Need advice! Early lateral from one EB to a BB
Hi all - looking for some advice here. I recently started at an EB (CVP, EVR, MOE etc) in NYC. But a combination of family and industry interest reasons has me very interested in potentially going back home and looking at BB roles there. We are in the middle of training, however - does anyone have any insights as to whether it might be possible to lateral this early on? I do have a lot of experience in IB and PE (multiple internships in both) and do come from a top target with many alumni at the banks I'm looking at. I want to try not to burn bridges, however.
Absolutely possible, but lateralling early would really be a function of A. Getting into a bank which has not managed to fill all its spots this late; B. the market; and C. Your story and how air-tight your reasons for lateralling now are.
B is out of control and really challenging right now; A is sheer luck, and C is something you can control. But a few points to help guide you:
1. Is the role you looking for in another country (or is it in another US city)? This matters because if you are leaving the US, you can always justify "I'm coming home because of family reasons, etc." vs if its another city (say SF/LA/Chicago) then the question would be- why didn't you try recruiting in those US cities in the first place. You need to have a very clear story. We always get candidates from other US cities trying to lateral within a year, and if their story is not air-tight, they usually will get a pass especially if you are very light on experience (Covid hiring was an exception though). You definitely want to overcome the notion that you may be acting impulsively/running away from a recruiting situation you didn't want in the first place.
2. Look for BBs where people reneged prior to joining. They will be the ones that usually will be on the lookout asap to fill the seat and would buy out your sign-on bonus too. Reach out to your networks or use HH.
3. Even if the BBs are not recruiting, keep the conversations open now for a potential lateral 6 months down (in Jan - when Associates and above their bonuses get paid out). If more associates leave, there might be some traction to bring in additional analysts if they can't find associates (doesn't always work, but i've seen headcounts open up for a variety of reasons).
Also, you will absolutely piss-off your current team, but again, people forget. If your story is air-tight and genuine, you have no reason to worry in the long term. Best of luck.
Aye congrats on Moelis
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