How to Resign

I am hoping fellow WSOers can help me out here. I am switching from my current firm and moving up to a direct competitor in Asset Management (same client base, even share a few clients).

For me it is the right move, better firm more opportunities but am a little nervous about giving my notice. I feel it will be an unexpected move and the fact that it will be with a competitor will likely sour the terms a bit more.

Any worse case scenarios or personal experiences you guys can share to soften the blow? Or any advice for things to say/not say.

 

Write a resignation letter that sounds like a thank you letter- where you thank them for the experience, praise them, etc. but explain you must leave (give soft, vague reasons that aren't offensive- i.e. "better fit").

Tell you boss(es) in person, and hand them an envelope with the letter. Discuss arrangements (e.g. two weeks, finishing a project, etc).

Do it as tactfully as possible and you may even get a glowing recommendation letter to take with you.

 
selleverything:
Write a resignation letter that sounds like a thank you letter- where you thank them for the experience, praise them, etc. but explain you must leave (give soft, vague reasons that aren't offensive- i.e. "better fit").

Tell you boss(es) in person, and hand them an envelope with the letter. Discuss arrangements (e.g. two weeks, finishing a project, etc).

Do it as tactfully as possible and you may even get a glowing recommendation letter to take with you.

Great advice. Always remember to NEVER burn your bridges. Thank thank thank.

"Come at me, bro"- José de Palafox y Melci
 
PTS:
talk in person with letter in hand. likely you will be asked to clean out your desk at the end of that conversation.

That's not necessarily true. I interned at an AM firm this past summer and a guy finished his two weeks notice after announcing he was lateraling. Our firm needed the body on research especially in his sector and the two weeks allowed them to go out and find a replacement so there was no gap in coverage.

 
Raptor.45:
PTS:
talk in person with letter in hand. likely you will be asked to clean out your desk at the end of that conversation.

That's not necessarily true. I interned at an AM firm this past summer and a guy finished his two weeks notice after announcing he was lateraling. Our firm needed the body on research especially in his sector and the two weeks allowed them to go out and find a replacement so there was no gap in coverage.

Fair enough. More likely to be that way when you work in the iBank or other confidential data areas.

 
sjhruby:

So you say just tell them I accepted and don't even bother giving them the courtesy to make their pitch?

I can see why you would think that it is a courtesy thing you are doing but in reality it is not.. Making a pitch to you would require the manager to talk to his/her boss and HR, rebalance/reallocate their hiring budget, etc. In short, they can't just pull a random figure out for you for fun's sake. If you are going to quit anyway, I would not put them through that exercise.

 

I would inform the head of the group / your boss about your decision. I would then speak with all of the people you have developed a relationship with at work and let them know that enjoyed working with them, learned alot, etc. I would caution you about telling people where you are going until you get settled, but you can just frame it as a great opportunity came up that i could not pass up. I am always paranoid about letting people know where you have gone prior to getting settled, but I would leave that to your discretion.

 

Just give them ample notice (2 weeks minimum) and be humble about it. Not that it will be a huge deal, but start developing a coherent story why you quit a job at only the 6 month mark. I find it is usually asked during future interviews. Good luck in your new career.

Oh, as mentioned above, get an offer letter first.

 
craigmcdermott:
You may also want to slowly start moving your things out of the office/switching phones etc because I've heard horror stories about people getting 20 minutes to get out and only being allowed to bring what they could carry in one trip.
Second this. "Giving two weeks" is not that common when you deal with sensitive information every day - they often show you the door immediately. When I left my bank I was allowed/begged to stay for two weeks because I was in the middle of an important deal, but some people aren't even allowed to return to their desks, depending on how paranoid your bank is.
- Capt K - "Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham
 

In your contract does it say you have to give 30 days notice, or give 30 days notice or else (insert consequence here). Since you're having to pay back your signing bonus and relocation expense, I can't imagine what else you'd have to pay back.

Every employee handbook I've ever written says to give two weeks notice, but you can tell them your last day is today and then peace out.

make it hard to spot the general by working like a soldier
 

Once they find out you want to leave they probably won't want you to stay for the remaining 30 days. Its pretty common for employers to try to get someone out the door as soon as possible once they find out that the employee is planning to leave. You've only been there a short time so transitioning your projects elsewhere shouldn't be too difficult.

