Help! Rescinded bonus after 2 week notice??
Hi, I’m currently at a BB (JPM/MS/GS) in a non-IB role (think risk/internal finance/treasury) and I just got an offer from a different firm. Want to leave ASAP so I can take a break before starting the new role, but I want to make sure I get my bonus. Can I give my 2 week notice if my bonus is expected to hit my account within those two weeks, or is it best to wait until the bonus hits my account to give them my 2 week notice? Basically want to make sure they don’t hold back my bonus since I told them I’m leaving. Has anyone ever heard of a rescinded bonus from these types of firms? Thanks!
Same boat here. Anyone else know??
Obviously you don't give your notice before the bonus check clears your bank account.
Would they not give it to you if you did? And you already had comp day and got the bonus number?
What incentive would they have to give you a bonus if you outwardly tell them you're leaving the firm immediately after you receive it?
Wait till bonus is cleared as above poster said. Absolutely no reason to risk not getting your money. Worst case is you give 1 week instead of 2, which after all is only a courtesy.
Feels like the kind of situation that just isn’t worth the risk. May be different depending on the bank but my comp sheet always had a disclaimer that the bonus was completely at the company’s discretion and subject to change until actually paid to me.
Telling them you’re quitting before your bonus hits your bank account is dumb. Do not do this
the banks can and will absolutely cancel your bonus....this is why EVERYBODY waits for bonus checks to clear the bank before they announce they are leaving...obviously, the same goes for you.
After all the years on this forum, this is my first actual response so I hope this is helpful to you and anyone else in a similar spot. For context, I work in a coverage group at a NY BB, have been doing this for a few years...
Giving your 2 weeks notice pre-bonus is a BAD Idea, especially at a BB. In my years, the only time i've seen folks get a 2weeks notice is when they were retiring, going to business school or going to a client (HF or PE). The majority of other situations i.e. leaving for a competitor, HR is notified ASAP and the individual promptly escorted from the building. Or in the case of COVID - expect a disabled computer.... If this is you, DO NOT GIVE NOTICE, you will more than likely not be paid that bonus.
I introduce to you the "ejector seat" - at 9:00 AM when that sweet sweet bonus hits your bank account, call your manager and HR and prepare for your virtual escort out from your current employer. Don't feel bad, this is just how the business is. Considering you're in a non-IB role there is a small possibility your outcome won't be so harsh but I wouldn't risk it if I were you...
Do not quit until that bonus hits the bank. Try to push your start if you really need time off
Do not put in the notice until the bonus clears; JPM's bonus policy explicitly says you won't be entitled to the payment if you leave/turn in notice before the payment is made and I imagine MS and GS are the same. Lucky for you if you are at JPM, bonus pays tomorrow
One way or the other, make sure you get the bonus. I personally would not announce my resignation before the bonus actually clears my account - even though it's for last performance year, it is still very discretionary ... pissing them off (such as resigning) gives them good reason to NOT pay you. Means more in the bonus pool to reward people who actually want to be there. I'm sure the next firm would understand. Also, I'll be saving up as much annual leave as possible as gets paid out when you bugger off, and taking sick days (cough) to transition yourself mentally as your priorities are different going forward and you need to hit the ground running and not be exhausted
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