Unsure if boss is leaving firm - should I ask my associate?
I’m currently an analyst at a regional boutique and a month ago I overheard my associate say that one of our VPs didn’t receive a bonus and is getting laid off
Heard another associate say the VP is getting put into a back office / fp&a role because of underperformance but thinks he can outperform in the back office role
VP hasn’t shown up to office for a month now and has been unstaffed from all projects, but still been getting emails from him here and there on ad-hoc stuff which is quite odd, think he still has his work computer
Should I ask and clarify with someone what happened? Asking as the VP had been on 3 of my deals and was the only VP in our group. Or could it be awkward if VP is still in group but just moved desk locations, but now every time people pass by his new desk location, they’d be reminded that he’d been demoted to a bean counting role?
Any thoughts?
Hi I haven’t started working in IB yet but confused by the situation. If someone is fired from their group, why would they want to apply for a completely different function from what they’ve been doing for the past decade to work in back office at the firm that fired them, wouldn’t they instead apply to other similar positions at different companies?
I’ve never heard of this situation although I’ve seen people make forward internal lateral moves like from equity research to IB.
I don’t understand why people would choose that option either. Surely the VP must’ve not been a complete moron if he got to that position, why would he suddenly take a totally irrelevant position to backfill at the place that laid him off? Why doesn’t he just leave for other places?
If he went with option 2, there’s a simple explanation:
Corporate Stockholm Syndrome
LOL
OP sounds retarded. There’s no way he’d choose to do back office rather than move elsewhere after spending likely more than 7 years in IB - no one in their right mind could be that desperate for a job
Lol the internal recruiter could have sent him a joke job listing..
Any chance OP is trolling?
Could it be related to self confidence? Why look for other places when I can just stay at the same place in a less competitive role? It’s more stable to be in back office making half my original salary than moving to another firm
OP is retarded or VP is retarded?
LOL'ing at the bean-counting comment
OP if your VP has any social awareness, he would not choose any role in back office at the same company post layoff, especially considering the significant deal experience and expertise he has. Even in this job market.
You should definitely clarify with someone on your team however, and see how responsibilities may have changed for your projects moving forward
I think it’s fine to ask someone on your deal team what happened with so and so especially if that person is on several of your projects.
I would just keep quiet for now. Clearly a weird situation.
Maybe in a few months if/when he is fully gone, ask what happened when you're grabbing coffee or something. But just keep your head down and don't seem like you're trying to get the tea from someone right now
Wouldn’t more senior people have a better idea if he’s leaving or when?
I'd just ask someone what happened dude. Who cares.
Holy fuck exactly. It blows my mind how often people ask questions like this and worse, how many comments on the thread it takes before giving the correct answer (yours)
Okay good point, thanks
Agreed, there’s no upside to keeping stuff bottled up inside / gate keeping answers from yourself. Despite what some people try to push, it’s actually beneficial to ask questions and clarify stuff. Even if the conversation might sound kind of goofy, it doesn’t take a genius to realize you’re still better off in the long run
It's honestly not worth asking. At best you learn he's a dork and that he's not on any of your projects, which is basically what you already know right now. At worst you're an interloper or not supportive of the VP, who may have more traction than you think (highly unlikely). If it were me, I would sit tight, but overall this situation strikes me as low-risk from your perspective.
Why would your VP choose to take an internal back office bean counting role after getting fired from the same company a month ago?
Surely after working this long in IB he should have developed some sort of skills if he’s not completely brain dead to lateral to something not in back office
I don’t know, he actually has more experience as he’s worked in other industries for several years like in corporate banking before IB. I’m thinking he surely has more self confidence than that but who knows - it’s possible he’s not as confident in himself as he likes to portray
If his absence impacts your deliverables, get the clarification. If there is no impact to your work, reign in your curiosity and get back to work.
Good point, noted
What kind of dweeb would take a back office role at the same place that fired them from front office IB lol
I’ve met many bankers that at some point get pushed or decide to step down for various reasons (family reasons, health reasons, they don’t like the job, they are happy with making $X and don’t think worth the stress of IB, want better work-life balance; etc.).
That may be especially true if it was a regional bank in second-tier city, and at pivotal moments of this career (VP/DIR years) which coincide with also personal milestones (getting married, having kids, parents getting too old, etc.)
Typically has nothing to do with being good/bad performers. More to do with how much you want to be a banker…
If he's considering back office, your manager sounds like a complete beta but maybe that's where he belongs
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