Quitting a job after 3 weeks in? Advice?
I was under pressure to accept a job earlier in Feb for loan syndication (DCM) analyst role, however I will 99% get a offer from a top team at a Baird / WB / HL. I just started the DCM role today at the BofA / WF / JPM and what if I quit in 2 - 3 weeks? The group head / MD waited for 1 month for me to start the job. What can be the potential consequences? Is the long term damage too large that I should just stay for 1 year? I'm not doing it for the money or anything, the pay at both shop is roughly the same, but the loan syndication role isn't what I expected. The job feels back office and I won't be learning anything given that I'm a lateral analyst hire.
You've been on the job for 1 day and can already tell the job "isn't what you expected"? Sounds like you're completely at fault here by not doing the proper due diligence required to figure out what the job entails. Loan syndications is definitely not a back office role. No one can guarantee whether you'll encounter any backlash from quitting within a few weeks, but what I will say is that the street is smaller than you think, and DCM MDs at the banks you mentioned definitely do have relationships with bankers at the MM firms you'd be leaving for.
If you're leaving because you hate the culture, the people, the job itself (once you've put sufficient time in to figure out what the job actually is), then fine - but the information provided reflects poorly on your character and professional judgement, given it seems all your career decisions are done based on knee-jerk reactions without having done the required diligence.
I totally understand where you're coming from. The BB I was at prior give me a very bad bonus and I was overworked IMO, I interviewed with several firms for IB but, wasn't given a offer at my top choices. Loan syndication was the best out of the 4 offers that I received in terms of pay, team culture, location and etc. I felt pressure to take another job because of few personal reasons. I have a lot of experience doing loan syndication type work prior and I can confidently say that I can do 80% of the work with ease, the remaining 20% is just understanding the new template / technology. My team right now doesn't seem to know where I'm at with technical knowledge, therefore l'll be put on trainings with newbies. Even tho, the job is front office but, I feel like I'm just acting as a database for loans, in comparison with IB coverage work, which is what I'm looking for. Everything aside, I would like to hear what you think could be the consequences of me leaving within 1 month of starting? The group head is very senior, he headed the lev fin team at JPM / BAML in the past and probably one of the most well known guy in the loan syndication space right now. I'm ok with doing 1 year and ask for internal lateral, but I will rather not waste 1 year of my time. Therefore, I'm looking to get some advice from WSO.
You mentioned that you have a lot of experience doing loan syndication work - were you in the same function at your old BB?
Worst case scenario: You piss off the group head, and in the odd chance that he's a vindictive individual by nature, may make it his personal goal to ensure that you never get a job on wall street again (highly unlikely)
Best case scenario: Nothing happens and you start at your new job unscathed
It's impossible to assign a probability to the various outcomes because as you know, firm HR policies, culture, personalities, etc. vary significantly. If you lateraled to a chop shop with 5 no-name bankers, then it would be an easier decision when considering the potential consequences. However, I'd suggest you tread lightly in this situation (i.e. stay a minimum of 6 months) because word does travel, especially if you're well connected. Even though the optics of staying 6 months in a job doesn't look great, you can say you gave it a shot and left due to reasons such as culture or fit, or another excuse that's often used in today's WFH environment (which isn't that hard to believe). However, if word leaks that you stayed in a seat for a few weeks, that's a definite red flag for all potential employers.
Even if the group head doesn't try to ruin your career intentionally, you never know what might slip when he's playing a round of golf with an old friend at Baird / WB / HL. Last point I'd make is we tend to think grass is always greener - not sure what your expectations are for being an analyst in a coverage group, but I can assure you that there's a fair amount of mundane, administrative work in nature as well. It's not the group or product - you're at the bottom of the totem pole, so you're responsible for the work that no one else wants to do (i.e. maintaining databases).
I am more curious how during the last two months did you interview with one of the MM you mentioned. They didn't ask what you do or you just lied your way around
Not sure what's your question. Didn't lie about anything. I just didn't tell them that I have already accepted a offer.
Possibly going to be in a similar boat soon... yeah banking is a small world but what are the odds an MD at the firm I just joined and recently quit from goes after me?
What would your title be at the MM bank? Meaning Analyst 0, 1, 2 etc. It sounds like you have a few years of experience already
They give me 2nd year pay, but no indication of where I will be at in terms of promotion. I'm actually not to concern of that, because the group head express clearly that they have limited spot for A2A promotion given how niche the product is. He's open to help me with lateral opportunities internally and that has went well for all of the past analysts. I think part of the reason why I want to make the jump is also given that I would like to stay at a group long term, but there is too much uncertainties here.
Gonna be 14 months into your career on a 3rd bank? Bad look.
Not sure what you're talking about. I stayed with bank 1 since SA for 2 yr+. This is my 2nd gig out of college.
And you can just not put this DCM bank on your resume...
Your post history implies you’ve been trying to lateral unsuccessfully for over a year (interviewing at BTIG)
Sounds like your background is more DCM focused and the Baird / HL / WB opportunity might not actually happen
enjoy the gig at WF (JPM and BAML are higher caliber for sure)
Not going to explain myself, but just want to point out that I came from JPM/BAML/WF and going to JPM/BAML/WF.
All of the three MM laid off during covid and they are desperate at hiring, let alone a DCM analyst from a BB. OP even said he is from one of the three and goes to another. How does it make him look bad?
I am curious did you work at a MM and now at a LMM crappy pay fund so you don't understand the industry and do you generally just enjoy being a retarded jerk?
I'm an intern so what do I know but I've always told myself when it comes down to it, the employer will always be able to find another employee. Am I really going to work a job I don't necessarily enjoy just because some MD may be a complete asshole over me leaving? Probably not. I agree that the grass may not always be greener but it's your life and you only live it once. May as well go for it, although I'm not sure how that conversation is going to go for you with the group head. Have you thought about what you may say to him if you get the offer?
So you’re at WF?
couldnt resist looking thru his post history - he's listed JPM / BAML / Citi in a few others, so must not be WF? im shocked lol
Not sure why that even matters. I can also be a college kid pretending to be Analyst 2 at some firm in the industrial group.
DCM sucks bro. Loan syndication is about the worst job you can have. Do what is best for you, just leave it off your resume.
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