Sup y’all. I’m back after a 2 week sabattical. For those of you who give a rip, I started a new job not too long ago which has me working redic hours keeping me from my precious AF outlet. Bravo to the one who bumped my Power of Oneness post.
But that is not the reason for my post. I have a dilemma.
So the organization I started wtih was rather vague with the specific duties and specific projects during the interview process. Upon arriving my first day, I find out that I’m going to be working ‘over the wall’ with some key finance directors on a pet project who are ironing out the details for a merger. Needless to say I’m privy to a ton of material nonpublic info and it’s so tempting to tip a brah and share the profits, no homo. But, I value my job and career earnings potential versus a quick gain and possible SEC sanctions.
But again, this is not the reason for my post either.
Upon working ‘over the wall’ I’ve seen the synergistic strategy down the road for this company. This merger is with a competitor located several hundred miles away. The writing on the wall appears to be that those who wish to remain within will need to move to podunk town USA or accept a shtty severence package. FML I say, this is not what I signed up for…
But again, who cares.
I call back a company I had interviewed with whom had an awesome position going for them. Not only was the position still available, but after speaking wtih the CFO, I was offered the position!
So, I’m on day 10 at a new job and I want to bounce to take this new better position where I won’t get forced to move to podunk town USA or be unemployed. How cold is this? I’m sure I’ll never be able to work alongside these people ever again, but would it really matter? In the end, I want to look out for myself. I feel very decieved hearing how I’d be doing one thing, but now I’m doing a whole different role. Worst yet, upon announcement and approval, this organization will be off of the East Coast and elsewhere in a flyover state.
While I’m 99% sure I’ll just take said other offer and give the New York salute on my way out, I did want to hear from the BSD AFers on what they would do.
The one worry is that mergers fail from time to time, but if a failed merger means that your company goes down the tubes, that doesn’t speak well for them.
If you feel that they were hiding the major changes at the company, I think you have more of a reason to take the other offer. Kudos to you.
So yeah, it’s cold, but if you didn’t sign up for Podunk, and if the other job is good, why not? Does your contract have any provisions that will whack you if you leave quickly?
@CvM said “In the end, I want to look out for myself.”
Simply means it really does not matter whether your desired ‘end’ point comes with this or any other organisation. The main and crucial consideration should be, “how far that exposure, contacts and status will help you in starting with better standing and competency” as far as your dream venture down the line is concerned.
“I want to bounce to take this new better position where I won’t get forced to move to podunk town USA or be unemployed.”
If you ‘want’ it then why recapitulate as more you work in the current new position more complicated will be the decision as if you decide nearer to the point when you are being ‘forced’ it can in no way be a amicable good-bye. On the other hand how sure are you that at that [opnt the 'better position’would still be waiting for you!
" I’m 99% sure I’ll just take said other offer" - 99% is even better than 100% in some cases… so what are you waiting for. Take it before the current place engrosses you more and you find more and more reasons to be in greater dilemma. All the best (lucky brute!)
Take the position. It’s only business, right? Do you think the company would hesitate a second if your current job would become obsolete? Probably not.
If living back east is a must for you then it sounds like you’d quit this job anyway, so there you go. That said, if podunk is anywhere near me, I’d be happy to buy you a PBR upon your relocation.
Just bounce b…you just met these people, it’s not like the bridge your burning was a strong bridge anyway…maybe had the potential to be but wasnt there yet.
Wait, why did they hire you if they are going through this transition? Seems like poor organization to me, rather than malicious intent. But either way, it seems like a legitimate reason to quit.
I wasn’t aware that any companies in my town were doing a merger.
Agreed. I do believe in being loyal to a company, but at the end of the day, you gotta look out for #1. Remember the golden rule–do unto others before they do unto you.
If you aren’t 100% sure, you might want to double-check with your employer if it means that you are included in the group of people who will be asked to move or get severence. By not giving you that information before you accepted the job, they definitely mis-represented the position and you shouldn’t feel guilty for leaving. If you’re worried about getting a bad reputation, just tell any future employers to ask the AF board.
Does anyone know how the insider trading laws work if you quit a job and then trade on insider info? You no longer have a duty to the company that had hired you.
If you feel they misrepresented their side, and/or are not holding up to the agreement you absolutely should walk and not feel bad for a second. Remember, they would drop you in a heartbeat if it made economic sense. You should have no more loyalty to them than they have to you.
The CFA would say it is still material, non-public information.
This is why there is a considerable amount of ethical problems in prop firms full of former ibank analysts. Their shelf-life is about 2-3 years at the prop, because they no longer have the insider knowledge they once had. Most will claim none of it is “material.” Difficult to prove otherwise. Nearly all insider cases are flagged by actions of direct employees, or derps leaving an email trail. Outside of that, this type of case is very hard to prove.
Think of it this way, if you could trade on insider info immediately after resigning…you would have every executive in the country resigning the night before a merger announcement and make a single trade that could net them incredible returns.