Bad bonus season at BB - move to elite / MM?
Hey guys,
Sr associate in strong group at CS/Barc/BAML/Citi (with focus on M&A) and hearing bonus season won't be so hot so debating leaving for elite boutique like EVR/GHL or MM shop like Lincoln/Harris.
Question: how often is this move made from BB to elite / MM? And how do you go about doing this without getting caught and bent over by your MD? I like the job, the group (great culture, analysts), and the hours aren't bad. Knowing that I could make more elsewhere assuming all else is the same is making me seriously consider a move.
Appreciate the insight. And please don't ask me what bank or group I'm in or about comp at BB's (variable, but regrettably lower than previous years).
go to JEF if you're a cheddar chaser
hmm, it depends... are you based in London?
if its US you're talking about, cant say...
BTBanker: totally understand, but getting a 50K bonus (as a high watermark number) as an associate is a little tough to deal with esp if you've got bschool loans to pay off.
Animalz: NYC based.
If you're struggling to pay back loans despite making close to 200k/year, there is something seriously wrong with you.
clearly misinformed
Based on your screenname, I guess bonuses are very important to you. If bonuses are that important, I suggest Jef as well, as the above poster mentioned.
To answer the question, it is not uncommon for BB associates and up to lateral to elite boutiques or top MMs. Most people in the industry tend to respect confidentiality in the hiring process so I doubt it would get back to your team unless there was a random personal connection (even then it seems unlikely).
I know a few top MM banks had an excellent 2012 and their bankers are expecting a great bonus season, so now may be the time to make the move. Good luck.
Are you sure you can find another bank/team where you will like the group that much and hours aren't bad? Anyway, moving from BB to elite is quite common...
If you want to make ungodly money, hit up ma homies at Jeff.
Or start your own business. You'll make a good chunk of change.
You didn't miss anything... It isn't ungodly money, they are just paying what all the Bulge Brackets should be paying but aren't because they are firing and cutting bonuses at the wrong levels. They are trying to right the ship but are going about it in the wrong way and at this point are really just praying talent doesn't leave because they clearly aren't doing anything logical to retain it.
While JEF pays well and I have some buddies over there that had decent comp compared to the rest of the street, at the Associate and Analyst level the guys aren't over there buying Porsches and throwing cocaine snowballs at hookers. They are simply making what they should be making... A few kids read an article about JEF's CEO getting paid "PAID" (although if you look at the options package it is spread over 3 years so it's much less egregious than it initially looks) and so they parrot that back and assume that it holds true across all levels.
Met associates who made the move.... for sure. Above banks you mentioned to one of the best elite boutiques out there.
Ok so you are trying to raise a family, yes that is understandable then. I think most people here assumed you were single and in the city with that type of salary.
This is Citi, isn't it?
^So how do you enjoy working at Jefferies?
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