Perception of Lateral Hire Leaving New Bank After 6 Months
I was in DCM for 1.5 years and recently switched to Coverage at a new bank. I'm set to be promoted to Associate in July and will receive a bonus for the full year. The Culture of the new firm is horrible, hours are awful, and the Seniors have no respect for the junior staff. All the juniors are trying to leave.
What would be the perception if I left the firm after 6 months for a corporate role (Corp Dev, Strat, FP&A, etc.)? I would be promoted before leaving and I would have 2-years of experience combined at both banks.
If helpful my current bank is notorious for over working juniors.
I feel like you should really try and stay a year if possibel
TL;DR at bottom
I might be in the minority here saying this but my general take is that if you’re absolutely miserable you should leave your job in most cases despite tenure or lack thereof. I’ll caveat this in a few ways though of course since it’s not completely black and white. Firstly, don’t be too hasty because the cliche of “the grass isn’t always greener” does hold some merit. Given you mentioned that Corp Dev/FP&A/other corporate is a potential next step, you need to reflect internally if this is something you truly want to do. Are you running away from your job instead of running towards something? Mainly just mentioning that from a strategizing perspective because the worst outcome is leaving and still being miserable.
Secondly, wherever you land you’ll most likely have to stay there for ~2yrs+ to dispel any ideas of being a perennial job hopper. Off of my first point, just ensure the job you do/culture you’re in is manageable for at least 2 years. Given you’ve been at a firm for 1.5 yrs then .5 yrs (assuming right out of college) your profile is not a red flag. Come up with a story and you will be fine, tons of people switch careers after short stints for a myriad of reasons.
All of that being said, nothing is worth deteriorating mental and physical health brought on from a career. Strategize some next steps, do your due diligence and you’ll be fine.
TL;DR Of course you should switch if you’re miserable, just know that to avoid a red flag going forward you will need to stay at your next job for a longer period of time.
I'm not sure the perception matters, if it is a poor fit for you in banking the odds you'll go want back to banking are low.
Agree with guys above. If you’re unhappy at your current place or dreading getting up to go to the office every day, it’s time to find your next job.
My boutique has had a few guys move to bigger shops lately as analyst morale was not great. Would expect to start taking laterals to fill the seats
I spent 2.5 years at a BB, lateraled to a MM under the guise of a better culture, and got so hosed I ended up quitting within 6 months. It's not the end of the world, just wasn't the best cultural fit. Everyone knows banking can be brutal, and if you can find a better opportunity, there's no reason not to take it. Sure, you don't want to develop the reputation of a "job hopper", so just find a new role you'll really enjoy more and stay there for a while (ie: don't just take the first corp dev seat that throws you an offer, because the grass isn't always greener in a lot of these roles and you'll be taking a serious discount on comp).
How were you able to find a job again?
Did something similar and now I’m not getting much traction
Did you quit with nothing lined up? I was able to leverage my network and ended up going over to a client, but I would reach out to all of the headhunters and just be honest about the new role not working out and looking for something different. How many years of experience do you have? Finding a new role you're excited about can take months, especially in this market.
Sounds like Cantor
Its a BB. The department I'm in has a decent culture overall (still sweaty though). My bosses just don't respect juniors time (i.e. its Saturday at 9pm and they ask for a few non-important pages, I'm expected to drop everything and make the pages).
Chicago is a back office city
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