Breaking Garden Leave
Leaving to PE early but trying to collect my bonus and have some time off inbetween. Couple questions: If I quit the day after my bonus is earned / communicated, will i actually still receive it when it’s paid out to everybody a couple weeks later? Also, if I quit when im paid my bonus and need to start my PE gig in 2 weeks but I have a 30-day garden / notification period, what are the repercussion to breaking this?
My contract (BB) prohibits me to work in anything else. i.e. If I where to break the garden leave then I would be breaking the contract with my current employer. But I think that doesn’t matter as much as breaking the contract with the PE/new employer. Hopefully that new contract doesn’t have that clause.
To make sure you actually received your Bonus, I would tend to wait for it being paid - at least you make sure you have it.
I don’t how it works where you work, but what I have heard from my place is that if you leave the day they communicate to you or before it actually being paid, you’re not 100% sure to get it.
Regarding leaving after receiving bonus communication but before being paid, I would tread carefully. I remember a couple years back one guy left for PE before the money hit his account and the bank didn't end up paying.
You need to wait until bonus is in your account. If you leave early but it's an agreed upon time you will be fine (i.e. your whole class is given a June exit date and August payout) but if you're leaving early you can assume you won't receive your bonus.
As for garden leave, I don't get why you can't tell the PE firm you have garden leave and need to start 2 weeks later, they have definitely been through that situation before. Finance is a small world and why burn the bridge with your bank. Again if you're leaving at the agreed upon time, you can ask your bank to shorten/waive it given how junior you are, but don't just blow through it - your new firm wouldn't be happy either given you're technically still an employee of the bank while on garden leave.
Simple rule to live by. Unless it's in your account, your bonus isn't real. Any funny business like communicating a leave unexpectedly after comp discussion but before payout or anything of the sort may leave you in the red. Generally as an analyst going to PE, you won't really have an enforced gardening leave. As soon as you get the cash deposited, express that you are putting in your resignation and are willing to complete a 2 week transition period. Don't even mention the 30-day gardening - odds are it won't even be enforced. Most of gardening is enforced if someone is going to a direct competitor. I've seen my firm enforce a 2 month gardening for analysts before if they were lateraling to a very director competitor within a very directly competing group.
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