Quick question to the room, am on the way out in a week due to contract not being renewed, have to stay through then to receive bonus. Am paranoid about U5 form saying involuntarily discharged. Would it be worth it to resign on my own and forgo the bonus? Any way to have cake and eat it too? Thank you all.
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No absolutely do not do that lol. you will receive your bonus and there will not be any mark on your FINRA about it
A mark against you on a U5 is if the firm literally fires you - sexual assault, leaking deals, insider trading. Contract not being renewed is not being fired. It's a whoooollleeee FINRA process to involuntarily discharge someone that follows you around forever and firms do everything they can to avoid it. I know someone who did one of those three and despite being fired on the spot the firm still marked it as not on the U5 because no one wants to blackball someone like that
They’ve already said there is a U5 involved
Sorry I was unclear - edited my comment. There is always a U5 involved even if you resign on your own... it's just a very normal form ending the registration. You are not involuntarily discharged if your contract is just up
unless you are accused of misconduct (like an actual securities or law violation or were fired truly for cause) there is no reason the U5 will be an issue. Contract ending happens literally all the time. Even if your performance wasn't good you are not being fired for cause, your contract expiring is a non-event. they are just filing a required regulatory form to "unregister" you basically
TLDR you are worried about nothing
Totally good, whew. Appreciate it very much. Head went to the worst place. Thanks a ton for getting back. Was thinking anything that “involuntary” would be pretty bad
Quikc question. I was laid off as a 1st year due to layoffs in my team. My U5 says its "Job Restructuring" as the reasoning. Will that affect me in any negative way, or will all banks realize it just means I got laid off?
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