Thought I’d start a thread to see just how large the expected exodus from banking will be this summer (besides the expected 2nd years leaving)
Comment down below if you’ll be quitting after bonus?
If yes… 1. Do you have a job lined up? 2. If you got a larger than normal bonus or retention bonus would you reconsider? 3. Are you leaving finance all together?
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I’m quitting the moment bonus hits my account
based
Bump
Curious to hear this lmfao
I know 3 analysts, 1 associate and 1 VP who are going to quit top BB groups
Of the 3 Analysts, 2 landed buy-side gigs, 1 is quitting with nothing lined up, the associate is going to corp Dev, and the VP is joining the finance team at a start up
Also know 2 more analysts who left FIG in last 2 weeks.
Yes, I am offended that you even need to ask.
Why did the two analysts leave so close to bonus?
Because their new job paid them out.
Know 4 analysts who will be quitting in my group....
About 3 analysts in my group are leaving after bonuses.
Are they all first years?
Yes, team is going to be screwed as they overworked the analysts like crazy this year. They’re planning on giving a good bonus to analysts, but everyone had already pretty much rapped up recruiting and will leave once they get.
Yikes for the people that stay. Are the ones leaving getting buyside gigs with 1 year of banking exp?
Let’s just say, leaving our “BB” for a good BB
Is this the swiss three letter bank? Though good bonus rules it out
Probably the bank with the initials Douche Bag
Handful of analysts I know got top PE job offers with 1 year of experience. They're coming in slightly more junior however.
When are you guys getting paid out?
Similar case with my group.... they have no idea what's about to hit them....
As long as there are some new bodies banks will be fine.
As an intern hoping to get a return, loving the turnover news haha
Sorry to hijack the topic but was wondering if this could affect FT hiring? I've been told all the lateral hires have been done in the last wave already.
I would fully expect banks to do another lateral hiring wave in 2021. I think at my bank at least we will be at 80% after people leave so well add few more bodies to the count probably at the mid way point.
are you in nyc
My friend texted me saying every analyst / associate is looking to GTFO ASAP and recruiting HARD.
Where at BB/EB/MM? I have not heard similar rumblings at my bank.
Is it due to the over-working? And the more turnover, the more work piled on for existing employees?
Is this opposed to the usual turnover though?
Selection bias big issue
Exactly
Half of the analysts on my team gonna be quitting.
Why did you post this three times?
The WSO trinity
I already left, but I genuinely think this will probably be one of the biggest (if not the biggest) years for turnover in the history of the industry. Seems like most don’t want to go back to the office but most firms are trying to promote 100% in-person structures.
As a college student, I absolutely hated taking all my classes online. Why do people not want to go in person?
When i first started the learning curve was brutual wfh and felt the same when an2s would say they pref wfh
However after 6months it became clear we were getting fucked with shit every hour so might as well get that saved commute time to cry on our bed to cope
-
University is crap some teachers changed teaching styles while others didn't give a crap especially the ones where the average was literally on the pass line. Only good thing is retakes aren't capped.
College rising senior tbh I love remote learning. All my profs have been so supportive and moved to a new country since 2020 March. Vibing here
WFH has been an absolute nightmare, I think its the main reason for turnover. These rates didnt happen until bank shifted to wfh
Turnover has always been high for banking. Even if you have a good team, there is going to be turnover. It is rare to find people who want to sacrifice everything for this career.
1. No? Irons in the fire, but cool with having a month or two off to reskill/recharge and then return to an in office/hybrid set up.
2. LOL. Fuck No.
3. No. The money is good, I like finance, I have no other skills.
1. No - in some processes for non corp-fin roles, but don't mind phoning it in for a couple of months while I'm looking around. If I get an awful staffing during that time, probably gone right away - already halfway out the door and don't need the aggravation.
2. No - got into IB strictly for the money, but getting out because the money's not worth it and there's easier to be had.
3. No - I have no other marketable skills, am not interested in anything outside of athletics and my body is completely shot to shit
Mind expanding on what type of non-corp fin roles you're looking at? Curious myself as I kinda want out of finance related roles but don't know what role I could translate my IB experience to.
Still finance, just not corporate finance
I think we might be the same person
BB IB here - considering leaving - I think it's just accelerated my desire to leave more than anything else.
1. Not yet
2. Maybe - if you know that you are giving not really intellectually stimulating work and work your guys like dogs in my view if you actually want to retain talent you should pay more (and more discrepancy between top and bottom performers). I am "top" bucket but I don't feel valued as such, I feel like most Funds run leaner and thus I would be a more valued member of the team (may be wrong and the grass is greener kind of thing).
3. I actually quite like thinking around businesses, capital structures, what can go wrong / where is the upside so I don't think that I would be leaving finance anytime soon.
When are bonuses going to be distributed?
Long time lurker, first time poster (I guess, commenter...). Leaving IB after 5+ years in the industry, 1 year away from VP promote.
1. Do you have a job lined up? Yes, though would have quit post-bonus regardless.
2. If you got a larger than normal bonus or retention bonus would you reconsider? No. # in my head was $500k and even then not sure I would stay.
3. Are you leaving finance all together? Yes. Moving to tech. Hours are better and comp trajectory can be just as lucrative.
Hope this helps. IB is great for some people and not as great for others. Everyone has their preference but I figured out I just did not want to do this for the rest of my career. In my opinion, if you figure out IB is not for you, you should try and make a switch sooner vs later. The more entrenched you are in the industry, the harder it is to "pivot" (already practicing my tech lingo...)
