Poll: Are you quitting after bonus?

Thought I'd start a thread to see just how large the expected exodus from banking will be this summer (besides the expected 2nd years leaving)

Comment down below if you'll be quitting after bonus?

If yes…
1. Do you have a job lined up?
2. If you got a larger than normal bonus or retention bonus would you reconsider?
3. Are you leaving finance all together?

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Jul 5, 2021 - 7:51pm

I know 3 analysts, 1 associate and 1 VP who are going to quit top BB groups

Of the 3 Analysts, 2 landed buy-side gigs, 1 is quitting with nothing lined up, the associate is going to corp Dev, and the VP is joining the finance team at a start up 

Also know 2 more analysts who left FIG in last 2 weeks. 

  • Analyst 1 in IB - Gen
Jul 5, 2021 - 8:16pm

About 3 analysts in my group are leaving after bonuses.

  • Analyst 1 in IB - Gen
Jul 5, 2021 - 8:30pm

Yes, team is going to be screwed as they overworked the analysts like crazy this year. They're planning on giving a good bonus to analysts, but everyone had already pretty much rapped up recruiting and will leave once they get.

  • Analyst 1 in IB - Restr
Jul 5, 2021 - 8:32pm

Yikes for the people that stay. Are the ones leaving getting buyside gigs with 1 year of banking exp?

  • Intern in IB-M&A
Jul 5, 2021 - 9:17pm

Sorry to hijack the topic but was wondering if this could affect FT hiring? I've been told all the lateral hires have been done in the last wave already.

  • Analyst 1 in IB-M&A
Jul 5, 2021 - 11:35pm
  1. Maybe
  1. No
  1. No
  1. Looking to leave ASAP but don't mind staying on a few months to collect a paycheck while looking for a new gig.
  1. IBs have never cared about you and never will. If anything not going to let my life be driven by golden handcuffs.
  1. Love the industry and finding smart people in the industry is what energizes me. Sadly seems like both sell-side AND buy-side have had severe retention issues the past year, so focused more on finding the right team rather than the "what"
  • Analyst 1 in IB-M&A
Jul 5, 2021 - 11:35pm
  1. Maybe
  1. No
  1. No
  1. Looking to leave ASAP but don't mind staying on a few months to collect a paycheck while looking for a new gig.
  1. IBs have never cared about you and never will. If anything not going to let my life be driven by golden handcuffs.
  1. Love the industry and finding smart people in the industry is what energizes me. Sadly seems like both sell-side AND buy-side have had severe retention issues the past year, so focused more on finding the right team rather than the "what"
  • Analyst 1 in IB-M&A
Jul 5, 2021 - 11:35pm
  1. Maybe
  1. No
  1. No
  1. Looking to leave ASAP but don't mind staying on a few months to collect a paycheck while looking for a new gig.
  1. IBs have never cared about you and never will. If anything not going to let my life be driven by golden handcuffs.
  1. Love the industry and finding smart people in the industry is what energizes me. Sadly seems like both sell-side AND buy-side have had severe retention issues the past year, so focused more on finding the right team rather than the "what"
  • Analyst 3+ in CorpStrat
Jul 6, 2021 - 1:11am

I already left, but I genuinely think this will probably be one of the biggest (if not the biggest) years for turnover in the history of the industry. Seems like most don't want to go back to the office but most firms are trying to promote 100% in-person structures.

  • Analyst 1 in IB-M&A
Jul 6, 2021 - 4:14am

When i first started the learning curve was brutual wfh and felt the same when an2s would say they pref wfh

However after 6months it became clear we were getting fucked with shit every hour so might as well get that saved commute time to cry on our bed to cope

  • Analyst 1 in IB - ECM
Jul 6, 2021 - 4:29pm

Imagine having to sit in class for at least 12 hours a day straight every day after having to get ready, sit in traffic and then drive home, eat, and shower. I'm sure your online classes were horrible though! 👎

  • Intern in IB - Restr
Jul 8, 2021 - 12:08pm

University is crap some teachers changed teaching styles while others didn't give a crap especially the ones where the average was literally on the pass line. Only good thing is retakes aren't capped.

