New to IB - questions regarding employment contract
I've been approached by a BB to take an Exec Director role. I've never worked in the Industry at all and they are really keen on getting me in for my technical skills - analytics/data/Machine learning and AI. Normally my employment contracts outside of IB have clearly stated how my total comp would be broken down either by base + bonus % or bonus amount.
When I received my offer the bonus was mentioned verbally as an amount but is not specified in the contract. There is some boiler plate related to discretionary bonus and meeting objectives etc. Is this how contracts are set out in IB or should I expect the bonus amount to be clearly stated in the contract?
It's standard practice
Thanks.
If they are buying you out of any deferred comp/401k match / bonus from your existing firm, you should get them to structure that as a signing bonus and pay that up front and put it in the contract. I would recommend asking for it, especially if you have objective costs associated with moving positions.
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