lateral hire... no signing bonus
I recently accepted a job at a bb as a lateral hire. i'm really excited and it's pretty much a dream job especially given the market conditions. however i think i was too excited or something (and HR noticed it) and basically there was no mention of a signing bonus. though i haven't signed anything i strongly indicated that i would accept, and i really am planning to accept since i don't have anything else nearly as good.
however my coworkers/friends have been telling me that it is highly unusual not to have a signing bonus as a lateral hire. they say i should ask them because the worst that can happen is they say no. i don't want to risk getting on bad terms with HR or worse, the MD, and i would still work without the extra 10k or so signing bonus. is this something i should be asking or should i just be a wuss and let it slide?
They're not going to reject you for asking. They'll tell you whether you got it or not and then you can decide afterwards if it's worth arguing the point. Just my thought.
Which BB by the way, out of curiosity?
Ask now. This is the only appropriate time to be discussing compensation, outside of your annual review.
You will not receive a signing bonus if you are a lateral hire. The bonus is intended to lock-up graduating seniors that are still undecided. Since you've already worked somewhere else and are moving to a new firm, you will not receive a signing bonus. Congrats on the new position though.
ditto jen
figured that was the case, thanks guys. since they generally phrase it as "relocation bonus" and i'm not moving anyway i figure there's no point in asking.
bb's wouldn't give laterals a signing bonus because they wouldn't want to encourage analysts to jump every year. then their analysts would jump.
The first time I ever got a signing bonus (other than the customary analyst program sign-on and from my MBA program) was as a lateral move at the MD level. If my experience is a valid guide, I believe it would be unusual to get one unless you are very senior.
Damn Genghis, it's been a long time since I've seen you on here.
Disagree with the above - I got a $10k signing bonus when I lateraled to my bank.
Lateral signing bonus (Originally Posted: 07/30/2015)
Do you usually get a signing bonus when lateraling to a new a firm as an analyst? 2nd year.
I did when I lateraled as a first-year. Mine was the same as the signing bonus that college grads get.
What? No sign-on with a lateral candidate? (Originally Posted: 04/18/2010)
Hi WSO Monkeys,
So my brother is a 1st-year analyst at a BB bank in a regional city where he went to school (think Chicago, LA, Houston), and he just received an offer to move to a better group at a top MM bank. I looked at his offer letter, and there is no mention of a relocation/sign-on bonus. Granted he will be living in the same city, is this normal? I received a sign-on when I moved to PE after my partial analyst stint in NY, but I realize that is a different scenario.
Relocation is common for laterals at a junior level, but sign-ons are less so. If you're staying in the same city, though, you're not going to get a relocation stipend, so he's probably doing alright for himself. Is it a better bank? Realistically, a sign-on for a first year analyst isn't much money, so if he goes in and says, "I want a sign-on," they're going to think he's a seriously cheap asshole. It's literally quibbling over $5K, right? What's the big deal?
Thanks for the response. I told him to just ignore it, because it's not worth negociating over. I was nearly certain that they provided some sort of up-front payment, but I guess not.
^Exactly
It is what it is, quit your bitching.
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