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You don’t get another job in finance :)
U keep it if you're laid off
They write it off as a loss and later gets pushed down to debt collectors, it’s a bank after all, fuckers know what they’re doing.
They will come after it - will litigate if necessary
If you voluntarily leave they will come for your bonus exactly 12 months later (enough time for you to return to the company). I have had two friends who have had to pay theirs back (net of tax), one JPM the other Jeffries.
My understanding is that they just debit it from your account, that happened to my friend at JPM
At my bank I’m told they send 3 letters and then give up...they don’t want bad piblicity
A friend of mine at DB had them come after the full pre-tax amount
Their legal department will come after you (calls, letters, etc.). You negotiate pro-rata amount and settle. Pre tax amounts
I left recently and they asked for my 10 back
Curious as well
What happens if you don’t pay it back?
At my old EB an associate left within a year of starting. He had to pay back the full pre-tax amount within 30 days of leaving. I’m sure that cash constraint could create a bit of a deterrent to jumping ship early!
How much are these sign on bonuses nowadays? Range please?
50-60k for associates coming out of b-school
Analyst 1 left after a year and they went after her $10K signing bonus at MS