Lateral move - guaranteed comp
Am in the process of negotiating a lateral move BB to BB (currently 2nd year Analyst, would be moving in as Associate).
Have got to the point of discussing comp, and just been told that there's a new firm wide policy of not guaranteeing full year bonuses (since any agreement pre-April '10 would be caught by the payroll tax). Apparently the best they can do is a relatively small sign-on and an informal oral agreement from one of the relevant Co-Heads with respect to the bonus proper - i.e nothing on paper until at least after April.
Just wondering if anyone else is experiencing this at the moment?
Not overly concerned since I was specifically headhunted by one of the senior guys, but a wee bit worried because, at the end of the day I've basically lost all leverage once I've made the move and, knowing what bankers are like, it's entirely possible they're just BSing..
Ya - i had the same experience negotiating a sign on during a lateral last week.
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