I recently made the switch back to banking as an Associate from a small buyside firm. I finally broke into a large balance sheet bank in Europe (think Santander / Nomura / RBC) after previously only working at tiny LMM banks.
I’ve pretty much decided that I want to be a career banker. Hence my question:
Is it worth lateraling upstream from a solid — but not elite — bank? Especially if the current bank is known for promoting from within and offers good internal mobility?
I feel like I’ve finally found what I want to do long term and I don’t care about exit opportunities anymore. At the same time, I’d love to maximize my long-term earnings potential.
My concern: if I stay here for ~2 years, build a good reputation, and make VP, would it still make sense to try upgrading to a BB? My current desk doesn’t really exist at boutiques, and if I move later I might have to start over with no goodwill in a stronger, more competitive team.
Another factor: my current bank’s location is ideal for me, and every other city I could move to would be a bit of a lifestyle downgrade — though I’d be willing to move again if it made a real difference.
I saw it a lot. People worked for years in LMM-MM and moved to BB into director roles when they got a lot more senior and firms were hiring a lot. It benefits a ton if you know you want to be in banking.
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