HELP: Offer from Competitor

I ended up getting a job offer from a competing bank for a job in a very similar capacity to my current role at a higher salary. It's a long story, but a few of the people in the deal team I'd join had to leave and they are looking to hire people with some experience but at an analyst/associate level. The bank extending the offer has a better brand name than where I am now, but I'm really concerned about burning bridges by leaving my current employer.

I personally feel like leaving now is not necessarily the best time, but it's hard to turn down more money and an opportunity at a better firm. I have a couple questions that I'd appreciate any thoughts on and I'm happy to answer any more detail about the situation if people have questions, but I'm trying to be intentionally vague about the specific circumstances.

a) Should I feel any sense of loyalty to my current employer/sense of guilt if I leave?

b) If I've been a solid employee up to this point, will I be burning bridges if I leave?

c) Is this way out of the picture/completely inappropriate to bring up at the analyst/associate level, or is it reasonable to ask for a contract from the company trying to hire me? The last thing I'd want to do, is burn bridges by leaving my current job and then get let go (for whatever reason) at the other place and be SOL.

Some of these may be stupid questions, but I'd appreciate any guidance.

Thanks,
iBoston

 

a) Banks did not give a shit to loyalty when they laid off so many ppl in 2008 and 2009.

b) You will piss off your MDs because you are leaving for a competitor, not PE/HF. But will you burn the bridge completely? It depends.

c) Every company will give you a contract to sign before you join. Don't quite understand what you are referring to. If you are talking about guaranteed contract, I think it will be tough. You are an analyst/associate and ppl don't give you a shit. Also, the mkt is improving, as long as you don't mess up yourself, you should be fine.

Just my 2cents.

 
Best Response

If it's dramatically different than your existing comp, you should have a conversation with your manager. One thing that you should make sure you understand about your new offer is the TOTAL COMP situation- they may have just boosted salary and cut year-end bonuses.

My view is this- implicit in loyalty is fairness. If you're getting such a huge offer from the other firm that you feel you're being dramatically underpaid at your current firm, it's all right to have a conversation with your manager. (This is assuming you're performing well and have established yourself.) They don't have to match the other firm's offer; you just want to make sure your current pay is fair.

Your manager will probably give you the talk about how the firm has invested so much in you. You can respond by saying that it's been a great arrangement- you've also given a lot back to the firm over the past few years- and you really don't want to leave, but it's a heckuvalot easier for you to stay if they can just double-check that you're getting close to the market rate for your services.

If the new offer is way different than your existing offer, you've been working for a few years, and they can't significantly bump your pay, all but the very most loyal employees will leave. If your manager is angry enough to consider this burning down a bridge because you won't put up with getting screwed on comp, it may not be that valuable of a bridge in the first place.

Just don't leave without giving your manager the chance to counter-offer.

 

Nice post Illiniprogrammer. +1 for you.

I'd also add that karma can come into play in the long run and if we're talking less that 10% the marginal diff may not be worth the tradeoff. Consistancy and tenure say a lot about a person and you will need to think about the story you will tell others down the road as to why you left. Just make sure it makes sense. That said, don't be afraid to take a calculated risk. Good luck and keep us posted.

![ ](https://leancoding.co/QJO0KD " ")
 

So...you work in banking and are worried that your boss won't understand that you're getting shown a better price away? The other firm is more prestigious and is offering higher compensation (be sure to check all-in comp, not just salary) because it has either under-hired or over-fired its juniors in the past two years?

To be fair, if your boss doesn't understand your situation, he's a moron. Clearly, he needs to keep his best workers there, and if he finds out that other banks are willing to pay 10-20% more for your services, he will probably thank you for bringing it to his attention.

I would only tell him once you have an offer in-hand from the other firm. You don't want to approach your boss asking for a higher wage when you don't have a clear alternative to the work you're presently doing.

But if you already have the offer, talk to your boss, explain your situation, and ask for his advice. Don't demand a raise--just ask what he would do in your situation. Let them make you a competing offer.

In the end, this is one of those 'good problems.' Because the recruitment cycles for 2008 and 2009 grads were terrible, there aren't too many kids out there with 1-2 years of experience who are still in the game. So, whilst they can replace you with a total neophyte or someone who was let go a year ago, it's going to be hard for them to find a close substitute. If you handle it well, you will probably get a raise and maybe even a promotion (though, the latter is significantly less likely and depends on the bid you're seeing away).

 

Laborum maxime dolor ut omnis. Accusamus omnis est et animi provident culpa cum. Qui quod perferendis nihil consequatur quam sed.

Nam et consequatur molestiae. Omnis facere consequatur incidunt distinctio et. Soluta dolore excepturi vero. Deserunt natus voluptatibus in.

Fugiat aut aperiam rem officia asperiores hic. Magnam id fuga numquam beatae nobis neque. Amet accusantium magni asperiores animi sit consectetur ut. Ab quas sed distinctio tempore. Aut ad laudantium et iure qui sed.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
DrApeman's picture
DrApeman
98.9
9
GameTheory's picture
GameTheory
98.9
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”