Recruited by a Competitor
TLDR: Current top performer with a competing offer, how do I use it to improve my poor staffing situation?
I’m an A2A associate at a BB that is being recruited by a competing BB. I have a verbal offer from the competitor. Is it worth using this offer to improve my current situation at work? If so, how would I go about this?
For background, I was top bucket last year, but I haven’t been happy about my pay and staffings (too lean of deal teams). I’ve vocalized both and have been told that they’ll make it up to me in the coming years on pay and that staffing will improve over time. While I can’t speak to pay, the staffing situation has yet to improve and won’t get better until the fall when the new analyst class hits the desk. To be frank, I’m burnt out and frustrated by the lack of staffing improvement in particular as this has been going on for ~15-months.
Despite my negative attitude, a few things are going for me at my current job: the culture is very good, I have great relationships with a couple seniors, and I have an excellent upward mobility track.
In a perfect world, I’d use this competing offer to improve my staffing situation (i.e. add an additional junior resource) and stay at my current firm. Worse case scenario I can always lateral to the competing BB.
I’d appreciate advice on how to leverage this offer to improve my current situation. Thanks
To navigate this situation effectively, here’s a strategic approach based on the most helpful WSO content:
Assess Your Leverage:
You’re in a strong position as a top performer with a competing offer. However, be mindful of how you present this to your current firm. The goal is to improve your situation without burning bridges or appearing disloyal.
Frame the Conversation Thoughtfully:
When discussing the competing offer with your current firm, focus on your commitment to the team and your desire to stay. Highlight your frustrations with staffing and burnout, but frame it as a constructive conversation. For example:
Propose Specific Solutions:
Don’t just highlight the problem—offer actionable solutions. For instance:
Leverage the Offer Without Threatening:
Avoid making it seem like an ultimatum. Instead, position the competing offer as validation of your performance and market value. For example:
Be Prepared for Outcomes:
Maintain Professionalism:
Regardless of the outcome, keep the conversation professional and respectful. Your reputation is critical, especially in a small industry like banking.
This approach allows you to advocate for yourself while preserving relationships and keeping your options open. Good luck!
Sources: Depressing Moelis & Co. Staffer Email, I’m being fired but am supposed to start at another bank this fall, David and Goliath: The Boutique and The Bulge Bracket, Associate at a small bank, didn't get offer at BB internship, what do I do now?, Burned Out - Quitting w/o an offer?
Just a couple of thoughts...first, the grass is always greener. That said, in this case, it might actually be. I'd press the new firm on staffing levels and team dynamics, if you haven't already learned that. You should be able to see it in the eyes of everyone VP and below. Leaders will always promise better standards, but that rarely happens.
I wouldn't use it as leverage because that won't work in this case. Budgets are already set, and they will hire what the team was allocated. Even your group head has very limited flexibility. Trying to use it as leverage and then staying will drop you in your leadership team's view as they will see you as having one foot out the door, may impact compensation as well.
My third point is that if you are busy with deals that's a win right now so maybe consider staying? No idea on relative deal flow or quality of deals between the firms so that's hard to say here.
In summation I'd say that you either stay or take the new role based on deal and team dynamics. Trying to push for a better environment based on you leaving/staying will only create friction.
Don’t do anything before you have a written offer.
I’d use it and go see one of 2 of your favourite MDs, say you have an offer from a competitor but want to stay because you trust the people here and see yourself here long term, but are burnt out from not having junior support.
One thing though, how bad are you currently having it? Do you have analysts on all deals? Because if you are just exaggerating and you actually have proper support, even if you stay you will lose a good amount of goodwill by pulling this off
I will also say, I’ve been an associate 1 myself, and I had it really bad for the first 6 months. The reason is you come out of your analyst2-3 year, think you’re the hotshot, while you actually can’t manage a deal by yourself and have most often been spoon fed what to do, and on top of that you now need to manage junior analysts who don’t know what to do and make mistakes you wouldn’t even think of. Not always easy. However things will naturally improve as you take your footing and get better at being a leader and at driving processes. At least in my experience.
If you try to use this offer as leverage, you’ll quickly find out how replaceable you are in the eyes of management and this very good culture you know won’t show up during this talk. Just go to the other bank
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