Other Employment during IB Job?
Incoming analyst unfamiliar with how outside-earnings work when employed by a bank. I receive monthly income from another company (family business) as an "employee". Will this be a problem or can I continue to receive this outside income in addition to my banking job salary?
Interesting.
I worked at [Evercore, Lazard, Moelis, PJT] and we were not allowed to have other jobs (I checked). Yours is an extenuating circumstance, but I'm positive that compliance would want you to disclose it even if it's fine with them.
Alternatively, you can say nothing and see what happens. Before signing something that says you've read the employee handbook and understood it, see what is mentioned about other jobs. Other sources of income aren't necessarily other jobs.
tl;dr I wouldn't worry about it but you might have to disclose at some point.
Honestly, just don't say anything and you're probably fine. They don't want you doing work that could take you away from focusing on IB.
EDIT: Alright, I got two monkey shits thrown at me. So I'll add an addendum. If they ask, then you should disclose.
Following
In the exact same situation but would probably stop drawing salary from the family business for FT to avoid high taxation
Anyone else have insights on this? Mostly wondering because it'll be disclosed on my U4.
Tell your parents to just give you your allowance tax free....kidding
You will most likely have to disclose income earned from outside businesses. Normally compliance will determine if this is an issue. They will normally be looking for competitive business, etc, and your management chain will be looking to see if this will be an issue on your work (working hours for another company, etc). If those two check out you should normally be ok, but don’t know your actual firm’s policy.
Are you actively working for the company? Or just part owner? Think it could be handled like getting a distribution from a private investment. I would talk to compliance, likely can work something out. High risk not to IMO if you want to continue to work in financial industry.
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