Hello!
I've looked for and found some relevant information on this, but a lot is conflicting in what it says -
I'm an investment banking analyst at a BB in NYC. I'm about to (i.e., next week) give notice to my staffer that I'm lateraling to another investment bank. I'm switching to a completely different industry group, and cannot imagine there being any crossover on deals. However, the new bank said there is a chance I will have to get my stuff immediately after giving notice and leave basically within the hour.
Has anyone been in my shoes? Should I expect this to be my last week? I don't start at the new bank until early January.
Thanks!
What you heard is correct at most firms. You have to hand in your laptop, turn in your badge, and walk out with your stuff. Your group may or may not make you talk to a couple different MD's who will give you the sales pitch about you are missing on such an amazing opportunity that only exists in their group, while also saying that you (just like every other analyst who thinks of leaving) are the most valuable member of the team.
If you tell them that you are going to a competing bank, you will more than likely be let go same day.
When you quit, I wouldn't mention where you are going. Just say you're not at liberty to say. It's a small industry and quitting early is a particularly sensitive issue. They might probe you but hold your ground.
It's the best way to stay on good (ish) terms with your senior team. That will work wonders for you when you need references in the future.
Best of luck
It being a small industry is the exact same reason why it makes no sense to not say where you're going.. they're gonna find out.
Lateraling burns bridges no matter what. Some people just dont care but some take it personally.
Snapple is right. I see zero value in not disclosing where you are going to lateral to. Everyone is going to find out immediately anyway, and I think it just makes you look like an asshole to say you're not at liberty to say, especially because you are at liberty to say (and everyone knows it).
SnappleApple and saconsult3 you have to be the biggest ass holes ever. You never tell where you are going - end of. What is in it for you!?! What possible good thing is there from you telling your old employer where you are going?! What possible value is there for you telling the whole world about where you are going!?
There is only fucking downside, if you boss is best mate with the boss in your new team he might have a chat about you. Maybe he hates your guts and will do every thing so that they cancel your offer. It's an extreme case but it can happen.
The least you say the better - just make sure you tell them you are going to a competitor to make sure you are given your garden leave (2 weeks in the US I believe)
Well done - changing banks is amazing.
And yea, they will find out eventually where you went, but who gives a fuck - no need to disclose in the meantime.
Wait, this is really surprising to me. While I am not even close to such a situation happening to me, I was wondering how this works. There's no traditional two weeks notice situation? In OP's scenario, would it make sense for him to just give notice in early January and move to the new bank?
Assume this was an August bonus and the new firm is buying you out of the earned potion of this year's? If you are receiving a Jan bonus I don't know why you would leave in December.
If the is no bonus issue, I , and I imagine most bankers, would way rather have two unpaid weeks off than work two more weeks, especially through a post holiday rush.
Unlike most jobs, in banking you have access to highly sensitive information. You may be on a deal where the other bank you're switching to is competing for the same asset or is on the other side of the negotiating table. This is why many banks have garden leave, even at junior levels, where they will pay you for period before you start at the next bank, but you are legally not allowed to start at the next bank (you technically remain employed at your old bank effectively during the period)---it allows time for the information you have access to to become stale. Banks are extremely sensitive about guarding information, even if you are going into another industry group.
Also factor in it's usually seen as a slap in the face to be going to another bank (as the job itself is largely similar bank to bank), as well as the fact that banks have no qualms stacking your workload on another analyst, there's almost no upside for a bank to keep you on vs asking you to leave that day.
At my bank, analysts or associates going to B school, the buyside, or elsewhere usually work a week or two after giving notice to wind off projects. Those that lateral, pack their stuff up the day before, offer to stay the two weeks, but are gone that day.
Thank you for the comprehensive answer! Very useful. I'll be more or less ready to get my stuff, then.
Thanks for the help!
You still give two weeks notice, but the firm will tell you to leave the office immediately. They will pay you for the two weeks regardless though.
is your bank hiring?
Best response so far
If you don't start at your new gig until Jan, then why wouldn't you want to be escorted out immediately? Extra vacation vs. awkward 2 week period (which you probably won't get anyway).
I actually did give 2 weeks notice when I quit IB and for some reason they let me do it and asked if I could stay longer (no thanks). Another analyst had quit a few weeks before for another IB (I was going to the buyside) and gotten escorted out that day though, so may be it has to do with where you go. Make sure you get paid out on any accrued vacation you have left. If you give your notice today/tomorrow and get escorted immediately, you can meet up with everyone at a bar after work to say goodbye. Some people (staffer) may try to guilt you, just repeat yourself, don't apologize, and shake it off.
While much has been said - to reiterate 100% do not disclose. Again 100%. People can get emotional/ego driven and react negatively in the moment.
I'd be prepared to be asked to leave immediately. Either way, if someone gives you a hard time or berates you, be the better (wo)man and take the high ground. I assume you have, but I would wait until all paperwork for the new job has gone through and it is 100% confirmed you will be starting on date X before putting in your notice.
Congrats on the new job, and good luck.
Curious.. when you let them know and they tell you to leave that day, how fucked do the Analysts/Associates get with losing you? Workload must be even more nuts.
Most people you have worked with and done good work for are happy for you when you move on at the junior level. After working in the industry, you realize that the turnover is very high, to the point where you just don't care. The senior people know they were never going to see you again and might be "mad" but chances are they will not even remember your name in a few months, if they ever really did to begin with. Most people at the junior level know why young people do the job, which is to move on anyway. If you are worried about somebody being a dick about it, chances are you probably already know who that might be.
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