Hello - I'm in a not so uncommon situation but am curious how folks in the CRE world feel about this. Ive had about ~9 years of CRE experience (6 at my last job) and i recently started a new role at another financial institution. Most things are fine, comp is decent and I have a ton of my responsibility since the group is super lean (handful of folks) and i get to make a lot of fairly important decisions/calls even not being super-senior age/experience-wise.
The problem is that the institution is having internal issues - when I was hired I was told that they had gotten approvals form the head offices (european) for the CRE business and once i started, the 'official' approval was supposed to be come 'any day' - however it has been 7 months and the 'approval' is no where in sight and any official discussions we request with the head office get pushed back/delayed. The only real business we can do is on an 'exception' basis and is not very PnL conducive/isn't enough to keep the lights on forever for us. Unsure why this is happening - but ive heard rumors/murmurs of folks in the head office having no real estate experience/background and inexplicably being averse to that asset class.
My question to folks really is whether i should stick it out for a year, get my bonus (not expecting it to be flattering given our lack of activity) and then look for a new role, or should I just start looking right now? Part of me thinks that If i recruit right now (under a year) and pitch my story/ just tell a potential interviewer about what is happening w.r.t not getting approvals as my reason for leaving, it'll be taken for as a farse/not believable event hough that is (unfortunately) in fact what the ground reality is. Having said that, i dont want to be in a situation where i get laid off because the whole real estate business got shut down before it started - there are other things i can do within the broader group (that i currently also help out with) so I am not 100% sure that I would just get laid off instantly, but dont want to take that chance.
If anyone has been in a similar situation, I'd love to know how you handled your situation and how it turned out for you. Thanks.