Hi Everyone,
I have job interview coming up this week at one of the big bank’s in one of their real estate lending divisions. I got the interview through a headhunter at one of the bigger NYC companies. He told me that if I get this job I will be employed at the bank and part of their team, however, I will not be getting my Payroll through them. Payroll will somehow come from another company, which he said his headhunting firm also uses. I am not familiar with a setup like this and I’m confused if this would almost be a contracting type role, although the position is listed on the bank’s website now.
Has anyone ever heard of a similar type setup or had any experience with a similar situation? I’m confused if this should be an issue or not and what questions I should even be asking? Any insight would be greatly appreciated.
Thanks.
I’m pretty sure Situs does this (3rd party underwriting firm). You’re an employee of situs but you sit at the desk with the JP Morgan guys (or whichever big bank) as a contractor.
I have no experience with it but I don’t think it’s that favorable of a set up. I believe it’s a cost saving measure for the bank.
Hopefully someone else can give you more detail
I think Morgan Stanley does this as well. I don't have any specifics but a former co-worker of mine said there are many drawbacks to being treated as a contractor. Not sure if your setup is the same.
they do. i've been contacted for a role just like this at morgan stanley. its staff augmentation. can't speak to the specifics for this role you've been contacted for but it seemed legit when it was presented to me.
Have a buddy at UBS who is "employed" by Situs. It's legit/not abnormal.
Same with DB. Its very normal.
What are the drawbacks of this type of arrangement? I was on the brink of interviewing at MS a few weeks ago but accepted a role at a private CRE lender instead.
I expressed some concerns and the headhunter just mentioned to me the bank has this arrangement more because they want to reduce their headcount for employees rather than a cost-savings. The role and this team work out of the bank's main office in NYC and I can definitely put on my resume that I work at this bank. This is not a contractor role like with a Situs and he's placed a good amount of employees there with this setup and some have been there 5+ years and a few just left recently for some really good opportunities.
One potential complication is eventually when you get a background check for a new position they may not see this bank come up since pay is from a different company. He also did mention you probably don't get the big Titles like VP working with this setup, but the pay is no different.
I'm still not sure what to make of all this at this point, but I am still taking the interview and we'll see what happens.
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