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      04-11-2014, 02:27 PM   #1
adobeee
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Post Friend's dilemma - advice appreciated

All,

I have a friend who is expected to get his investment banking bonus (highest compared to his Analyst peers at the firm despite poor firm performance in the applicable year) at the end of April. On the other hand, he has accepted another offer from a competing investment bank with a 30% higher pay and a promotion to Associate which is expected to start in Mid-May. The senior bankers at his current firm reiterated that they really really want to keep him on and may be even pissed if he left.

He told me that the same situation happened last year (in this case, a Vice President) so how would you best handle the conversation when you have to drop the bomb?

Thanks in advance..
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      04-11-2014, 02:43 PM   #2
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Something doesn't add up. Your friend, who I'm assuming is quite educated or at the very least highly capable since he's in IB, is asking you for advice...and you then turn to a group of strangers on a BMW message board?

On the other hand, the industry is not what it used to be so I'm not surprised. Top talent is passing up IB all together and jumping straight into PE or VC. I'm glad I put in my year as an analyst, milked the value of it on my resume, and left.

Tell him to ask his mommy.
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      04-11-2014, 02:56 PM   #3
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Quote:
Originally Posted by Alpine435i View Post
Something doesn't add up. Your friend, who I'm assuming is quite educated or at the very least highly capable since he's in IB, is asking you for advice...and you then turn to a group of strangers on a BMW message board?

On the other hand, the industry is not what it used to be so I'm not surprised. Top talent is passing up IB all together and jumping straight into PE or VC. I'm glad I put in my year as an analyst, milked the value of it on my resume, and left.

Tell him to ask his mommy.
He already has.

He asked me for advice and I've given him advice, but wanted to see what others thought. There are strangers on this board but some are qualified and well-spoken in their own regard so it's worth a shot posting here.
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      04-11-2014, 03:09 PM   #4
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When the check clear, he can do whatever he wants.
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      04-11-2014, 03:21 PM   #5
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Quote:
Originally Posted by KingOfJericho View Post
When the check clear, he can do whatever he wants.
+1

Happens all the time. His situation is not at all unique. I've been in the industry for 15 years. Every year after bonus time, it's like musical chairs. If his company really wants to keep him, then have them beat his current offer.

Although I don't advocate jumping from one company to another every couple of years, this is how one advances, both in title as well as compensation. As a junior guy, the key is to stay at one place long enough to learn all you can in order to do the job you want to be promoted into.

No need for your friend to stay out of some false sense of loyalty or obligation because he was paid a bonus he earned. Believe me when I tell you, the company will certainly not show him any loyalty if it does not somehow benefit the bottom line.

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      04-11-2014, 05:25 PM   #6
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Quote:
Originally Posted by KingOfJericho View Post
When the check clear, he can do whatever he wants.
This. Anyone who has spent any amount of time in the investment banking industry knows that it is a common practice to jump ship to another company once the bonus is paid out. He should try not to burn bridges on the way out but sometimes that can't be helped. If his bosses value him that highly, then they should match the competing offer and promotion. That's how the game is played... He should just make sure he's not going from a top bank to some 3rd rate also-ran.
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      04-11-2014, 05:38 PM   #7
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Dropping the "bomb" is never easy, however, I certainly hope he's has a good reason for leaving his current company. I've made the mistake of switching jobs just on the basis of a higher salary, but I can assure you, never again.
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      04-11-2014, 06:27 PM   #8
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The bonus is given for past performance not future performance. So he earned it either way. It shouldn't affect him leaving.
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      04-11-2014, 06:57 PM   #9
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Quote:
Originally Posted by Myrder View Post
The bonus is given for past performance not future performance. So he earned it either way. It shouldn't affect him leaving.
What he said.

Of course he should reference his employee contract. This is business after all. He's not telling a wife he wants a divorce.
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      04-14-2014, 02:24 PM   #10
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take the check and roll out!!!
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