Why do people in banking change firms so much?
I was wondering why people in IB change firms so much. For example you may see an analyst summer somewhere change to another firm and then change again a few years later.
Why is this? Do headhunters reach out and offer better gigs at the different firms? Curious if anyone has insight.
In my experience, I wouldn't say it's from headhunters aggressively recruiting away candidates. It typically goes something like this:
It's just a function of IB types valuing social and economic mobility and wanting to improve their circumstances. I haven't really found it the # of transfers per year to be much higher than other industries -- people everywhere are always looking for greener grass
Okay interesting good to hear. But it even seems like people move between similar banks such as moving from Credit Suisse to Citi to Barclays and in between such firms.
Is it just because on group/firm may say we'll pay higher etc?
With friends who have done that it's usually because either they think that the hours or work experience will be better over there or it will set them up better for the type of exit opportunity they are looking to have.
Hmm seems like my response got removed by accident. For friends who've done that it's either
OR
Compensation is going to be pretty much the same across all analyst/associate roles at different banks of similar tier.
Compensation
Upward mobility as well. Being stuck a VP at GS for years and lateraling to a smaller shop as a D and maybe a MD soon after.
Do VPs usually jump from BB to MM or EB banks or could a VP from GS/MS move to DB as an MD?
Pay, Prestige, Promotion, Politics.
This is it. the 4-P's.
If they are switching between similar banks, they are moving into a more desirable group. Think industrials at GS to M&A or TMT at MS.
gotta move to move up sometimes
Dude, the constant moving isn't even limited to banking. People move for variety of reasons in every industry, particularly the younger professionals.
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