got transferred from IBD to compliance.

is-t's picture
Rank: Baboon | banana points 127

just started as an analyst at one of the BBs in IBD, but they apparently overhired and i was transferred to another group. they sugar-coat it and make it seem like i didnt get shafted, but i realize my new group is basically doing compliance work for other groups.

now, i know i should be lucky to have a regular paycheck in this economy, but i really feel like i got short-end of the stick, especially since i turned down IBD offers from reputable boutiques to join this one.

should i stick it out for a few more years? or start looking for another job!?

Comments (28)

Aug 11, 2009

.

Learn More

7,548 questions across 469 investment banks. The WSO Investment Banking Interview Prep Course has everything you'll ever need to start your career on Wall Street. Technical, Behavioral and Networking Courses + 2 Bonus Modules. Learn more.

Aug 11, 2009

that fucking sucks big time. look for another job.

Aug 11, 2009

I agree with McMo. That's no vote of confidence. Go back to the banks you turned down.

Gotta Mentor
www.GottaMentor.com
Connect to the Advice & People
You Need to Achieve Your Career Goals

Gotta Mentor
Connect to the Advice & People
You Need to Achieve Your Career Goals

Aug 12, 2009

Sincere condolences.
Get out of there.

Aug 12, 2009

would be interesting to know which BB this is...

Aug 12, 2009

Absolutely start looking around, network, and reach out to boutiques, etc. A bank doesn't randomly decide to move some into compliance and leave the rest in banking. Whether they are right or wrong in their choices, the fact that you were chosen is not the best of signs, and once moved, it will be harder to move back, especially since you've just started and probably haven't built up a strong network of bankers there yet. I would put the feelers out and make the move.

IBanker
www.BankonBanking.com
[email protected]
Articles, News, Advice and More
Break Into Investment Banking

Aug 12, 2009

get out.

Learn More

7,548 questions across 469 investment banks. The WSO Investment Banking Interview Prep Course has everything you'll ever need to start your career on Wall Street. Technical, Behavioral and Networking Courses + 2 Bonus Modules. Learn more.

Aug 12, 2009

That's insane. I haven't heard of any BB's doing that. You should really tell us so people can avoid that bank. Sorry to hear that. Best of luck.

Aug 18, 2009
masterg:

That's insane. I haven't heard of any BB's doing that. You should really tell us so people can avoid that bank. Sorry to hear that. Best of luck.

Dude... This time last year, many BB did something similar or even worse...

Aug 25, 2009
Ukon:
masterg:

That's insane. I haven't heard of any BB's doing that. You should really tell us so people can avoid that bank. Sorry to hear that. Best of luck.

Dude... This time last year, many BB did something similar or even worse...

Exactly. How does this still surprise people?

Aug 12, 2009

I can't remember which bank, but I know I've heard of this happening before. Essentially, you are told that they need you in this back office role (overhiring, not enough cpacity, etc, in banking) and you can either take it, or walk away with your sign on. I can't remember which bank though....I have an idea of which one, but there are a few that stick out in my head and I can't remember which did it last year.

IBanker
www.BankonBanking.com
[email protected]
Articles, News, Advice and More
Break Into Investment Banking

Aug 12, 2009

goldman

KICKIN ASS AND TAKING NAMES

Aug 12, 2009

Goldman put IBD first years into HR last year. Same offer structure as BankonBanking outlines. While I've only heard this one particular case, I'm sure any BB would act just like that if drastic 'capacity management' is required.

Aug 12, 2009

@m2: I didn't hear about IBDers going into HR, but a friend from GS did confirm the S&T first years being moved to back/middle office. Supposedly, it was temporary and they have been moved back since. Was this the case for IBD as well or are they stuck in HR limbo for all time?

Aug 12, 2009

A friend of mine in their merchant banking arm confirmed it was from IBD into HR. This was outside of the US though. Also not sure if this was permanent or temporary (we've never followed up on this).

Aug 12, 2009

IT'S A TRAP!

--
Support WSO.com and visit these links!
Financial Modeling Training
Guide to Finance Interviews

Aug 12, 2009

Imagine how the kids that were supposed to start at Bear felt? That sucks though man, I would hang with it for a little while and if it seems like you will be in back office for an extended period get out. Start reaching out to contacts now.

Aug 12, 2009

I thought this was common practice. I know a few people from GS and JPM who got transferred to back/mid office positions being offered the same paycheck and chance to switch back into IBD.

