Paying back Signing Bonus
Do banks actually make you pay back your signing bonus if you quit before your two years is up as an analyst?
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Depends on the bank. I’m at an MM and they’ll take it back if you quit within first year, not second though.
My bank made me pay it back (well, I actually I reached out to hr because new bank was going to reimburse me)
it’s pretty standard for it to be clawed back and for your new bank to make you whole.
This might be a dumb Q, but how far do they pursue it…like what would happen if you didn’t pay it back? Just find it hard to see a bank go hard after that much $ but could be wrong.
Anecdotally in response to OP, have heard some banks pursue and some don’t, regardless of official policy
Biggest likelihood is they can send the bill to collections after a few months of trying to get it from you, and you don't find out about it until after it's hit your credit report.
If new bank is making you whole just pay it and move on IMO. Wouldn't be fun to get a collections bill 6-9 months down the road.
This is correct. In my case the day I left the firm I received an email stating I had to pay the sign on bonus back in full THAT DAY. Let's just say I wasn't thrilled to be there in the first place, and it is exactly what you would expect given the firm culture. They threatened to send it to collections pretty quickly and never mentioned it at all during the exit process.
Personally, when I lateraled away from a MM they did not come after it (said they would, but I never got any letter in the mail). I had new bank agree to pay the bonus out, assuming MM would come for it, but basically got to pocket that extra $6k post-tax or whatever it is.
Check your contract - often the clawback is only 1 year, 2 years would be unusual. That said, if you're within the clawback you should fully expect to pay it
You have to pay the full amount back.
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This is due to the radical liberal indoctrination that has been pushed upon America's financial institutions by the likes of Hunter Biden, George Soros and other liberal extremist paramilitary organizations such as Trader Joes.
The liberals don't want you to be happy. They want to strip you, bankrupt you and humiliate you by forcing you to pay back your signing bonus. You know who doesn't get signing bonuses? The marginalized LBGTQ+ community. Thus nobody gets to keep their signing bonus. Pro Tip: Don't report your bonuses to the IRS. Commit tax fraud to own the libs so they can no longer afford their heinous far-left policies of forcing government-paid abortions on straight, white women.
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