by Brian DeChesare Comments (53)

How to Quit Your Investment Banking Job Without Getting Executed

How to Quit Your Investment Banking Job Without Getting Executed

Midway through every year, a whisper starts growing at investment banks everywhere.

“This sucks. I’m gonna quit.”

Sometimes it’s so bad that you just want out immediately.

Other times, you plan to wait and stealthily make an exit as soon as your bonus hits your bank account.

So here’s how you can break out of investment banking – without dying in the process.

Your Mission

It’s not as simple as announcing that you’re leaving and storming out of the building.

Yes, you could do that… but it will create some problems for you in the future.

To make your quitting successful, you need to:

  1. Make sure no one else knows anything about it beforehand / prevent rumors from circulating.
  2. Avoid burning bridges (if you can) because you might need recommendations in the future.
  3. Line up another offer first or have a plan for what you’ll do after you quit and spend a week on a tropical island.

You probably understand the importance of point #3, but I’ve seen many quitting bankers forget #1 and #2.

How to Escape the Executioner

Here’s what you need to do once you’ve made the decision to jump ship:

Get Over Yourself

Repeat after me: no one cares about you… at all. You are a very small cog in a very large wheel.

In “normal” industries if you tell your boss you’re leaving, he might say, “We really need you right now! Can you stay for a few more weeks?”

Or who knows, maybe he’ll even offer up a promotion or try to bribe you into staying longer.

You don’t have to worry about any of that in finance: as soon as you say you’re quitting, they’ll say, “Good, here’s the door. Please leave now.”

A lot of junior bankers overestimate their own importance – “Trophy Kid” syndrome.

But most people won’t even remember you the next day.

Prepare for an Immediate Exit

Next, understand that once you announce your plan to quit your exit will be immediate.

You don’t get a “going away party” or presents or any of that nonsense – you get escorted to the building exit.

There’s a practical reason for this: you have access to a lot of confidential information about public companies.

If you continued to have access to that information, you could spread it around to other people, competitors, or make a quick million or so with insider trading.

It’s almost as fast as getting fired, but sometimes – depending on the bank and group – they will let you stick around for a few days to a week to hand off your tasks to other analysts.

Save anything important – both physical possessions and computer files – in advance of quitting, because you won’t have time later.

Make Sure Your Exit Strategy Is Lined Up

No matter how bad you have it, it’s a really, really, really bad idea to quit if you don’t already have another offer lined up or at least some idea of what you want to do next.

So if you’re quitting to start your own fashion company, obviously you won’t have an “offer” but you should have some idea of how much money you’ll need, what you’re going to do, and an understanding your market.

And if you are continuing on within finance, you should have an offer somewhere else.

In “normal” industries it’s much tougher to get hired when you’re unemployed, and it’s exponentially harder in finance.

So you should not go and “announce” anything to anyone until you have a signed, accepted offer with another bank, hedge fund or PE firm, or a concrete plan of what you’re going to do if you’re leaving finance.

Make a Clean Break

Once you’ve prepared yourself, you need to avoid screwing up the final step of quitting – actually telling people that you’re quitting.

Here’s what NOT to do:

So once you’re set, go directly to your MD, in-person, and explain the situation:

“I’ve enjoyed my time here, but I’ve just received an offer for [Name of New Job], and they want me to start immediately – so I’ll be leaving.”

At this point your MD will probably jump in and act professionally about it – or he’ll complain about how much work you’re leaving behind, especially if it’s at a smaller bank.

Do not get emotional or give into any demands or last-minute requests.

You’re quitting. If you say “no” to these demands, what will they do? Fire you?

Saying “yes” won’t put you on better terms, either – if they make last-minute demands of you, they wouldn’t write a good recommendation in the first place.

Once you’ve told your MD, go around and say the same thing to your other team members, keeping it brief and unemotional.

Then, depending on whether you have to leave immediately or you have a few days to a week, go and craft a brief farewell email with your new contact information.

Don’t send this out to the entire investment banking department or the entire bank – you’re not that important.

Just send it to your own group, or to anyone you’ve worked with in the past.

A Tale of 2 Analysts

Similar to a tale of 2 summer interns, a quick tale of 2 quitting analysts will illustrate just how important the above points are.

Bitter Quitter

Bitter Quitter was at a bulge bracket investment bank and received a hedge fund offer just before bonuses were announced – right around the 1-year mark.

He hated his life and desperately wanted to get out, but he made the mistake of telling all the other analysts in his office before anything was official.

“I’m really close to getting this hedge fund offer… then I’ll be out of here!”

Rule #1 of quitting your job: don’t tell anyone you’re quitting.

Assume that anything you tell a single person at your bank will instantly spread to everyone else – office gossip happens 24/7.

Bitter Quitter eventually won the offer, but he made the critical mistake of not telling anyone higher-up directly – they found out through the grapevine instead.

So he didn’t even get to “quit” – instead, the staffer approached him and said, “We know what you’re doing. Please get out right now.”

Result: He never got to tell his MD himself, so he left on poor terms and would have trouble getting a good recommendation for business school or anything else in the future.

Clean Breaker

Clean Breaker was working at a middle-market investment bank, and received an offer to move to the corporate finance department of a Fortune 500 company, a few months after bonuses had been awarded.

