Signing Bonus and Rescinded Offers
If a bank were to rescind your FT offer due to bad economic conditions, or if you were laid off because there isn't enough deal flow, do you have to pay back the signing bonus?
Trending Content - Investment Banking Forum
Career Resources
It should be in the contract. Most contracts state that you have to return the signing bonus if you don't complete X number of weeks or they don't say it at all.
So if it says something like that in the contract, then it doesn't matter if you were rescinded/laid off vs. you voluntarily didn't start? They'll still expect you to pay it back?
Keep in mind, most banking positions are at will. Whoever wrote this contracts definitely didn't plan for something like this so it's probably best to check with HR first, but I'm pretty sure they still have a right to rescind the bonus.
had my full time offer rescinded due to covid. MM Boutique let me keep the signing bonus (albeit it was just 5000).
If they ask for a 'pay back' after they rescind or cancel and have already paid, I'd probably respond back that they have failed to honor their side of the contract so the repay request is enforceable. If they get pissy, call a lawyer, but I doubt they will have much luck or even desire to take very far.
If you are willing to write a check... I'm sure they will cash!
Consequuntur voluptatem recusandae recusandae voluptate voluptatem sunt. Dolorem nemo delectus nihil occaecati porro molestiae assumenda. Amet beatae rerum ipsam voluptas aut ad aut. Et suscipit sapiente tenetur suscipit optio aut modi. Saepe omnis quibusdam sunt omnis officia non. Possimus sapiente ea exercitationem quia nulla similique odit voluptates.
Esse in enim voluptas totam reiciendis labore sint. Ullam voluptas nemo qui doloremque. Est qui at error quaerat placeat impedit eos. Dicta est ratione eius quia. Velit maxime amet numquam. Qui architecto aliquid et. Repudiandae et qui minus aut repellendus molestiae sed autem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...