Currently in IB and dad just started a LMM PE shop, he asked me to help run a training program and stay around to help his team once in a while but he doesn't want me to quit my day job. Is it possible to get away with this without requesting approval from my bank? Is there a way my IB would be able to find out if I didn't tell them? Could I get fired if I asked?
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Terrible idea. Can they find out? In a myriad of ways though they probably won’t go seeking it out. Your bank can absolutely fire you if they find out, I would think that’s probably the most likely outcome tbh.
Right or wrong, your employment agreement is you acknowledging to the bank that they own your time. You taking a second job is not going to rub them the right way. Creates huge conflicts and your bank would almost assuredly turn you down if you asked to do it as an OBA. What are you going to do when there’s both simultaneous projects going on? What if you take money from this fund and then they’re later trying to sell a company that your firm happens to win the business for? You could get in serious legal trouble if you took money from them that you didn’t disclose and then your firm later won business.
I worked two IB internships (one remote) both semesters of my senior year and never told them. I get I could have gotten in trouble and probably should not have done it but I made it work. I think it could work since your dad runs the PE firm so he understands if at times you put work on hold for IB (This would not be the case if you had no personal relationship with either employers). I'd 100% focus on doing great work in IB but if you have time, I don't think it could hurt.
If one or both are FINRA registered then make sure they never find out or you’re going to have big problems. Do not do this again.
Noted. Will ensure I do not reflect this on my resume.
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