He also hated his life (notice a common theme here?), mostly because one VP he worked for could best be described as “evil incarnate.” He was incredibly out-of-shape, had no life outside work, no friends, and spent all day making his analysts and associates miserable.

Even though Clean Breaker was miserable, he wasn’t foolish – so he didn’t tell a single soul that he was even interviewing until he had the signed offer in hand.

“Trips to the dentist” and “personal days” are plausible if you don’t use them every single week.

When the time came, he went directly to his MD first and told him the news, then informed Evil VP and the rest of his team.

Evil VP got visibly angry and spent 30 minutes trying to convince Clean Breaker to stay (this only happens at smaller banks), but Clean Breaker held firm and said, “Thanks, but I’m out.”

Result: Clean Breaker probably can’t get a recommendation from his VP, but there’s nothing he could have done to prevent that. But since he handled it professionally, he could easily go back to his MD and ask for help in the future.

How to Quit

Quitting your job is like removing a band-aid: make it quick and clean, and accept that it’s going to be painful in the short-term.

That’s way better than spending an eternity peeling it off and enduring the pain over weeks or month.

So make it quick, professional, and confidential and you might just escape with your head intact.

M&I - Brian

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron.

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by Brian DeChesare Comments (16)

Sample Farewell Email: How To Go Out In Style

sample_farewell_email_how_to_go_out_in_style

Friends and colleagues,

After two very educational years, the time has come for me to leave Goldman Sachs. Beginning in August, I will be moving on to my next adventure, The Carlyle Group in New York. I have attached my updated contact information below, and look forward to keeping in touch.

Warmest regards,”

Breaks In The Track, The Leveraged Sellout

Most of you want to get into finance. Why else would I write so much about investment banking resumes, investment banking interviews, and what to do if your summer internship plans don’t quite work out?

But every year in late June and early July, there’s an exodus of 2nd and 3rd year Analysts at investment banks (and even some 1st years who have found an exit opportunity and are brave enough to leave early).

And with that exodus comes a flood of “Farewell” emails.

I hate reading them simply because the standard message is so…. boring. It goes something like the following:

“Dear Friends and Colleagues,

As some of you may know, today is my last day at Morgan Stanley. The experience has been highly rewarding and challenging, on both a personal and professional level.

I will be taking some time off and then moving to KKR in August for the next leg in my career.

I look forward to staying in touch with everyone – my contact information is below.”

I look at emails like this and one thought comes to mind:

YAWN.

Show me some signs of life. A pulse. At least a heart rhythm? Please, anything but a cookie cutter “goodbye.” Forget about investment banking fashion in terms of your wardrobe: remember that even your emails must be fashionable.

That’s not to say everyone writes a boring farewell email; some departing Analysts go to the other extreme as well. 99% of the Farewell emails I’ve seen have been carbon copies of the note above, but occasionally someone out there is just so bitter that they write a legendary, bitter farewell email.

The most famous example was sent from someone at JPMorgan in 2007 – rather than copy the whole thing here, let’s just examine a few excerpts.

“Dear Co-Workers and Managers,

As many of you probably know, today is my last day. But before I leave, I wanted to take this opportunity to let you know what a great and distinct pleasure it has been to type “Today is my last day.””

Comments: This is a solid, attention-grabbing beginning. Without getting too violent, the author shows us that this is not just the standard “personally enriching/rewarding” farewell email.

“Over the past seven years, you have taught me more than I could ever ask for and, in most cases, ever did ask for. I have been fortunate enough to work with some absolutely interchangeable supervisors on a wide variety of seemingly identical projects – an invaluable lesson in overcoming daily tedium in overcoming daily tedium in overcoming daily tedium.”

Comments: The last line seals the deal. I can’t believe he put up with everything for 7 years – no wonder he’s so bitter.

“And to most of my peers: even though we barely acknowledged each other within these office walls, I hope that in the future, should we pass on the street, you will regard me the same way as I regard you: sans eye contact.”

Comments: A well-executed acknowledgement of a hidden truth of investment banking: no one looks you in the eye while walking through the office. Or at least they didn’t in my office.

“To those who I have held a great relationship with, I will miss being your co-worker and will cherish our history together. Please don’t bother responding as at this very moment I am most likely in my car doing 85 with the windows down listening to Biggie.

One!”

Comments: I feel this could have been executed better with a vacuous threat leveled against everyone at the office.

So, How Should You Write Your Farewell Email?

This classic JPMorgan one may be funny to read, but it’s a bad idea to write anything like this if you want to have a future in finance.

My recommendation: “Appreciative with an edge.”

You want people to remember you, but you don’t want to burn any bridges. So if you write about the all-nighters or that philandering Managing Director (actually, don’t touch that one), make sure you also include some positive anecdotes.

Closing dinners, roadshows, and international travel can all be sources of inspiration for your farewell email with an edge.

One word of caution: carefully assess your group before making it too edgy.

Some would laugh at all those “One time in Vegas…” stories, but you might destroy your reputation with others by recounting your days of living the dream.

So you may want to limit your audience and avoid sending it to everyone in investment banking – just include Analysts and higher-ups whom you know well.

One final tip: make sure your bonus lands in your bank account before sending out the Edgy Farewell Email. Yes, they’re not too high anymore, but you still want to get more than just an IOU and some coal in your bank account, right?

M&I - Brian

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron.

Break Into Investment Banking

Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews

We respect your privacy. Please refer to our full privacy policy.