Is there any way for me to fight what they gave me (6 weeks pay) to also provide extra for the bonus I was supposed to get? Can I negotiate anything? I feel so depressed and betrayed. My manager staffed me on so many deals in the last few months, that I feel betrayed for all the hours I pulled to get axed right before payday.
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Ok dude, call out this bank so that others do not fall into this trap. I'm sorry to say this, but I doubt you will have much success trying to get that bonus in all honesty. I feel for you, I truly do.
That is strange if a reputable shop, but unfortunately happens at smaller places.
In general it will be hard to get, but I would definitely try to negotiate. Legally (disclaimer: I am not a lawyer), discretionary bonuses are harder to argue for. At times you can use history of bonus payment (or potentially the history of other analysts in your seat as long as this isn’t a performance reason for getting laid off) as a proxy for what it should be. But if you are going to legal route, chances are you aren’t in a good spot (legal fees, etc).
But I would push for more here, especially if they care about their reputation.
It’s really frustrating, and I feel lost as this was my first full time job out of college. Should I ask them for 8 or 10 weeks? Or should I ask for some for of Comp? I feel so lost, and thankfully the market isn’t as bad as last year so I hope I can find a job in a month, but it still burns hard
What I believe is actually fair here is your full bonus (discounted for whatever your performance or company performance dictate) - at the end of the day you put in the work for the year, you should be paid. That is how I have handled this in the past and believe is the right way to treat people in this situation (laid off for cost cutting not “firing” them for a real reason). That plus 6-8 weeks sounds right.
“Good” firms don’t cost cut for the immediate, it is normally more expensive to cut someone because you don’t screw them over, you are planning for the future and reducing your longer term costs (need fewer people over time).
It seems like this firm is being shitty and trying to save some money to pay themselves and that is a terrible way to run a company.
I would argue for a % of bonus plus the 6 weeks.
I am very sorry for you dude. I wouldn't hesitate to share the name of this "bank" here
DB
Wowwwwww.
Daaamn - here we go again
Similar thing happened to me at a smaller bank. Was expecting to get a bonus and literally go fired instead. I know it stings a lot know, but take some time to recoup. Don't let yourself fall down a worse path ( I only say because I was so close). Remember you have a year under your belt and that is going to be a big help anywhere you go afterwards. I really do wish you the best of luck and things will get better.
Not a lawyer but absolutely do not sign that severance agreement without negotiating. Several good books out there on this believe one is called "don't sign anything". The firm wants you to sign the agreement and not give them trouble so you should definitely negotiate.
How do I do it though? Do I say I’ll sign if they give me a pro rated amount of my bonus (assuming the bonus pool was generated earlier this year anyway)? Or do I ask them for more weeks? I’ve never really negotiated compensation much before, and I don’t want to offend or upset them into not giving me a severance at all.
The risk of offending them and not getting severance is pretty low, although as I noted in my other reply there are risks so you have to decide what you are comfortable with. They CAN revoke their severance offer - what are they asking you to sign (non compete? Non-disparagement?). While there is a risk that they decide it’s not worth it and revoke the offer, if you approach this in a good way (not aggressive) I believe they will be open to a discussion.
Do you need the money asap? You can just go on silence for a week. Consult a lawyer and see whats up. As a young you at a disadvantage but no point to sign anything till you find another job. Severance is a formula.
So first question is how long you think it will take you to find another banking analyst job. If its real fast then demand like 200% of the offer and move on. If its slow “weak profile, city, etc...” no point to sign just get a lawyer to send a letter.
I would not contact your manager, since HR/someone above pushed their hand. They have nothing to say at this point just would hurt your relationship. This is a legal and HR matter now.
Updated, got another job in a good group at a BB (recruited like crazy, thank you guys for motivating me and pulling me out of the river).
Bright side is your young. Downside is that the bonus part is more tricky. While there’s absolutely no harm in asking and I encourage you to do so, I think your going to have a tough case.
That sucks...Good comments here but I'll add that you should read your entire offer letter and see what type of employee you are. The offer letter will often outline if you can be fired and under what conditions. Employees at will can pretty much be fired at any time for no reason that is why they are a preferred employee classification for legal reasons. I'm not lawyer so this is not legal advice.
Just take the money, take a break and then figure out what you want to do in life and go after that.
This is just frankly disgusting. Shame on your managers and all others involved.
It really hurt, cause my managers actually sounded sad and forced to drop me (I know for a fact one of the really enjoyed working with me and we had an extremely close relationship). I’m just so hurt cause I spend countless hours helping others with work and worked 5-10 hours longer than i should each week to help out. Frankly, I feel like they should have at least given me like 30-50% of my potential bonus they already decided months ago. Let’s be honest. No one would do IB just for the base, and that’s what happened to me basically.
Silver lining, you've have IB experience and I'm pretty sure in a months time, many banks will be hiring to fill seats
Hopefully it won’t take that long, cause I can’t afford to wait that long. Life sucks right now, but I know its not permanent. Just going to take the day tomorrow for a me day, and then I guess time to hit the old recruitment window.
Same thing happened to me brother - ended up landing a new gig before my 6 weeks severance ran out - and this was before this red hot COVID lateral market. You'll land on your feet my man. I spent a few days spinning in despair before channeling my fear and emotion into a relentless drive to work to overcome it and get myself back on the right path. Wake up tomorrow and start firing off emails to firms you've worked with - hit the career section of other banks and find which ones are hiring, take the WGL of deals you've been on with those banks and email the MDs laying out the skillset you've built in your time at DB and why you think you'd be be a strong asset to their team and can ramp up in a matter of days/weeks. What you do in the next 6 weeks could be the most important moves of your life - get up to the plate and swing like there's no tomorrow, and it'll all work out!
You're getting fired as a 1st year analyst for cost cutting reasons? Wtf kind of bank is that.
Feel free to PM me. I didn’t go through something like this but my buddy (sorta) did.
lateral market is pretty active right now so hopefully you can land a comparable gig pretty quickly.
This happens more often than you think, even at reputable shops. Are you based in NY or a regional office? I think the chances of getting a bonus is low - many banks are well-known for laying off people before bonus day
I will say this in the most respectable way possible, but OP, are you sure you are good at this job?
I'd take a few days to decompress and answer that question. No reason to jump right back into the rat race imo.
Sorry to hear this, similar thing happened to me (firm tried to hide behind PIP when in reality they over hired, based on what Director told me anyway). You’re more than capable of doing of this job, ultimately just about reps and reps. Question becomes whether you want to continue doing this job. If you do, just network like crazy with various banks and you’ll be back in no time.
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