How to Quit if Lateraling
Making full post for visibility. Received lateral analyst offer and assumed I only had to give 2 weeks notice to my current bank. My questions are
1) do i wait for background check to clear before quitting current role and
2) how long do i need to wait before joining the new firm - 2 weeks? 30 day garden leave? None? (I don’t see anything about quitting stipulated in my current contract)
Currently going through lateral process myself and hiring company told me to wait for BG check to clear before resigning. I think that’s good advice.
Same spot - currently waiting for background check to clear then giving my notice the next day. Definitely wait for confirmation from the firm
Do you know how long after you give notice / resign from your current firm you will be able to join the new firm?
Depends on the firm you’re leaving (not the one you’re going to). Analysts and associates are typically two weeks but some places have 30 day policies for juniors. The bank you’re leaving pays this.
Once you put in notice you will have very little time to say goodbye. If this weren’t WFH you would get a box and they would escort you out of the building. Prepare a blast email to juniors before putting in notice. Don’t mention your new firm.
Just went thru this as a lateral. I asked the HR rep at the bank I was going to if I should wait for my BG check to clear and she said she didn't think it was necessary unless, "you have any criminal offenses you haven't told us about". So I went ahead and told my bank (and everything went fine, now happily employed at new bank). That being said, probably best to wait and if you're worried about not getting some time off, tell your new bank that you have to give leave etc and they'll usually push your start date. Check your employee handbook / HR site for more info on expectations when you quit - at my bank they had a policy in the handbook that basically said "We ask that employees give 2 weeks notice as courtesy yada yada" So the day I signed my offer and got confirmation it was received I call my group head and broke the news, sent a formal email afterwards with a short one-line "Dear XYZ, as discussed over the phone, please let this email serve as my two weeks notice of my intent to resign." Most places won't make you work that two weeks (mine didn't) but some do so be ready for that. Good luck!
Is your old bank mad? Want to lateral to a firm that pitches less but not sure if it’s worth it
haha nah man nobody was mad - this kind of stuff happens all the time, and everyone knows it's just business. But they were definitely sad to see me go and tried hard to convince me to stay - if you're well liked and have worked hard/done well, be prepared to get calls from many of the higher-ups trying to convince you to stay. Just be sure to be very gracious and professional. Stress how much you love working at the current bank and how much you've enjoyed working with them, and that you have thought very hard about it, and you believe that this move is the best for you and what you want to get out of your banking experience. Focus your reasons for leaving on things that your new gig has that your current bank couldn't provide (politely of course). For me it was that my old bank was very capital markets focused and I wanted more live deals and M&A exposure - so it was a lot of "I have really enjoyed working here and I can't say enough good things about the people and the team, but ultimately I'm really looking to get more exposure to M&A and live transactions, and while I love working here, we just don't work on very many of those types of deals." And nobody can really argue with that if it's true - if they do, just be cordial and stay firm. It's a stressful day when you do it man, but if it's what you really want, don't let them talk you out of it. Every firm is different and without knowing much about your situation it's hard for me to tell you if it's worth it, but for me it has been one of the best decisions I've ever made. I love my new team and even though I'm still grinding just as much / more at the new firm (went from an RBC / WF / Nomura type firm to a BB) it's a great feeling to be working on much more interesting and complex, live deals. Good luck, and stick to your guns man.
Went through the lateral process myself recently to BB, would strongly encourage you to wait until BG check is cleared to quit. Have heard horror stories of people quitting before getting official notice, some last minute FINRA or SEC things come up and there's a big scare. Ultimately, nothing ended up happening to them, but can't imagine the stress over those couple of days while they were getting investigated. Good luck!
Step 1, take a fat meaty dump all over your bosses' desk's. This is a great way to show dominance. It is called an office shit.
Step 2, they will respect you so much more afterwards I promise
When did you start making the lateral move? Around 1 year? 6 months? 1.5 years?
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