I want to quit
This isn’t going to be a sob fest. I’ve reached a point where I no longer wish to continue working in my current role. Combination of mind numbing stupid work, and a toxic director and group head. I get paid my bonus soon, and in my state (God Bless California) all my unused PTO hours have to be paid out upon termination (est. 15k). I live at home so don’t pay rent so I think I can last a while.
My question is, for those who have quit with nothing lined up, how hard is it to get back on the horse. I was planning on lateraling within my bank to NY, but don’t see that being possible. If I interview, can I say I got laid off? Feeling little lost as I’ve never done this before.
It's easy to job hunt with a job already rather than hunting when you don't have a job. I would suggest that you just try to look for a new role right now, and use the role that you have as leverage. I think that looking after you leave becomes significantly harder and that you're not going to get as many looks because of the resume gap.
Re being laid off; I wouldn't lead with it, but I wouldn't lie if directly pressed.
If you plan on staying in IB, it will be very hard to lateral with nothing else lined up. Especially with the current job landscape. I rarely ever hear about people moving to different IB groups for comparable pay without them having already received the offer on this forum.
If you wanted to move into middle office (CorpFi/FP&A/Treasury) or a CorpDev role, it will be fairly easy for you (Corpdev obviously a bit harder) - if you don't mind taking a pay cut.
There seems to be a semblance of you feeling unsure of where to go from here, and if that's more the case, then applying to MBA programs will help you take a bit of a breather and move you into better, more lax roles if you choose to do so.
A few groups at my firm are currently hiring. I've been getting random recruiter inbounds for lateral analyst and associate positions more frequently these past few weeks as well.
Don't stress over 'what ifs' or minor details. Don't overthink how quitting is perceived.
People leave their job or get laid off all the time in any field. Have a good reason for why you want to join the next firm, and just get started on searching for your next job, there are openings but you have to be efficient
Would you mind disclosing which groups?
If you quit/leave, can you name the group so I can try and fill your spot?
Not asking in a joking/sarcastic/negative way.
I was laid off and need a job. Don't care how hellish the culture at your group is.
Thank you in advance.
It’s corp banking
Stay in California we don't want you to ruin NY too
Hurry up and lateral bro - a lot of groups are taking analyst and associate laterals right now
Which groups/coverage areas?
Most applications online are pretty stale
How direct should we be when inquiring about lateral positions?
I've been on the recruiting side reviewing resumes, and I can tell you that any gap that's longer than 3 months will not only garner questions from the recruiting team, but also the senior members of the team in the final rounds. While everyone is on an at-will employment contract, companies still want to see a level of loyalty and staying ability. This is also why people who leave a few firms in less than a year are also seen not favorably.
The easy answer is to stay in your current role and recruit at the same time, and only leave when you have another job in hand. Of course, it sounds like you already know that, so you're looking for another answer, like how you're planning on attending business school, so you might have taken some time off in advance prior to starting your MBA.
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