Signing Bonus and Rescinded Offers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?
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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So if it says something like that in the contract, then it doesn't matter if you were rescinded/laid off vs. you voluntarily didn't start?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had my full time offer rescinded due to covid.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!
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