How does accrued bonus work when lateralling?
Currently recruiting with BBs. Getting far in the rounds. If I land somewhere in a month, what is the typical procedure with my bonus currently accruing with my current bank? Would my new team cover it and add it onto my bonus with my new team end of the year?
Just trying to get a sense of general procedure
OP, best of luck with those processes and with your bonus! Just curious - how'd you land these opportunities?
Don't see many postings online for BBs
You won’t get a dollar from your existing employer, and given the current hiring environment I doubt your new employer will make you even close to whole on what you think you’ve earned / accrued thus far
A few years ago it was market to cover your whole bonus because lateral market was so hot, but these days banks have so many candidates, including laid-off candidates with a $0 buyout, that you're unlikely to get your whole bonus bought out.
Also sounds like you are upgrading banks, so doubly so. Can probably negotiate something, I'd guess $20-30k (start higher, but should level your expectations) depending on your situation, but not your entire bonus. This may be the cost of doing business for you to upgrade, or you just wait until after bonus.
Don't take any verbal or "we'll catch you up at year end" as anything more than recruiter speak - anything agreed upon should be paid upfront as a signing bonus
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How did you get in the process? Did you cold-email the banks?
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