Employment contract, dubious points...
Hey all, I've recently been offered a job at a bulge bracket bank.(for fixed income sales) but I have a few concerns about the contract content:
1) there is no mention of the usual sign on bonus
2) the contract basically gives the employer the right to fire me any time, with a notice period of 4 weeks.
3) there is no mention of the usual minimum yearly bonus. but no mention of the usual maximum cap on bonus either. only discretionary bonus is mentioned.
If you could shed light on the above, I would really appreciate it!....
thanks
Joe
maybe there is none. some of the banks dont pay one but just increase ur monthly salary by that amount. this is in london though. E.g. the BBs in London now pay 42k plus 5k sign on. however at least of them pays 47k and thats it. its the same at the end of the year but sucks for u cuz you gotta move and buy clothes etc.
does it maybe say something like "the total fixed comp for the year is X, Y of which is being paid out at the beginning of employment"???
the discretionary bonus thing sounds pretty standard to me.
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unless you are a rainmaker with clients, never. its at-will employment, you are not guaranteed anything. that contract is standard for analysts, dont dear asking them for anything more
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