 

Also if you don't list it on your resume or linkedin I don't see how any future employer could find out that you worked there. Its not like they can search the IRS database to find out every place that you've ever received a 1099 from.

 
Best Response

I'm going to answer this a different way. why do you want to work for a startup? I can see the attraction of a startup, and I think there are a few things to consider:

  1. personal financial situation - startups fail all the time, are you expected to invest in the company? are you expected to not take a paycheck if conditions get bad?

  2. how much responsibility will you get? in my mind, startups have 2 exit opps: multimillionaire or back on the street. sure you can exit before it gets big but who does that if you have equity? an aside: if you take it, make damn well sure you get equity. if you get back on the street, you could leverage that experience to go to b school depending on other factors, it's probably good work experience if you have lots of responsibility.

  3. are you working at a group that has fantastic opportunities or at a subpar group?

  4. do you ever want to go back to banking?

if I were you, if you want to go back to banking, I'd really consider staying. it's very poor form to leave a job so soon.

also check out this thread, some good comments from @"SSits" and @"chicandtoughness" http://www.wallstreetoasis.com/forums/startup-vs-ib

 

Congrats.

Just get it done as quickly as possible. Obviously get it all sorted out with HR, IT, your boss, etc. It doesn't have to be awkward if you're straightforward and honest.

You'll be fine. Good luck on the new gig.

 
HFer_wannabe:

I'll be quitting my job at a BB soon and will be moving to another large bank. Can I expect to just walk in, hand over all my crap (bbry, remote login tool, etc), and leave? Do I need to prepare anything? I know it'll be awkward as hell when it happens and I really just want it to be as quick and painless as possible.

Anybody have any experience with this?

First order of action will be to sit down with your boss (the person you report to directly) and tell him/her that you will be leaving the bank. Traditional corporate etiquette is to provide at least 2 weeks advanced notice, but this differs from firm to firm and may not be necessary. You should also prepare a formal resignation letter (if necessary, you can search online for some generic examples) and submit to your boss and/or HR.

 

You have 2 options:

1) you go in and tell whomever you report to that you quit. They will immediately put you in a room or shutdown your computer and not allow you to touch anything. After probing you for info into where you're going they will have security escort you to HR who will then give you all the paperwork and probe you some more. Then you go home and pop bottles.

or

2) you send an email that you're resigning. Leav everything they will ask you for at your desk the previous night and take anything home that you want to keep. This saves you from going in. They will likely just fwd your email to HR who will then call you. Then you may receive an email from your boss/associate or whomever asking why. In 2-3 days you will receive a package in the mail from HR with info about nothing important. That's basically it.

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 

Sit down with boss, tell them directly and submit letter of resignation/two weeks notice. Then go to HR and do the same thing, with another copy of the letter. Tell them you'll do whatever you can to help them with the transition. Then wait. If your a junior guy, they'll probably ask you to turn in you shit and leave right after. Do this on a Friday if you can.

**Don't be stupid and send anything like your contacts to your personal email. I know someone who got a threatened with litigation after he left for this very reason.

Also, clean out your desk before so you can make a clean break by just grabbing your coat.

Please don't quote Patrick Bateman.
 
n1cktm:

Out if curiosity whats your reason for quitting, from the sound of your post it sounds like you are lateral ing to another BB group or are you getting out of IBD to move into corp lending?

In a crappy S&T role at a remote office moving to corp lending role at a well known lender in a southern city.

I grind my face in the pavement from when I get in until I leave at my current role, never really getting a chance to think or do any in-depth analysis on deals/companies. Being at a remote sucks too, as I miss the city life. Oh, and the cost-cutting retardation has hit a new all-time high level. And I would never want my Assocciates/VP/MDs job. Pretty much, it sucks all around and am just glad I'm finally leaving.

 

Congrats on your new role, and I would definitely join those who say to go into your direct boss's office and let him know. Better to be a man and do things face to face. Also, be prepared to offer two weeks, as it is customary, but like others have pointed out, you may be escorted out that same day.