  • Associate 1 in IB - Restr
Jul 6, 2021 - 6:43pm

1.  No - in some processes for non corp-fin roles, but don't mind phoning it in for a couple of months while I'm looking around.  If I get an awful staffing during that time, probably gone right away - already halfway out the door and don't need the aggravation. 

2. No - got into IB strictly for the money, but getting out because the money's not worth it and there's easier to be had. 

3. No - I have no other marketable skills, am not interested in anything outside of athletics and my body is completely shot to shit

  • Analyst 1 in IB-M&A
Jul 6, 2021 - 7:12pm

Mind expanding on what type of non-corp fin roles you're looking at? Curious myself as I kinda want out of finance related roles but don't know what role I could translate my IB experience to. 

Jul 6, 2021 - 7:14pm

BB IB here - considering leaving - I think it's just accelerated my desire to leave more than anything else.

1. Not yet 

2. Maybe - if you know that you are giving not really intellectually stimulating work and work your guys like dogs in my view if you actually want to retain talent you should pay more (and more discrepancy between top and bottom performers). I am "top" bucket but I don't feel valued as such, I feel like most Funds run leaner and thus I would be a more valued member of the team (may be wrong and the grass is greener kind of thing).

3. I actually quite like thinking around businesses, capital structures, what can go wrong / where is the upside so I don't think that I would be leaving finance anytime soon.

Most Helpful
Jul 6, 2021 - 8:14pm

Long time lurker, first time poster (I guess, commenter...). Leaving IB after 5+ years in the industry, 1 year away from VP promote.

1. Do you have a job lined up? Yes, though would have quit post-bonus regardless.
2. If you got a larger than normal bonus or retention bonus would you reconsider? No. # in my head was $500k and even then not sure I would stay.
3. Are you leaving finance all together? Yes. Moving to tech. Hours are better and comp trajectory can be just as lucrative.

Hope this helps. IB is great for some people and not as great for others. Everyone has their preference but I figured out I just did not want to do this for the rest of my career. In my opinion, if you figure out IB is not for you, you should try and make a switch sooner vs later. The more entrenched you are in the industry, the harder it is to "pivot" (already practicing my tech lingo...)

Wishing you all the best regardless. This forum has been a great place for me to browse and collect opinions/thoughts for years now. 

  • Analyst 1 in IB-M&A
Jul 6, 2021 - 8:30pm

What tech roles are there with similar comp to finance?

Jul 6, 2021 - 9:56pm

Product namely is the biggest draw for IB-like pay but other positions like corp dev, strategy, bizops, partnerships, and even the general finance route can all be lucrative given you join the right company at the right time. Even then, finding these positions at top tech companies can be just as difficult as PE recruiting (numbers-wise), and even for the more risk-adjusted late-stage bets, a path to liquidity is not always a sure thing.  

  • Analyst 1 in IB - Cov
Jul 6, 2021 - 11:35pm

I have been working on making the switch as I realized finance is not for me and agree with you that it's better to do it earlier than later. I'd like to ask how did you get your new position (headhunter, networking, online application, etc)?

Jul 7, 2021 - 5:17pm

Big4 M&A tax (accounting major). I know... Not finance related but I go to a target and have cast a very wide net with alumni. Overall, pretty positive responses from them (i.e. they think I have a decent shot at landing something/will hopefully vouch for me + said my story for wanting to switch is very valid). Since making the decision to pivot, did all the modeling courses, networking, extra reading, and have been getting a few other more-relevant-than-my-internship experiences on my resume. 

  • Analyst 1 in IB - Restr
Jul 8, 2021 - 2:02pm

Nope I'm just curious. People have been talking about this since the start of the year but with 99% of the street paying bonuses in summer I wanted to know how many were actually leaving

Jul 8, 2021 - 2:05pm

Thanks for the response. All good. People are just going to quit to like take a vacation? Are you guys able to speak with your banks to like have unpaid leave or something? Hopefully something can be worked out so that there aren't any major issues for employees and/or the world or anything of the sort. 

