I fucked up, what do i do?
Dear community,
I am an1 in LevFin. Won’t name the bank but it’s quite active in my country. I’m currently on my 3rd month (did internship lasted 3 month before they hired me, no previous experience).
Over the past week I have been assigned the task of following all the technical procedure of a deal (deal booking, KYC/Vetting, internal procedure) for a deal followed by a MD alone. I have never followed such process and made clear i was not able to do it alone.
They didn’t really care and let me do it, when i requested for help it was always “you’ve already seen it, you can do it”, since during my intern days I have followed a refinancing of an existing deal basically alone.
Here’s the catch though, I have realized i made many mistakes, which won’t allow the bank despite approval or not, to book the deal. Tomorrow we have internal committee and am quite stressed. If the committee declines the deal, I am fine and fresh. If it does, I believe we won’t be able to do it anyways.
What should I do? Should I leave? should i wait for them to fire me? I am quite in a bad spot atm
chill dude - you're in the first few months of the job. If your time fire you, they're a bunch of losers anyway so just re-recruit and don't look back.
I would start circulating your current resume to your local fast food chains. You’re cooked, son.
They'll probably get pissed, but I doubt that a bank will let go a deal over some compliance check the box stuff. They'll just fix it once it's approved
Ask a junior colleague for guidance on internal traps
There are two strategies here:
1) hope the deal gets killed and be quiet
2) Acknowledge your mistake and go get help. Most banks have a process for booking business on an urgent basis (there are limits of course, you can't just say we forgot about doing anything internally let's do it all in 5 seconds), but if the entity exists in your internal systems already, you can usually get the rest going urgently and turn it around in a day. If you have a local KYC team reach out to the head of that team - they will sigh, think but not say you are another front office idiot, and then they will tell you the best they can do given the circumstances. If you can have someone more senior who they have worked with before in the loop it will help support the urgency - NOTE I AM NOT TALKING ABOUT AN MD - I'm saying a well-regarded associate that's been at the bank for 4-5 years. While doing this you need to inform the person direcly above you on the team of what is going on, and they should be able to tell you who else needs to be informed at what point in the process.
I recommend #2 if you are viewed at all positively on your team up to this point, it will show you know you made a mistake you are taking the best corrective actions you can, and you would be mortified if it happened again.
P.S. everyone on your team, even that guy who seems perfect, has made a few mistakes early in a role.
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