Wishing you all the best regardless. This forum has been a great place for me to browse and collect opinions/thoughts for years now.
What tech roles are there with similar comp to finance?
Product namely is the biggest draw for IB-like pay but other positions like corp dev, strategy, bizops, partnerships, and even the general finance route can all be lucrative given you join the right company at the right time. Even then, finding these positions at top tech companies can be just as difficult as PE recruiting (numbers-wise), and even for the more risk-adjusted late-stage bets, a path to liquidity is not always a sure thing.
how much do you expect to make in total comp this year from IBD before leaving to tech?
AMA please!
I have been working on making the switch as I realized finance is not for me and agree with you that it’s better to do it earlier than later. I’d like to ask how did you get your new position (headhunter, networking, online application, etc)?
What role are you moving to?
When are bonuses distributed?
Yes
1. Working on it
2. Yes
3. No
Depends on the bonus...
delete
What
wrong thread
good catch fellow guy. or gal. Who knows. Can't ask for the hotdog too early in the game
When do bonuses get paid out (and thus when will people be leaving?)? Rising senior looking to lateral into IB for FT positions.
Depends, what are you doing this summer?
Big4 M&A tax (accounting major). I know... Not finance related but I go to a target and have cast a very wide net with alumni. Overall, pretty positive responses from them (i.e. they think I have a decent shot at landing something/will hopefully vouch for me + said my story for wanting to switch is very valid). Since making the decision to pivot, did all the modeling courses, networking, extra reading, and have been getting a few other more-relevant-than-my-internship experiences on my resume.
Actually though, did HR ask you to do this?
Nope I’m just curious. People have been talking about this since the start of the year but with 99% of the street paying bonuses in summer I wanted to know how many were actually leaving
Thanks for the response. All good. People are just going to quit to like take a vacation? Are you guys able to speak with your banks to like have unpaid leave or something? Hopefully something can be worked out so that there aren’t any major issues for employees and/or the world or anything of the sort.
Interested as well
BB TMT & HC here - 8 / 10 of my division's analysts are leaving. (5 of them leaving finance altogether.) I always knew about the high turnover in banking but this is insane. I'm not sure how they'd even run the group for the next 5-6 months!
Is this all first years or all analysts 1-3?
Only reason I haven’t left IB so far is because I’ve managed to convince my if I leave now, all those extra hours/late nights i’ve done are technically covered by my bonus therefore I would be giving them the satisfaction of keeping this money.
When do summer bonuses typically get paid? Work at a smaller bank but we follow the usual timing and heard we get summer bonuses just no clue when.
3rd year analyst @ WF Lev Fin in Charlotte
I will run for any other job that pays ~$150k all in comp right now.
There is no such thing as good bonus at WF, the firm is trying to cut cost and I can’t imagine them increasing salary for junior staff. Fuck The Jamie Dimon wannabe.
I will probably still do something in finance but maybe corporate development @ tech firm if possible. But, Lev fin doesn’t place well into those jobs. For all your high schoolers and incoming summer analyst, do coverage over product you will thank me and worship me in your fuckin sleep.
3rd year analyst @ WF Lev Fin in Charlotte
I will run for any other job that pays ~$150k all in comp right now.
There is no such thing as good bonus at WF, the firm is trying to cut cost and I can’t imagine them increasing salary for junior staff. Fuck The Jamie Dimon wannabe.
I will probably still do something in finance but maybe corporate development @ tech firm if possible. But, Lev fin doesn’t place well into those jobs. For all your high schoolers and incoming summer analyst, do coverage over product you will thank me and worship me in your fuckin sleep.
There will continue to be no incentive for hard work and they will shrug your shoulders with a “but you got a COVID bonus” while they’re too cheap to match other base increases.
What were bonuses like for associates last year?
What non-PE, Credit Fund roles does LevFin place well into?
Can you explain coverage over product? Doesn't coverage pigeonhole you into that specific industry and make it tough to exit to tech unless you're in TMT?
can I pm you
Huge mood right here -- I'm at another BB in coverage, but this is literally my exact sentiment right now.
Look Monkeys, by working 2 years in covering media doesnt make you a expert in the media industry, and you will have a easier path going into corp dev anything. 3 years at lev fin doesnt even land you a interview @ pornhub. No body outside of finance understand what lev fin is, unless you come from banking. My family thinks Im underwriting loans to fuckin papa john franchise. However, if youre a finance hardo then I think lev fin is a pretty solid gig. Much more deals than in mergers and acquisition.
Majority of my analyst class already quit… so I guess there won’t be a mass exodus after bonuses
If the majority of your class quit, who is currently left, just the first-years?
Yes.
No.
No.
Every 2nd year analyst I believe is quitting, none are taking the promo. This is with a pretty nice bonus TBH as well
Coverage group at Barclays. Everyone is gonna dip the moment bonus hits. Management is blind.
I thought all of the coverage groups had good culture at Barclays? Are you leaving for another bank?
I think WSO interns/prospects like to propagate the "good culture" idea about Barclays, despite having never worked here. Almost every thread with Barclays on it, there will be a few comments on our "culture" - with no credible source other than other WSO threads. As with any other bank, there are good groups and bad groups - same with good seniors and bad seniors. I don't think any bank has a "firm-wide" culture - everything is group dependent.
It’d be great if y’all could add your salary + bonus to the company database. Still anonymous but gives specific data for each firm.
Bump
No. No. And no.
not just second years, but 5-6 first years in my group will be dipping
Damn is this normal, I thought in previous years only second years quit?
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