It seriously might not be too bad. If you do well in backoffice work and stick it out a few years, you can make it to business school and then switch back.

I say enjoy your new short hours and paycheck.

Aug 12, 2009

You're going to die by the time you're a hundred, you've already used up twenty of those years, and you're seriously considering NOT leaving this job?

Aug 12, 2009

Back office probably isn't too bad- if you're aspiring to trade derivatives, especially in fixed income, there is a complicated settlement process and booking trades/verifying prices and running P/L require a lot of operations type work for the traders. Derivatives risk controllers/valuation staff know a lot about the product and would be on the inside track to getting a trading job when they are available.

Aug 13, 2009

Perhaps having good 'product knowledge' is nice but not so sure how that's perceived in the front office compared to straight FO experience. But maybe things are different in S&T. For IBD, back office experience (especially in compliance) won't be useful and detrimental to your career I reckon. OP, if they haven't guaranteed you to move back soon then, by all means, look for a new job.

Aug 13, 2009

It's unbelievable that this is how some banks treat its employees (and clients for that matter) yet people still want to jump aboard. Talking about rational human beings.

Aug 13, 2009

It is rational behaviour. Exepected utility of a front-office job still is high, even if you control for the risks involved (although I wonder if the risk-return profile of IBD isn't nicer than S&T -- isn't there quite a bit of luck involved in becoming a 'star trader' or being recognized as such?).

Aug 13, 2009

This is a huge insult and you have been wronged so badly.

Think of it from this perspective.

For most of your life you probably worked so hard just to get into a pricey target school, and then put so much effort into getting a FO job.

Now the bank just screwed u over and sent you to the back office.. You are now stuck with all the people that went to a cheap state school and didnt try as hard as you did to get into that same position..

Your first job out of undergrad is now in the back office, this will completely pigeon hole you no matter how you spin it unless you quit it right away. You only get one shot at this, and instead of going to a FO position and moving up from there, you were forced to move WAY back and work your way up from there hoping you can one day get into FO after MBA

Aug 19, 2009
Guest1655:

This is a huge insult and you have been wronged so badly.

Think of it from this perspective.

For most of your life you probably worked so hard just to get into a pricey target school, and then put so much effort into getting a FO job.

Now the bank just screwed u over and sent you to the back office.. You are now stuck with all the people that went to a cheap state school and didnt try as hard as you did to get into that same position..

Your first job out of undergrad is now in the back office, this will completely pigeon hole you no matter how you spin it unless you quit it right away. You only get one shot at this, and instead of going to a FO position and moving up from there, you were forced to move WAY back and work your way up from there hoping you can one day get into FO after MBA

Awwww poor ivey kid...boo hoo, it's just not fair. It was his destiny to be a banker, right? And those awful state school kids, ugh! What business do they have in IB? I'm afraid arithmetic it is just plain impossible without a harvard degree, so forget about banking, state schoolers.

Aug 25, 2009
swagon:
Guest1655:

This is a huge insult and you have been wronged so badly.

Think of it from this perspective.

For most of your life you probably worked so hard just to get into a pricey target school, and then put so much effort into getting a FO job.

Now the bank just screwed u over and sent you to the back office.. You are now stuck with all the people that went to a cheap state school and didnt try as hard as you did to get into that same position..

Your first job out of undergrad is now in the back office, this will completely pigeon hole you no matter how you spin it unless you quit it right away. You only get one shot at this, and instead of going to a FO position and moving up from there, you were forced to move WAY back and work your way up from there hoping you can one day get into FO after MBA

Awwww poor ivey kid...boo hoo, it's just not fair. It was his destiny to be a banker, right? And those awful state school kids, ugh! What business do they have in IB? I'm afraid arithmetic it is just plain impossible without a harvard degree, so forget about banking, state schoolers.

Where did his being from an Ivy factor in to this? The dude got fucked. Yeah, Guest 1655 picked on state school kids, but not for going to a state school, he picked on those who didn't work hard. It's true, people in the back office are pretty useless.

PS - it's Ivy, not Ivey, smartass. Try to at least pick on kids from the right country
PPS - this is coming from a kid who goes to a state school

Aug 25, 2009

1-Click to Unlock All Comments - 100% FREE

Why do I need to be signed in?
WSO is a knowledge-sharing community that depends on everyone being able to pitch in when they know something.
+ Bonus: 6 Free Financial Modeling Lessons with 1-Click Signup ($199 value)
Aug 25, 2009