A few teams at work are being changed around and two colleagues in another sector team have still got their jobs however, 1) both have been demoted from VP to Associate (Senior) 2) Their roles have changed slightly from what their current job spec says. Both guys had only been VPs for half a year or so and I think the same thing is going to hit our sector team in the next week or so. Can a bank just demote you like that and change your job spec at all? What grounds are there for voluntary redundency as I did not think an IB could just pull this out. Please note that several people on the floor have been offered VR and I would look to do the same if this happens… Thoughts pls…
Seb25 Wrote: ------------------------------------------------------- > A few teams at work are being changed around and > two colleagues in another sector team have still > got their jobs however, > > 1) both have been demoted from VP to Associate > (Senior) > 2) Their roles have changed slightly from what > their current job spec says. > > Both guys had only been VPs for half a year or so > and I think the same thing is going to hit our > sector team in the next week or so. > > Can a bank just demote you like that and change > your job spec at all? What grounds are there for > voluntary redundency as I did not think an IB > could just pull this out. Please note that several > people on the floor have been offered VR and I > would look to do the same if this happens… > > Thoughts pls… whats VR?
Voluntary Redundency.
The firms can do whatever they want. Your corporate title is bestowed by the firm, and they have every right to demote you. It’s their way, or the highway, or the high court, if you think you have the backings for a prolonged suit case. Brian Hunter was demoted to an analyst (from VP?) during his time at Deutsche after he screwed up on a few spectacular trades.
propanol Wrote: ------------------------------------------------------- > The firms can do whatever they want. Your > corporate title is bestowed by the firm, and they > have every right to demote you. It’s their way, or > the highway, or the high court, if you think you > have the backings for a prolonged suit case. > > Brian Hunter was demoted to an analyst (from VP?) > during his time at Deutsche after he screwed up on > a few spectacular trades. what if you have not done anything wrong though but have performed your job well? if they can’t offer you the same title due to a re-structure, I think there are grounds to ask for a decent pay off
Seb25, In the Godfather, being part of the “family” is extremely important. To be part of the family is to sacrifice when the family needs you to do so. If you cannot help the family in bad times like this by taking a lower title, then you are not part of the family. And we all know what happens to those who are not part of the family, especially when performance review comes. It’s still the highway then, or the high court. THere will always be grounds to ask for anything. The question is whether you have to means and perseverance to keep those grounds in your relentless fight for equity?
I think in canada that could be described as creative dismissal, however im not a labour lawyer so i wouldnt know for sure.
propanol Wrote: ------------------------------------------------------- > Seb25, > > In the Godfather, being part of the “family” is > extremely important. To be part of the family is > to sacrifice when the family needs you to do so. > If you cannot help the family in bad times like > this by taking a lower title, then you are not > part of the family. > > And we all know what happens to those who are not > part of the family, especially when performance > review comes. It’s still the highway then, or the > high court. > > THere will always be grounds to ask for anything. > The question is whether you have to means and > perseverance to keep those grounds in your > relentless fight for equity? Fair point, however, there are people who have kept their title despite being lower performers. It looks like the teams with weak team heads are being screwed because they can’t stick up for their staff because they are just content that they are still in a job themselves… it’s gonna suck either way…
SeanC Wrote: ------------------------------------------------------- > I think in canada that could be described as > creative dismissal, however im not a labour lawyer > so i wouldnt know for sure. this is what i was hoping for but will see what happens