{ "media_type": "text", "post_content": "Just got offered 60% to lateral transfer into a BB banks Innovation Strategy group. Would be insane not to accept right? Better wlb, benefits... Probably won't be VP for 2 years though.", "post_id": "5e690dddde75e2001abb55b7", "reply_count": 24, "vote_count": 6, "bowl_id": "5ae4a4f739e7cb001391ec8b", "bowl_name": "Consulting Exit Opportunities" }

Just got offered 60% to lateral transfer into a BB banks Innovation Strategy group. Would be insane not to accept right? Better wlb, benefits... Probably won't be VP for 2 years though.

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Congrats! What’s your background?

More of a data analytics/automation bg with everything from more upfront strategy to actual hands on implementation.

For others who have been in this situation, is it common to feel guilty about it? I am looped into multiple projects as a critical role and I am on track for an exceeds.

You need to put yourself first. You are always replaceable.

Do it

Is this a bank or asset manager?

Let me know if they are hiring for other roles.

60% of current salary?

Raise so 1.6x to be precise

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Oh, for 60% of your current salary? No. Most non-IB roles I've seen at BBs come with around a ~40% increase in base from associate to VP plus whatever variable bonus range they have. That sounds like your base would still be less than what you'd have in 2 years if you stayed consulting. Discounting bonuses, at best you'd likely not make any real forward progress in comp till probably 3-4 years in at the earliest. Is better WLB and benefits worth that kind of comp speed bump to you?

Hahah OP haha that’s pretty funny observation

Sounds like a WF deal to me!

For a 60% raise? Or 60% of current, so 40% cut? If the former, go for it. No brainer. If the latter- that’s a big pay cut. Consider how unhappy you really are.

Question for the group, incentive comp was verbally communicated but not in offer. Is that pretty standard? At my consulting firm I was basically given a % range.

For banks it’s completely variable and discretionary. If there’s a coronavirus downturn you won’t get shit.

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