Leave a BB job for a third-tier bank?
I'm a recently-promoted VP in a niche team at a BB that was created to support a quasi-famous MD in equities. The job is daily hell, with long hours and half my time sucked into idiotic vanity projects for this person. I do 100% of the work and the MD takes 100% of the credit for it without acknowledging the existence of a team. All the promises about fantastic opportunities to develop have failed to materialize. Despite my promotion (which came after I indicated I would go back to school if my career didn't advance), my responsibilities have not changed one bit. This MD unpleasant to be around, does everything possible to prevent us from interacting with anyone of importance, reprimands us for networking and clearly has no intention of supporting anyone's career development. I've had the discussion about wanting an internal transfer, but it was clear that my manager is very opposed to this.
I've now been offered an equity research position at one of the big Japanese banks, which will allow me to have a profile of my own and work with a manager who seems pleasant and likable. They seem to have hired a number of senior people from first tier firms in the last year and they can offer me slightly better pay. I worked like a dog to get my current job, and I'm quite depressed about the prospect of going to a relatively obscure outfit. But after three years of nonsense and misery, I don't want to continue working for my current manager. At the same time, I've had a hard time pursuing available positions at leading firms since my current role is difficult to classify.
Is this opportunity a good one, given my current circumstances? Or should I hang in there and keep trying for something else with a stronger brand behind me?
Yep you should move
Yep you should move
Yeah get out of there. It doesn't seem like you're getting any of the benefits of working at a BB (networking, greater opportunities) so leave and don't look back.
I would leave
Quit.
You have to move. What if you want to go back to school - would you really ask your current supervisor for a recommendation? Do you really think he'd write you a positive one? I know that you got recently promoted but hey, shit happens and things change.
Seems the consensus view is that I should move... One other last ditch idea is to approach my manager's manager (head of LOB) with my concerns, and ask about internal opportunities. We recently got a new head of equities and though I've barely spoken to him, I have a feeling that he is not a big a fan of my boss. This would be a huge gamble though... just wondering if anyone has tried something like this.
If you're planning on leaving if you don't get an internal transfer, and you have the offer in hand, it doesn't sound like it'd actually be that big a risk; in fact, I'd say it's the risk-adverse/considerate thing to do, to give him a change to counter the offer. That way you'll have leverage to approach him with, and if he doesn't offer anything, you'll have given him a chance before leaving.
exactly you gotta leverage it...
Absolutely start looking. If the "third-tier" bank is a good fit, it's hard to go wrong working with people you like.
Someone with a certain degree of political skill can disregard the MD's less intelligent policies. That's what I did at my previous job after my immediate manager gave me his tacit approval. The MD wanted to reprimand me for doing something for the trading floor, but when I got a couple of traders on the line to thank him for letting me fix the problem and say that I deserved a promotion rather than a reprimand, it was HEE-larious.
Make sure that people above your MD realize you're doing a good job, and everything else will fall into place.
That's what ultimately happened for me. My manager was very opposed to it, but I phrased it the right way. I said, "I just want to make sure you don't have a problem with this." When you put it that way, it's hard to say you've got a problem.And if he has a problem with it, that's your cue to ask for a raise and more responsibilities. At that point, you can talk about the responsibilities and money you'd be offered at other firms, but that you really want to make it work here.
If you have an offer away with more money and responsibilities, you've got all the bargaining power.
Good advice, but easier said than done I think. It's not just that my manager doesn't want me to go for petty reasons. He doesn't want me to go because I'm doing a tremendous amount of the work he takes credit for and he's aware that few people can stand working for him, much less trustworthy people. My manager is seen in the organization as someone who is a prolific strategist with an immense network of contacts. In fact he is someone with three guys laboring away in the office and working the phones, while he is constantly traveling for reasons unknown to any of us.
That would actually seem to indicate it's easier done than said. If your manager can't function without you, presumably he'll recognise this, and be willing to match an outside offer. If, however, you're not as vital as you think, and he can easily replace you, he'll be perfectly willing to let you go.
Hmm can I ask which bank it is? Can't believe such a douche has MD title gets so much money and gets to play with VP :(
I remember you posted something like this awhile ago, if I'm not mistaken.
Dude, I would fking bail so fast. Leave that MD to take care of his own work or at least get another warm body to do it for him.
i went from a bb to lower tier place and much happier. also making better money
lol talk about a "no fucking brainer"
lol talk about a "no fucking brainer"[/quot
my bad.. it was not more money from the jump but I was happy coming to work again so my work product was better thus $$
Just go to the smaller firm and don't look back. As tempting as it may be to secure a counteroffer, it will only work against you when it comes time to decrease headcount. The first to go are typically those who stayed and got a counteroffer after securing another offer with a different employer.
It may seem backwards to go from BB to a smaller firm, but there's no point in being miserable every day you to go work. That will only frustrate you and needlessly stress you out if you seem to like the other people more. If you're going to spend that much time around someone, it should at least be with someone you can like.
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