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Also curious if the spirit of the buyout is to give you the bonus that you would have made at the prior firm or to give you the bonus at the new firm.
Lateraled a few months ago and was included in new firm’s bonus pool. They paid me new firm bonus and didn’t ask about numbers at my old firm.
Congrats man. I think that's the way it should be.
Lateral from commercial banking (lol) into corporate banking and was offered a sign-on bonus to cover the bonus I waa foregoing by leaving. It was in-line with what I would have received in commercial banking that year. I’m fully eligible for next year’s bonus pool.
I moved over as a vp. Bought out my deferred comp, raised my base and giving me full bonus at year end.
King
How was your VP 1 bonus as % of base?
Base 275, bonus anywhere from 80% - 125% was what I've been told.
Lateralled as at A2 from a MM to a BB halfway through the performance year. Got paid a full year bonus when the time came at my new firm, but I had to ask for it before i signed the offer letter - they did not offer it on their own.
Do you think it would be too early to lateral if I'm an AN1 in training? I know it sounds early, but my coverage group is really niche and I don't know if I want to be doing it long term.
yes. stick it out till christmas at least.
Your best opportunities to lateral will be in the spring or summer of next year. You can easily get out of a pigeonhole group at that time, but no bank is going to take you seriously until you have some reps
That's good to know. Was your full year bonus in line with market? ~100% base? I've heard that some firms will guarantee the bonus up front for laterals during mid year cycle.
yup, 100% of base. This was around january so maybe the market conditions have changed - was obv right in the heat of the hiring insanity of last year, though before the GS13
I would say no, it's not too early. You just need to be able to explain your move later when recruiting.
Just heard from a buddy that he knows someone (ASO2) who just lateralled a few weeks ago from MM to a boutique and they guaranteed his full year bonus. Probably 350-400k all in.
bumping
Basically standard is they buy you out of any deferred comp / equity grants, treat you as a full year bonus even if you only work half a year etc and potentially cover any repayment obligations to your current firm.
but that being said jefferies is awful cuz of the claw backs, all else equal who wants to hire from there given two equal candidates
Thanks. I didn't realize Jefferies still has clawbacks. Does that only apply to VP and above or even associates?
Associates as well... #JEFforLife
lol thats rough. how does the clawback actually work? is there a set amount of time you need to stay? if it’s like a year then it’s not that bad.
When you get a bonus at Jefferies above the analyst level, it paid in all cash, usually at or above the street. Issue is when you leave, if you go to a competitor you have to pay them back your bonus on a 4 year rolling 25% schedule. For example, get paid Jan 1, 2022 (bonus #1) and quit Jan 2 2022, pay it all back. Get bonus #2 Jan 1, 2023 and quit Jan 2 2023, pay back 100% of bonus #2 and 75% of bonus #1. Keep rolling that out a few years, Get paid Jan 1 2025 (bonus #4) and quit Jan 2, 2025, you pay back 100% of #4, 75% of #3, 50% of #2, and 25% of #1. So any SVP leaving for a competitor has to be a top dog to get that all paid out / made whole.
From my understanding its the worst in the industry.
Lateraled to a bb a month (I think?) before roundtables / performance reviews and didn’t get anything. Slightly disappointed but didn’t expect much
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