People keep resigning?

bulugawhale's picture
Rank: Monkey | 50

I've been working at a bank with a strong equity research platform (used to be strong) for almost a year now, but during my time here, many of the analysts resigned and moved onto other banks or industries. What I found really surprising though is the fact that some of them don't tell their associates ahead of time that they're leaving the firm, which leaves them in a tough position...

Is it a norm in the industry to leave without informing their associates ahead of time?

You can leave without your associates, but if you don't give them enough time to search for a new job, aren't the analysts only thinking out for themselves even though they have somewhat established their careers?... Any input would be appreciated.

Comments (10)

Nov 12, 2015

My experience is within IB and not ER but I imagine it would be pretty much the same and it seems pretty common. Practically the entire senior portion of a group in my office was poached by another bank and no one within the group was notified until HR held a meeting to let everyone know they resigned. I know the concern in that case was related to legal concerns within their employment contract and they were not allowed to communicate with anyone in the group for 90 days (or something like that).

Obviously those types of situations can be frustrating. Most of the junior guys remaining in the group were basically left high and dry until they either left to join the other bank or sat on their hands to figure out if the group was going to be re-established.

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Nov 12, 2015

The downside (being ratted out to group heads, staffed on shitty assignments) gravely outweighs the tiny upside (enabling staffers to plan slightly better). It is a norm.

Nov 12, 2015

In ER there are no staffers. You are joining an industry team which is usually around 4-5 people (1 MD/ED 1 VP 1 Assoc + 1 Analyst) and you will stay there for the foreseeable future.

Not telling your peers that you are leaving is maybe a dick move, but I heard it happening more than once.

Best Response
Nov 12, 2015

At a lot of places, analysts are wise to keep their mouth shut until the day they leave. If the firm finds out you are leaving before you are ready you can bet your bonus will be slashed and/or you will be canned on the spot. Most people leave right after bonus season. It's unfortunate, but you have to look out for yourself. I wouldn't take it personally.

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Nov 12, 2015

I know that this varies widely, but I'll explain it from my point of view. I make it a point early on to establish an open rapport with analysts when it comes to looking outside the firm. I do this for a few reasons, some of them self-serving.

1) If someone wants to leave, trying to harm them or make their life harder while they are here does nothing for you. Absolutely nothing, except maybe create an unnecessary enemy.

2) If you know they are looking to leave and they know that you are aware you can start staffing them on lighter projects or letting their workload die down. Kind of a balancing act when dealing with the top to keep them in the dark, but mine are so aloof they probably don't even know all the analysts names.

3) Helping them in their transition helps create an ally for life as well as a potential referral source. No matter where you end up, these guys will most likely end up in some position of influence. Having them as a friend you can bounce ideas off of or call upon for help is priceless.

4) If they feel safe in voicing their issues with their current situation, you can perhaps do something to make them want to stay and alleviate their stress. Not always, but sometimes.

Now, this is all assuming that they are a hard working, intelligent analyst who gets it. They understand that their time is not their own and what is required of them. Little entitled millennial shits get no such treatment. Those are the guys that will get staffed on shit projects and hosed on their bonus because honestly, nobody cares if they leave.

From an analyst perspective, you have to be careful. There are many who are the complete opposite of me. Mean, vindictive, sad little men who may try and gain your trust by appearing to be understanding. Move slow, don't say too much, and take your time in feeling them out before you openly discuss anything with them.

Edit: Also from an IB perspective.

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Nov 12, 2015

If an analyst likes their junior(s) and is moving to another bank, it is pretty common to bring the team along with them...

Nov 12, 2015

There seems to be some confusion in this thread - in ER, the analyst is the most senior person and I think this is what the OP is referring to rather than the entry-level position analyst

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Nov 13, 2015

Purely from my perspective at one shop - if your analyst leaves it just leaves you in a position to take over coverage. Sure, sometimes you miss opportunities (I left literally 2 weeks before my analyst and would have been offered his coverage), but often times (at least at my old shop), someone leaving was a positive for a lot of the associates.

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Nov 13, 2015

If the senior analyst likes you (or you are indispensable to his/her franchise) he will bring you along. It depends on the analyst, some will tell their juniors before they leave while others will wait the 90 days but leave enough hints along the way.

Nov 13, 2015
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