  • Analyst 1 in IB - Cov
Jul 9, 2021 - 9:41pm

BB TMT & HC here - 8 / 10 of my division's analysts are leaving. (5 of them leaving finance altogether.) I always knew about the high turnover in banking but this is insane. I'm not sure how they'd even run the group for the next 5-6 months!

  • Analyst 1 in IB - Gen
Jul 9, 2021 - 11:22pm

Only reason I haven't left IB so far is because I've managed to convince my if I leave now, all those extra hours/late nights i've done are technically covered by my bonus therefore I would be giving them the satisfaction of keeping this money.

  • Prospect in IB - Gen
Jul 10, 2021 - 5:20pm

3rd year analyst @ WF Lev Fin in Charlotte

I will run for any other job that pays ~$150k all in comp right now.

There is no such thing as good bonus at WF, the firm is trying to cut cost and I can't imagine them increasing salary for junior staff. Fuck The Jamie Dimon wannabe.

I will probably still do something in finance but maybe corporate development @ tech firm if possible. But, Lev fin doesn't place well into those jobs. For all your high schoolers and incoming summer analyst, do coverage over product you will thank me and worship me in your fuckin sleep.

  • Prospect in IB - Gen
Jul 10, 2021 - 5:20pm

3rd year analyst @ WF Lev Fin in Charlotte

I will run for any other job that pays ~$150k all in comp right now.

There is no such thing as good bonus at WF, the firm is trying to cut cost and I can't imagine them increasing salary for junior staff. Fuck The Jamie Dimon wannabe.

I will probably still do something in finance but maybe corporate development @ tech firm if possible. But, Lev fin doesn't place well into those jobs. For all your high schoolers and incoming summer analyst, do coverage over product you will thank me and worship me in your fuckin sleep.

  • Analyst 1 in IB - Gen
Jul 11, 2021 - 6:55pm

Can you explain coverage over product? Doesn't coverage pigeonhole you into that specific industry and make it tough to exit to tech unless you're in TMT?

  • Prospect in IB - Gen
Aug 30, 2021 - 6:36pm

Look Monkeys, by working 2 years in covering media doesnt make you a expert in the media industry, and you will have a easier path going into corp dev anything. 3 years at lev fin doesnt even land you a interview @ pornhub. No body outside of finance understand what lev fin is, unless you come from banking. My family thinks Im underwriting loans to fuckin papa john franchise. However, if youre a finance hardo then I think lev fin is a pretty solid gig. Much more deals than in mergers and acquisition.

  • Analyst 2 in IB - Cov
Jul 10, 2021 - 8:37pm

Majority of my analyst class already quit… so I guess there won't be a mass exodus after bonuses

  • Analyst 1 in IB - Cov
Jul 10, 2021 - 9:52pm

If the majority of your class quit, who is currently left, just the first-years?

  • Analyst 1 in IB - Gen
Jul 12, 2021 - 1:37pm

I think WSO interns/prospects like to propagate the "good culture" idea about Barclays, despite having never worked here. Almost every thread with Barclays on it, there will be a few comments on our "culture" - with no credible source other than other WSO threads. As with any other bank, there are good groups and bad groups - same with good seniors and bad seniors. I don't think any bank has a "firm-wide" culture - everything is group dependent. 

  • Analyst 2 in IB - DCM
Jul 17, 2021 - 8:02am

I'm in CB (within the IB) and even we are experiencing high turnover. 3 ppl in the last two days (our team is very small too). Exits are debt funds / IB.

  • Intern in IB-M&A
Jul 18, 2021 - 3:35pm

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  • Analyst 1 in IB - Cov
Jul 18, 2021 - 3:13pm

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  • Analyst 1 in IB - Cov
Jul 18, 2021 - 4:29pm

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  • Analyst 1 in IB - Gen
Aug 5, 2021 - 4:29pm

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