 

Why are you quitting now and not after the new year? Some banks will be fucking douches about your bonus. Never quit before your bonus check has cleared the bank.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

Update*

Had my heart racing as I went in, but it turned out to be no big deal. Said I was putting my 2 weeks in, boss called the head guys of my group (I'm at a satellite office), waited around for about 30min, handed in my badge/tools, had an exit interview and I was gone. Didn't even need a letter of resignation. Won't get paid for the notice, but though I'd give it a shot.

Now at home drinkin' beers, waiting for the games tonight, and "packing"

 

Do you have any unused vacation time? If so you need to go back to the office and demand they pay you for it. You put in your two weeks notice, if they terminate you after you put in your two weeks they owe you unused vacation time.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

dan bush fxxx off if you do not intend to participate constructively in this conversation.

this is a situation most analysts and associates are likely to go through. i might be taking this step soon. and it will be great if people can share their experiences. i do not wish to burn the bridges and step on any "landmines".

 
112107:
dan bush fxxx off if you do not intend to participate constructively in this conversation.

this is a situation most analysts and associates are likely to go through. i might be taking this step soon. and it will be great if people can share their experiences. i do not wish to burn the bridges and step on any "landmines".

lighten up bro. clearly i have no clue.
 
112107:
There has been much talk about interviewing. But any thoughts on how best to resign. This has never been nice and will never be a nice step to take. How best to minimise the bad vibes.

You're just a kid, I'm assuming, so you don't "resign" or "step down from your post." You're not the president. You "quit."

Also, learn that there is a variety of punctuation out there that can be put to use, including question marks.

 
zala rules:
112107:
There has been much talk about interviewing. But any thoughts on how best to resign. This has never been nice and will never be a nice step to take. How best to minimise the bad vibes.

You're just a kid, I'm assuming, so you don't "resign" or "step down from your post." You're not the president. You "quit."

Also, learn that there is a variety of punctuation out there that can be put to use, including question marks.

Zala - This was a great response. Not sure if anyone else really caught it, but I laughed.

 

what if your direct boss has no idea it was coming?

if it turns confrontational, what are the potential landmines that i should be on the lookout for?

should it be done in office OR over a coffee session?

 

i apologise for my inappropriate use of words, but yes, i quit, i resign is the idea that i am trying to bring across.

apologise for the lack of punctuation too.

care to share how you carried out yours?

 

The less time that you've been with the firm, the less they give a fuck, because it's pretty much expected.

If you're an entry level analyst, they either figure they'll lose you to another firm or grad school usually two to three years later anyway, so it's no biggie.

Now, the converse, is if you had an unpleasant experience with the last firm, just tell them that you've decided to make a career transition and you're resiging to give yourself more time to cogitate on the matter and your developing options.

"Cut the burger into thirds, place it on the fries, roll one up homey..." - Epic Meal Time
 

You may have signed a confidentiality agreement where you agree not to disclose any information about the firm and its deals. This is different from a non-compete agreement where you agree not to work in any capacity that competes with your bank. I highly doubt you signed a non-compete.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

I would wait until you have all of the paperwork and it's 100% final before you say anything. In the case of your boss, just tell him first and give reasons why-a promotion, more money, whatever-and try not to burn the bridge because the business world is small and you're demonstrating that your field is even smaller if he used to work for the firm you're going to.

After you've resigned ask if it's ok to send a thank you email but I'd lay off giving forwarding information. Just make sure you get ALL of your contacts in both an electronic and hard copy. Then when you have your new email address send out an email stating your new contact info, what you're doing there, etc.

 

Never resign until its in writing on paper. Or take any action that would indicate you are leaving until you have it in writing on paper. Then do what you like as far as telling your boss. Calling clients is much better than emailing them. If they are loyal to you they will be much more likely to move with you baring they have no special relationships with your current firm. If your boss is going to be a dick about it, what you do will have zero impact on this.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

Just wait till your MD's in his/her office. Ask him if he has a minute. Close the door behind you say you've enjoyed your time at whatever bank you work at and say you've decided to move on or do whatever it is you're going to do. I'd suggest packing up all of your stuff before hand as they'll probably have security immediately escort you out. That'll cause the least amount of fanfare. If you're going to quit, quit. If they try to talk you back into staying word will get around and you'll have a scarlet letter.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
 
catd:
are you escorted immediately out? don't you typically need to give a few weeks of notice ahead?

