I'm lateraling from another bank (where I was in a non IB role) to a boutique. I would be coming in as a 1st year in a different city than Im in currently (NYC to Boston). The offer came with no signing or relocation bonus. Is it appropriate to ask and is no bonus typical for this type of situation?
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From what I've heard, laterals typically don't get signing bonuses. I have heard of a few getting relocation bonus though. With that said, its never bad to ask (assuming you already have the offer and your wording/phrasing of the question is also very key).
One question I would have for you is: do you get a bonus in your current role? If so, is the increase in the salary/prorated bonus for the year enough to offset that loss bonus? If so, they'll probably come back and say that with your new base and the prorated bonus you'll "be made whole" and thus, that's probably why there is no signing bonus. But if there is money left on the table for you, then you might have an argument.
But seeing how your coming from nonIB into IB, i doubt they'll give it to you. Just my 2 cents.
When I lateraled from a non-NY, "no-name" boutique to a non-NY MM, I received a $5,000 signing/relocation bonus, which all first years at this MM got. If I were you, I would shoot HR a friendly email and ask.
Dumb Signing Bonus Question (Originally Posted: 07/21/2008)
If you are lateralling to a bank from another city an offer should have room for a relocation or signing bonus? I recently received an offer and the salary and everything look good, but there was no signing or relocation bonus. Is this normal or is it expected that I will push back?
If it wasn't originally negotiated, you might be hard-pressed to push it onto them now. Not many signon bonuses nowadays, and relo bonuses are probably tough to find as well.
Hopefully you didn't blow your bonus just yet.
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