Possible to get promoted to associate off-cycle?

Wondering if anyone has seen this done before. Say you were passed up for promotion during on cycle promos, and received an associate offer from a competitor who is in the same "tier" a month after. Would the bank you're currently employed at match the associate offer as an incentive to stay? 

Obviously begs the question why you didn't get promoted in the first place, but lets assume that it wasn't performance related but rather a firm policy (i.e. no accelerated promos / down year due to COVID).

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