If you have a sense that you will be let go/fired in next 4 - 8 weeks and do not find a new job yet would you stay until it happens to keep saving money or put in your two weeks notice? If you put in your two weeks notice you would have to repay 40k gross bonus and get the money back in tax return
| +500 | BOFA ALREADY TRYING TO COVER UP THEIR TRACKS | 63 | 1h | |
| +367 | Bank of America - Juniors Strike to start Monday May 6th | 69 | 1m | |
| +257 | This is a dark day for Wall Street. | 29 | 7m | |
| +154 | Investment Banking US League Table YTD 2024 (FactSet) | 85 | 1s | |
| +147 | Big Layoff at Barclays - 5/1/24 | 85 | 6h | |
| +87 | “Americans just work harder” | 53 | 1d | |
| +83 | Would comitting to ATL İB be stupid? Please give feedback. | 45 | 3d | |
| +69 | Sleeping on Jefferies??? | 34 | 3s | |
| +66 | A shitter's comprehensive guide to sophomore year recruiting | 7 | 1d | |
| +60 | What's up with RBC nowadays? | 26 | 3s |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
I would wait until you are fired. There is always a chance that you don't get fired or that they pay you severance. In general, it never hurts to get a jump start on networking.
In this situation, I think there's little downside to potentially getting fired. Staying in your job until it happens while networking will give you a much better networking head start and as the above commenter mentioned, it may be the case that you don't get fired or don't get fired for a good while. And on top of that, the old adage "you need a job to get another job" still applies here. A nice severance check doesn't hurt either.
I just see little downside to actually getting fired if you know it is coming.
Definitely wait. There is absolutely no reason to take a huge hit on bonus clawback, and 4-8 weeks is enough time to get going on recruiting anyway
Also unless you are getting fired for something egregious (insider trading, sexual harassment) banks typically won't offically "fire" you since it will show up very negatively on your FINRA registration - typically they are negotiating severance for you to leave. So you can tell the next firm you got laid off or left by mutual agreement.
There's no reason to quit. Even when you're fired, vast majority of the time they process it officially as though you quit. They don't like official firings because all of those have a potential legal liability. They'll have you sign a paper saying you resigned voluntarily, and usually there's severance or at least something of value to entice you to sign that paper. And when other employers call them, they can't say you were fired (not that they would anyway, most firms just say what your last day was . . but now they definitely can't say you were fired if you signed a paper saying you quit).
Can't promise that will happen, but it's what almost always happens. So it doesn't make sense to quit early just to be able to position yourself as someone who quit.
Following up here as interested since I am facing similar situation. How did it go for you?
Still there. Have been trying to network and lateral within IB, CDEV or VC but nothing solid yet. Think my time is running out soon at current employer
Any update since then?
Have been unemployed for +6 months now. Not a great feeling
Keep your head high king. Shitty time to recruit but this will pass.
What were the signs that made you you think you were going to be let go OP? Feel I might be going through similar right now…
If you're an MBA banker doing no work and making analysts lives way harder, please leave.
What little respect the rest of the team has for you may be retained. Otherwise, expect if you see another team member again in a professional setting things will go poorly for you.
If this situation isn't you, then disregard.
Perspiciatis quae voluptatibus cumque vitae qui. Saepe quidem fugit nihil reprehenderit sunt tempore. Dicta non odio explicabo suscipit nam numquam id. Laborum voluptatem possimus ut quam. Hic commodi quaerat ea voluptatem quisquam quia excepturi a.
Similique quia voluptates possimus ullam et in et adipisci. Laudantium sed delectus possimus dicta amet. Nobis dicta quae consequatur labore vel eos. Aut in ea error. Aperiam dolorem ullam amet qui. Qui laboriosam aut nesciunt nesciunt dolorem necessitatibus.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...