Internal Lateral BB
Looking for advice about the general etiquette of lateraling internally. My BB typically allows this after your stub year plus 1 full year. Currently working in Corporate Banking division (doing mostly RCs, TLAs, and supporting Lev Fin originations for TLB, HYB transaction for Corporate banking clients).
My question is really about looking into lateraling before the 1.5 year mark. For example, if I see a Lev Fin or coverage analyst job posted on Linkedin at my bank, should I apply as if I'm an external candidate and not tell my current group? Or would this be bad form?
I don't understand, do you think HR won't be able to find out that you're applying for the role in the system? HR will block the switch, and state that because of the policy you cannot switch. Additionally, you'll burn bridges in your current team if people from that team will reach out and ask about you.
Use some common sense.
can anyone confirm if the above comment is true?
Not sure why you would wanna do that.. just apply externally to other banks if you’re in a rush to lateral
Yes please communicate to your group what you want to do. If you work with nice people, they will understand and will actually help you if you’re doing a good job. I was in CB and tried an internal move, first told my group head in my review. He wasn’t thrilled but he understood and actually would forward me emails from other group heads about openings and ask if I was interested. As said above, HR will quickly realize you work at the firm currently (not only on your resume but most applications have a question in it where it asks if you have or currently work at the firm). So at the best they block you (my firm required pre approval to apply to internal jobs that way people weren’t just jumping ship to other groups constantly) or at the worst they go to your group head to make him aware and he finds out from HR and not from you that you applied to another group and he’s pissed at you. Be an adult, ask your group head for some time to chat and tell him what you want. Unless he’s a total dick head then don’t but also means you need to lateral externally because you’ll have to go through him at some point to get the internal move approved. When I wanted to move internally, I also started to ping people in my analyst class I knew from training and had told an associate in my group who I trusted and was in my corner and he actually connected me with some of his buddies at the associate level in coverage groups. Something to think about. I ended up moving externally, there were some abnormal internal politics going on in my situation so it ended up being easier to move externally than internally for me
wouldn't it be easier to move internally than externally?
i'd assume when there's a lateral spot open, groups try to fill that internally first before looking at external applicants
It’s technically easier but it’s also more messy depending on what the political scene looks like at your group. When I was leaving, my group head was absolutely not thrilled when I told him/her I was lateraling and it was not good. So I would definitely encourage you to gauge the seniors’ views on these type of things first before you tell them your intention. It could go really well or it could go south quickly
Slightly easier but no cake walk still for sure. The prospect is actually right is that it's going to depend on the personalities of the people you work with and the internal politics of your bank. You will need to use your best judgement from your experience so far. My situation was a little unique, and the internal politics going on at my previous bank made it difficult for anyone to move internally at the time so I moved externally, but again that was more specific to my situation and the timing of things
It’s def possible. Need to be careful and make sure all sides are cool with it and understand I would Think. Talk about doing big deals....
You need use the internal jobs site to transfer. Tell your staffer or manager, but don't make a big deal about it with the group. Start networking in the new groups as well.
Yes i'm seeing some postings on the internal jobs site. Should i tell my staffer before I apply or after I get an interview? I'd assume that there's no need to let anyone on my team know before I even apply as I might not even get an interview
not sure, better to ask some people who have done the same. HR may notify your supervisor the second you apply, it is hard to know what the procedures are.
Network w team you wanna switch to, get them to circulate your resume and get invited to interview. Each firm will have their own rules of when you need to notify your manager, ex: my bank requires you to tell manager when you get an official interview
How do I know what my team's rules are? It'd be weird to ask my staffer this as he'll know I'm trying to lateral lol
Search things like "internal mobility" or whatever into the firm's intranet, and I'd imagine there is a defined policy. Also consider just speaking w your senior analysts or people you know who have moved internally before if you trust they won't fuck you over
From what I have seen personally it’s almost easier to externally lateral to a FO role
that's so weird to me though. wouldn't a firm rather retain talent and move them to a group they want to be in than to lose headcount?
You would think so yes but there are a lot more internal political dynamics that make internal hard (arguably harder than external)
For one working for a team and actively wanting to leave that team (and/or your manager knowing that)
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