Timing's not great John! If it's the same German Bank that I work for, then you have as much chance as winning the lottery as getting a payrise. The recent credit crunch has really hit home. All non-essential spend in a lot of Banks has pretty much be stopped until the rest of the year, and it's time to tighten the belt buckles, so to avoid job cuts and to lock in profits that were made in the first half of this year. I'm an ex-consultant myself (made the jump a year ago) and have seen first hand how brutal things have been in the last month. In the matter of a month the whole sector has been turned upside down. All costs are being squeezed. For example, we've gotten rid of contracters, by not renewing contracts which would normally be reviewed without questions asked; complete freeze on hiring across the entire Bank; travel freeze; projects that can be deferred till next year have been done so; negotiation with vendors about payment schedules; kicking out Consultants. We've also seen a reducution in trading limits on certain desks to minimise our potential exposure etc. You name it, the COO's in the Bank have gone to town and I suppose are now earning their money.If I were you, I'd just sit tight until your end year review at the start of next year and things should then pick up, and you'll be in a better position. I had a VP who recently left because he had received a better offer elsewhere, with guaranteed bonus. We would normally have matched that offer in order to keep him, since he is very good, but our hands were tied. Hence, my recommendation is keep your head down until things improve, otherwise, you may find yourself on the list of names to possibly cut in the event things don't improve. I can assure you that senior management across most banks have already had such discussions. Remember last one in, first one out, and also you've mde a move from another industry, so not as much cache as someone who's experienced in the profession and been in the Bank for a while. It always takes a few years to be fully accepted, even if your past experience in consulting is IB. I myself worked for 6 years with IB clients, but at the end of the day I was an incoming MC, and only after a couple of years, through working day-in, day-out across the entire function that I am involved, by getting embroiled in the day-to-day politics etc. am I fully understanding the business and now feel that I truly work in the industry. Hence, to be fair, this is why you're not on a par with your peers.So don't stir the pot. You made the jump, earning more than you would otherwise be making in consulting, and do some good work, earn some money for the Bank and I trust you, you will be well rewarded. Even in bad times, you will be making more than your previous peers in Consulting. I'm a VP myself and I am making more than the Partners at my previous Consulting firm. Best of luck.
