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"My managing director punishes anyone who tries to move to a new team"

I read the article on this site a few weeks ago about the problems faced by someone trying to move internally at a European bank. It's even worse at the big American bank I work for. 

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My managing director (MD) insists that we let him know if we're thinking of moving to a new opportunity internally. However, when we inform him, he becomes vengeful and punishes us.

This happened last summer, when the executive director (ED) under him informed him that she was looking for a new role in another team; he fired her. A few months after that, an analyst who wanted to move teams was obliged to let him know as part of the transfer process. When she received her bonus, it was very low compared to comparable performers, even though she was in the top bracket. 

Moving internally therefore seems to be a lose-lose situation. We're told to be open and honest, but that's pointless with an MD like this.  

It seems almost impossible to move teams here, especially at analyst or associate level. Even if you are prepared to risk provoking the ire of the MD, no one responds to emails about roles that are advertised internally (and that includes HR). I've heard that there are 150-500 applications for every front office internal role that's advertised internally, from people working in both the front and the back office. It's almost pointless to apply.

It's a shame, though, and the bank ends up missing out on valuable talent because we have to look externally. 

Has anyone else experienced this? For the moment I've given up moving internally and are looking elsewhere, but I'd like to hear some tips from people who've managed to use the internal systems and to understand how it's done. Thank you! 

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

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AUTHOREvie Wilson Global Editor

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