Say your firm raised base, what happens if you signed an old contract?
Curious what would happen say if you are an incoming FT with a signed offer from the SA or did a lateral process and signed a contract prior to the firm increasing base, what would happen? Will they send everyone new contracts? Do you have to ask for one? Will they say you do not get the new contract?
When does the new base kick in?
Hey Analyst 1 in IB - Ind, what a lonely thread. I'm here since nobody responded ...so maybe one of these discussions will help:
More suggestions...
If those topics were completely useless, don't blame me, blame my programmers...
Bump
They amend the contract. Not really rocket science.
It’s a two way street. Say banks came out and said they were lowering Comp by $5, would you want your old contract to be what is used? It really goes whatever they want it to be. You signed a contract already, so they can hold you to it. That said, I doubt any bank wants to save the few thousand and have a bad rep for doing this, so they will likely raise your Comp as a courtesy (unless you’re at a bank that is cost cutting).
At my last job they did exactly this lol, told incoming analysts that because of covid they had to cut pay and adjust offer letters.
Oh wow, I’m so sorry.
Just started at a BB that raised and HR has been silent on confirmation of this or contract amendments - curious as well. I’ll see when I get my first paycheck tomorrow
Felt this, I’ve seen on WSO that my bank increased bases but so far none of the incomings have heard anything. Hopefully we hear something before we start.
First paycheck was at the old base rate. Current employees verified that they did get the base increases so going to talk to HR to see if it will be adjusted in future pay cycles or if for some reason new analysts aren’t getting it
assume it’s the former
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