Won't promote but will hire
Has anyone run into a similar situation?
Essentially, my MDs will not promote me to Associate citing financial constraints across the bank (MM). All of my performance reviews have been "top-bucket, above and beyond, sets example for other juniors, etc." with very little negative feedback besides "can always be faster, etc."
When I bring up moving to Associate (I'm over 2 years now as An.) it's shut down "oh we can't right now financially, probably in the 2nd half of 2023."
But I was just told that we are looking to hire analysts / associates... ?
Sounds like they're looking to keep human capital costs low and hope to hire some really experienced associates that can pull lots of weight. If I were in your shoes, I would be looking to lateral after receiving my bonus. They're not showing you any loyalty.
Unfortunately, sometimes the best way to get a title and pay bump is to move firms. It’s dumb and inefficient for banks to act this way, but they do it all the time. Over pay the outside hire and lowball the current guy doing good work.
It's tough to get an accurate read without additional detail - aside from the explanation above, another reason could be they're looking for someone a bit more senior (i.e. ASO2 / ASO3) who can lead financial analyses, drive execution, etc. Just because you're up for a title bump doesn't mean you can fill a role that a senior associate would play.
By H2 do they mean summer of this year? If so and I were in your shoes, I'd stick out the 6 months and reassess unless you have a strong reason to leave (better comp / brand, poor culture, etc.). I think trying to lateral in this environment (assuming you should have been promoted this cycle) would push you down-market.
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