
That being said, take your time making this decision if possible and talking to people. I'm sure the BB has given you some time to make this decision, especially given the current global condition.
Despite my MD reassuring me I have nothing to worry about the outlook at my current bank does look fairly bleak right now. I guess I’m answering my own question here!
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