Lateral VP negotiation
Hello,
Current VP looking to lateral to a better platform in same industry group. Think it’s likely an offer is imminent and want to get a sense on how the market is right now from a negotiation standpoint? Beyond a buyout of unvested stock should you be getting some sort of guarantee (whether in writing, verbal or top bucket equivalent, etc.)?
it depends on what platform you are lateraling from. If you are going from a top BB or EB to a top BB, you will usually be guaranteed top bucket comp for your first year — it will be expressed verbally and not on paper though, some banks will say the exact number while others will say it’ll be “at least X”. They will swap out your unvested RSUs too (which the amount will be written in the offer letter). If you are moving cities, you should get full relocation expenses covered and also a lump sum payment of $10k or so after taxes to help with incidentals.
If you are going from MM to a top BB, I’ve seen it play out in various ways with my colleagues, where the BB either knocks you back a year or doesn’t guarantee you top bucket pay and guarantees you “at least middle bucket”.
When you say it’s verbal what does that mean? Like the MD who’s hiring you says that on a phone call?
Usually HR will communicate it to you and be the point of contact for the comp negotiations, not a banker.
Any stories of top bucket comp not being honored?
What transitions would this work for? For example if I go from Citi to Wells I assume I'm ok. But what if I go from Citi to JPM? What if I go from PJT to GS?
What proof do they need to swap out the unvested equity
The actual RSU award paperwork that is usually downloadable from your RSU-linked account.
Went from a MM / BB fringe firm (you take a guess) to a solid BB firm. They offered me top bucket and I did not take back a year. Depends on the hiring environment
Jeff/WF to a BofA Citi barc?
Mate best to leave anon ya get the point
Largely depends on the bank you’re going to. FWIW most of my colleagues who left as VPs were guaranteed middle bucket their first year. I’ve never heard of someone getting a top bucket guarantee year 1.
I went from a Citi/Bofa to a GS/MS as a VP and was guaranteed top bucket pay. This was during a year when the hiring market was pretty dead too, not during the COVID lateral hiring boom.
Nice but I assume nothing was in writing? HR just told you verbally?
what are comp ranges for vp over the years? how much do you actually see in cash?
Will they pay you out this late in the year? They may ask you to collect your bonus and start post bonus?
Del
Mate stfu make ur own post
In late 2023 I lateraled as an Aso3 at a core mm shop to VP1 at a pseudo-EB (but really more of a UMM shop). They gave me $50k sign on, $100k guaranteed bonus for 2023 (in lieu of what I was forfeiting by leaving my old shop), and $550k all-in guaranteed comp for my VP1 year (eg, 2024). This was all in writing in the offer letter
Did you apply or were you approached for this role?
Approached
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