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I'm not at a large bank, but we see it happen as well. I think the move from NYC to London is a bit different from NYC to somewhere else in the US, but I imagine it is a possibility. So, while I would by no means count on it, I'd say there is some hope.
Have seen this happen numerous times @ MS and ML (from NYC to out of the country), so I'm sure its very possible. Make sure you express an interest in something of this nature - your bank might already have a program in place that allows for such movement.
It's done all the time. If you're promoted for your third year, and there's a need in another office - it can be done. That being said, banks don't "encourage it" like schools encourage study abroad programs. You'll have to seek out the opportunity and push for it.
But banks make the transition especially easy if you get the nod. They'll push all your paperwork through, line up RE agents to help you find an apartment, and generally provide nice relocation stipends.
1) An actual need for another Analyst in a different office
2) Someone from that office pulling for you or someone with enough influence who likes you at your own office to make it happen
It's probably easier to do the NYC --> Elsewhere in US move or Elsewhere in US --> NYC rather than going abroad instead.
Also, I would again point out that given the state of the market right now, this move will be more difficult than in previous years.
I know an analyst at Citi who did a 6 month rotation to New York from a regional office. They were nice enough to put her up in corporate housing too.
As somebody said most banks do have them and although not massively advertised or anything I'm pretty sure everybody is aware of them. It's very common and actively encouraged by most places
Thanks for the info.
When the Big 4 Accounting firms where on campus recruiting at my school they made it seem like working in another country was almost a requirement to progress in your career. I guess when you have an office in every city in the world and employee 10x as many people you can make accommodations like that a lot easier
Good comments above, but there's a little wrinkle in here that nobody else has considered. Switching groups within your bank can be highly encouraged (my bank had a 3rd year mobility program run by HR). The Catch-22 of it all is that if you're a phenominal analyst, groups will fight to keep you (if you're staying on for a third year, you might as well be with them). So it really becomes a little bit of a struggle between your group's senior guys and HR.
When I was in banking I worked on a pretty big LBO that involved a fair amount of the Sponsors group. Subsequently, I got to know alot of them fairly well. When I got my first year bonus (and 3rd year offer), the Sponsors guys began pushing hard for me to join the group as a 3rd year. I thought about it pretty hard, but decided I would be better off staying in my current group. Unfortunately, somewhere between me having conversations about joining the Sponsors group, their group head had taken that to mean that I had an interest and had preemptively spoken to my group about it - a very awkward situation for me.
Regardless, I do know guys who have made it to London and regional offices as third years and 1st year associates. It sounds wierd, but it's easiest when you're a good analyst, but not so good that your group hates to lose you.
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