Hi everyone, I have a career choice that I need to make regarding a job offer and need Wallstreet oasis wisdom especially those who work/worked at financial institutions.
Currently I work at one of the top tier banks in the U.S. (by assets). My role is related to Stress testing/Interest rate risk. I love my job, but my job isn't very challenging at this point and our team has limited scope and this is not providing me with the experience I wanted to gain. (been looking internally but didn't see openings in the dept. I'm interested in). I currently have 12 years of works experience through various big banks in Treasury Risk, particularly in stress testing and interest rate risk management. The role at smaller bank will require a move but not right now. I also lead a team of 5 individuals.
I got an offer from a smaller bank (ranked between 45 to 50 by assets). I like the new job because it will allow me to gain experience in a field I'm not exposed to at my current role and this will definitely make me more marketable in the future. The title will be same and pay increase is ~ 18% at the new role.
The only reason for me to accept the offer is to gain the new experience I'm looking for but I'm hesitant because the new bank is much smaller. From the research I've done, in smaller banks you get to work on more projects (not just specialized in one area), interact more with senior management, and be able to see projects from start to finish. All these points are great but the only concern is I'm not sure how other banks will view my experience at the smaller bank because larger banks are known to have better technology and do things better than smaller bank.
Would like to here from anyone here who switched jobs from large to smaller financial institution. Was this a good decision and helped your career? Did you regret it? Was it difficult to get a job later at a larger bank? Anything else I should consider?
Thanks. Confusediam
Why wouldn’t you? You would still be at a bank of some size. It’s not like you’re going to a small community bank with only $900 million in assets.
One thing that I have notice, is because 30 bln bank is not as regulated as a 400 bln bank, the processes, the sophistication in models and balance sheet to come up with hedging techniques coupled with IT infrastructure is not available. That what my fear is, at some Mid size bank might think that this person doesn't have the regulatory and balance sheet optimization exposures. I am be wrong, but wanted some thoughts from other people who might have done that
I don’t know enough about your role, but I think you’re overthinking this. A $30-$50 B bank is not a mom and pop operation. I work at a bank just under that size and we have robust IT.
You already have huge bank experience. There are pros and cons to everything but from what you’ve described, I see mostly pros. And there’s really not that much difference between a $30 B bank and a $130 B in terms of capabilities.
Thank you, that was really helpful. In the end, the goal is to keep on growing and keep on learning new things to maximize your career projection.
Cheers!
you already have the big bank name on your resume...seems like a no brainer....tho i'm surprised you can't find something at one of the other BB banks.
JPM is recruiting for a variety of Treasury roles right now..Citi is looking for a number of Risk mgmt roles....ect...
I don't want to go back to Big banks specially (G-SIB), I am more trying to get a hold on, if mid size bank (between 80-400bln) will be interested on my profile/resume after working for a small bank (30-50bln). But I appreciate your response. Thanks
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