Coworker got promoted before me despite closing less deals in 2 years
I work in Corporate Banking as an Associate. I like the culture at my firm and I’m well paid, but I don’t necessarily fit in with the group. I’m not mistreated, but when it comes to internal politics it seems I always get the short end of the stick.
To provide more context, in my AS2 year I sourced and closed 6 transactions on my own, vs. my counterparts who closed 2 deals, in which the bank earned significantly less fees. In my AS3 year (this year), I sourced and closed another 5 transactions on my own, vs. my counterparts who again closed 1-2 deals each.
I found out that my coworker was being promoted to VP at year end and was told that my boss would promote me next summer (mid year promotions are few, far in between, but they do happen.) While this is obviously good, I feel that given my performance far exceeded my peers, I should have been promoted at year end. But because I’m not “one of the guys” I feel like I wasn’t considered.
My firm pays a higher bonus than some others so moving to a different bank does not make sense right now. Am I being sensitive? Should I suck it up?
My AS3 comp is $130K + $80K. My VP comp would be $150K + $100K. 50-55 hours a week.
why not ask for a % of fees from deals you source?
Not sure that would work at my firm. I don’t actually have a target revenue goal given that I’m just at Associate level but I can’t 100% of my base as a bonus until I’m a little higher up.
could you have sourced those deals if you were on your own? why do you need this firm?
Put your understandably bruised ego aside and look at your options:
1. Stay
2. Leave
Then weigh the pros and cons of each. In any case, maybe at least start talking to people at other firms. Fit is really important; even if you go to another firm that pays less, it could actually benefit you financially in the end if they like you more and are willing to advance you faster. This place already cost you money despite paying you more; how much did you lose out on by not being promoted this year (the foregone incremental VP salary / bonus, but then also another year of foregone payment for Director / MD / etc.).
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