Telling Group About PE Offer
For background: I spent a year at an international bank (Mizuho, RBC, HSBC, etc.) and lateraled to a BB. I’ve been at the new firm for 5 months and been secretly recruiting for PE over the past month and received an offer for Summer 2023 a week ago. How do I go about telling my group? I know most analysts just tell the group and receive their bonus with good grace. I’m worried I will not receive the same treatment as I’d only be staying one year (vs. the traditional two) and be skimped on my bonus (or fired on the spot). I’m curious to hear if anyone went through a similar situation and has any advice. Thanks!
Don't tell them shit. You have nothing to gain and everything to lose.
Seriously, what are you trying to achieve? You want a pat on the back and some half-hearted "congrats"?
Besides, they’re all gonna end up knowing anyway because when push comes to shove and they tell you to pull three consecutive all-nighters for some bullshit pitch, you’re gonna noticeably “slack off” (not saying you shouldn’t; you have every right to) and someone without a PE offer wouldn’t.
OP here - people leaving for PE tell the group so they can get their bonus a month earlier than normal and get a few weeks off before starting their gigs. I would have to ask the PE firm to push back the start date materially which may not work. Hope that makes sense.
This. Don't say anything.
.
People who get an earlier departure and still get bonus have done the full 2 year program and have cred in the group. You are leaving early and you will very likely lose your bonus if you tell them. There is literally no benefit to you to telling them, and no chance they will let you leave early with bonus in hand.
Wait until your bonus clears and then put in your notice. Ask the PE firm if they can accomodate a start date a few weeks later, happens all the time
Yeah difficult decision. I lateraled to a BB and recruited but will end up spending 2 years at the BB before leaving. Saw a few lateral hires in different groups notify their staffers they would be leaving to PE after a year and be met with different reactions. A couple in my group were just given 10k less bonus, with relatively no hard feelings, but others in other groups were told they might as well just quit then and there (they didn’t) and given a materially lower bonus. If you wait to tell your group until after bonuses you’re sure to burn bridges but you will likely end up with a larger bonus.
Absolutely do not tell them until bonuses hit, else they will snub you. Was in a similar situation in that I left banking after my first bonus rather than stay the full 2-3 year program. They're going to be pissed at you regardless since you didn't stay the full 2-3 years. I was even explicitly asked why I waited till after bonuses to tell them and that it was 'unprofessional' for me to leave after getting 'that high of a bonus', meaning they would have definitely given me less had they known I'd be gone.
Also, tempting as it is, wait till after bonuses hit the bank rather than when they verbally tell you. A lot of people may tell you bonuses are already locked in when they tell you verbally, but don't trust that because the bank is not contractually obligated to pay you your bonus. Considering how many MDs love making the lives of 22 year olds miserable, they would definitely lower your bonus if given the opportunity.
Don't do it. I naively made this mistake a few years ago, thinking I was being a "good guy" by giving my team plenty of notice so that they could find my replacement. All this got me was losing political favor with my seniors and getting stiffed on my bonus (despite great reviews from my associates).
There's literally nothing to gain from telling them. You may think you will burn bridges but trust me it's not that serious and most people don't really hold grudges over stuff like this.
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