If you're privey to sensitive or proprietary information they can often have you removed. If you're at a smaller shop this is unlikely especially if you're getting closer to the end of your 2 yr stint.

Ace all your PE interview questions with the WSO Private Equity Prep Pack: http://www.wallstreetoasis.com/guide/private-equity-interview-prep-questions
 

Congrats on the new offer.

The golden rule of careers is to always do what is best for you and let the company worry about itself. It's unfortunate timing that your boss is gone, but just explain that you are deeply regretful about that timing and would have preferred to resign in person if not for this timing conflict that is out of your hands (never take personal responsibility for anything negative in Corporate America, that's bad form -- just blame other people, that's the American way). Then make a hollow but positive sounding offer to "do anything within reason to help minimize the impact of the transition on the firm" even though in all honesty you will be a lame duck employee going forward. Thank them profusely for the opportunity to have worked there, even though apparently they didn't really appreciate you or provide you with satisfactory opportunities. This is the way things work in these types of situations.

 
Ravenous:
Congrats on the new offer.

The golden rule of careers is to always do what is best for you and let the company worry about itself. It's unfortunate timing that your boss is gone, but just explain that you are deeply regretful about that timing and would have preferred to resign in person if not for this timing conflict that is out of your hands (never take personal responsibility for anything negative in Corporate America, that's bad form -- just blame other people, that's the American way). Then make a hollow but positive sounding offer to "do anything within reason to help minimize the impact of the transition on the firm" even though in all honesty you will be a lame duck employee going forward. Thank them profusely for the opportunity to have worked there, even though apparently they didn't really appreciate you or provide you with satisfactory opportunities. This is the way things work in these types of situations.

So cynical..........and fucking spot on.
 

It would have been better to do it in person but oh well. And I think you may even have to ask for a later start date even if you give your notice right now because of garden leave. Why did you wait? my friends that lateraled quit in about a week after accepting their offers.

 

In person 100% no question...sending an email is the quivalent of breaking up with a girl via text.

Just be honest...thank them for the opportunity but explain a better opportunity has arisen that is both paid and closer to the field you want to end up in.

I quit a job for the first time last year. I was really unsure how it was going to go and a little bit nervous but in the end it was fine....its a much smaller deal for them than it is for you.

 
jesus of nazareth:
In person, or at least a phone call.
No, not a phone call. Do it in person. Have the intestinal fortitude to do it the right way and explain that you got a lot out of your time there but want to move on to explore an opportunity more in line with your long term goals.
If I had asked people what they wanted, they would have said faster horses - Henry Ford
 
syoon91:
Hey guys,

I was wondering what would be the best way to leave an unpaid internship (non-IB or PE) for a boutique IB job that is paid. Should I email the people at my current job? Or should I talk to them in person before I leave?

Its my first time doing this and I'm just worried that they might screw me over during recruiting.....

Any help would be great for people who have experience with this....

However, the people at the unpaid internship already know that I wanted to do investment banking through my interview process and I just have financial difficulties in the family so I just want something that will help me with allowance and travel costs...

Thanks!

Lol, wso isn't the "unpaid internship" is it ? lol we're not the "unpaid

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The key here is presentation. Never present it as you vs them. Always we, us, our.

You haven't taken the first step, which is ask your boss what the company's plan is for you. Start that ball rolling immediately. "Boss, I noticed that my position/title has never been fully converted to our department. It's been a thorn in my side because I want to feel fully a part of the group." See what they do about it.

Next you get a competitor's offer. Don't sign it immediately. There will be language in it about offer expiry which you'll need to be cognizant of. "Boss, last week I was contacted by XYZ Competitor out of the blue. It would have been a disservice to my career if I didn't at least go network with them. Now they've reached out to me with an offer. I really enjoy working together here and if there was any way we could meet their offer I would stay in a heartbeat."

Doesn't matter if you don't want to stay, tell them you do. Flatter them. Also, might seek legal counsel since some of this might constitute a verbal contract.

Normally you could kind of do whatever, but since these two companies are competitors you could get stuck in the middle unless you cross your i's and t's.

 

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