IB background check - salary history
Finished interview process at Goldman and close to get an offer. Recruiter asked me to provide current salary and bonus, but I gave a higher number than reality in hope of getting good offer (was seriously underpaid for work at previous comp).
I found out this was really stupid since IBs do thorough background check including salary history. GS needs some form of proof. Can't send previous payslips, tax slips, bank statements. Is the red flag gonna be raised when previous employer won't confirm salary?
I do not have criminal record, never took drugs, no bad credit history, did not lie about education, employment history... just the salary.
I have the feeling I've totaly ruined my chances of getting into this comp.
What should I do?
Let me explain something to you... In the world of finance, we may manipulate, deceive, cheat, bend the rules a little... BUT WE DONT F***ING LIE!!!
You may still get an offer however, as the recruiter asks only to have an idea of what $$$ to pay if you get an offer. You'll get a background ref form afterwards, where you SHOULD NOT LIE!
Thanks for your comment.
Ok, so I fax my salary slips. I know GS is a big company, but what if the ppl that have worked on the offer find out that the figures they got from the recruiter don't match the statement? I know that the background check is done by an outsourcing company, but will HR be reviewing that company's results of the check procedure or also the actual documents?
Am so scared things might go wrong even if I send in the correct documents.
feel sorry for you man. I don't think you can do anything now but wait. wish you the best of luck. which GS are you in anyway?
Hmm, if they question you for overstating your income, tell them you were stating your income in some other currency that is less valuable than the USD. That's a real cheesy and retarded approach but hey, if they catch you for lying it's even worse.
You may always say that you were paid a portion of your income either out-of-pocket or on some offshore bank accounts. It happens, especially with the bonuses
Tell them that the figure you gave was the amount that you were told you'd be making had you stayed at the previous place.
Or you could say you were asked what kind of money YOU WERE looking for at GS...not what you made. That might doubly screw you though, if you undershot.
All in all, I don't think one would lose an offer over such a thing. If they like you, they like you. They knew what they were going to pay you before you even walked in, dude.
This seems like the way to go, what EXACTLY did the form say that you filled out?
I highly doubt they even notice.
I agree w/ Skier88 as well - tell them that's what you had been offered to stay on at your current/past employer. This isn't going to be the first time they've seen someone do this nor will it be the last.
I highly doubt they will notice/care, if you got the job you got the job. Things like, you never worked there would be the only red flag.
However, let me say you are a dumbass for lying about that. IF you wanted more money you could just turn down the offer for more cash, it is GS, they pay well.
Anyway, the deed is done. Now IF they come back to you just say, like I believe was mentioned before, that is what you expected to make if you stayed on for the new year or that was what you were looking for. Worst case scenario they will say "No, you filled it out incorrectly. Please tell us what you made, and you say "Oh, I am sorry. I made XXXX." End of story.
Do not escalate the situation by being shady or not sending in the proper documentation on time. This will make you look bad.
Recruiter mentioned that the most important thing in that background check are credit history and criminal record. The "admin, paperwork, documents is just a bunch of post-911 BS" is what he said. He also said: "I wouldn't worry about background check unless you have unpaid parking tickets". But of course, those are the recruiter's words. Being shady is indeed bad, so I will definitely send in the right documents.
hey, i hope your situation turns out all right. but, be warned that you're giving a lot of specific details on a public message board. I would be wary of how detailed a picture you paint of your current situation since you never really know who goes to this site. there are a few past examples of being identified and called out simply from a few WSO posts. I guess there's not much you can do now, but be careful, i.e. if i knew who you were and worked at GS above you, I would fire you for sure.
WHAT HAPPENED IN THE END!
Did they ever ask for paystubs
Lehman collapsed just a week after and finance was never the same. Then we had QE, and now Trump. I bet OP did not see that coming when he lied his compensation in '08. What a turn of events.
What a turn of events
makes no sense - they should accept past paystubs or tax docs. Banks do for loans. Bogus post
What are you talking about? The question is about verifying income for employment and firms do that differentlty.
I am in the process of lateralling into a bulge bracket IB analyst role. The firm asked me to send my last two paystubs and the paystub from my last bonus check. I couldn't exactly remember what my bonus was as it was direct deposited after taxes, so I reverse engineered it for my application and guessed... Turns out I was 200ish dollars off (totally immaterial to what the bonus actually was). Anyways, 3 days later I get a call from HR wanting me to explain the difference. I told them I wasn't sure of the exact amount at the time and didn't see an option to mention "estimated" on the bonus section of the application. They told me it would probably be okay, but they still had to run it by some higher ups... It sounds silly, but they really do take prior compensation seriously.
Tl;dr My experience so far has been that HR in IB dots every i and cross every t, like the rest of the people who work in Investment Banking...
Did you get a prior comp form ?
Yes
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