Lateral Bonus
Hi Monkeys,
I’m working with mid BB and just got the lateral offer from another top BB. Both have the bonus season in summer. Given that I’m leaving in April/May, the new bank agrees to pay/compensate me the full year performance bonus orally this year. However, they do not put this in the contract and when I ask, they said they just make the contract a standard one whiteout specifying that.
I’m curious whether this is a normal practice and should I insist on asking they to make it on the page? I’ve read some stories that the bank somehow “forget” the promise they made so a bit concerned. But not sure if this is necessary.
Thanks guys.
Are bonuses not fully discretionary? If so, how would you have any leverage even with it in there?
Yes it's discretionary as general terms in contract. In this case I'm wondering if this practice is standard or it would be better to specify? Thanks
I don't have enough experience to be helpful so take this with a grain of salt, but in my world (REPE) them not really wanting to put it in the contract doesn't surprise me and I doubt you'll be able to change their mind on the subject. They likely just have a standard contract/offer letter for analysts/associates and don't allow exceptions to it as a rule.
Thanks this is helpful
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