What usually happens when the person who hires you resigns?

newbie73 · September 23rd, 2010, 10:28 pm

My boss recently resigned - it's pretty clear that his team at this shop is done, and I'm probably next to go. What usually happens with an employee that is let go in these circumstances? 1 month notice, 1 day notice? How is this discussed during the exit - I relocated cross country specifically for this firm and 2 months in, I'm done.

marketrisknewbie · September 23rd, 2010, 10:59 pm

In my own case, the Director who hired me at my former firm left after a month. But they didn't fire me! I stayed on for much longer

KackToodles · September 24th, 2010, 5:12 am

it means they hope you will resign because, if they fire you, they might have to pay you some severance pay. So you should just keep showing up for work until they have the balls to fire you. Document all your work and threaten to sue if your severance package is not generous enough.

newbie73 · September 24th, 2010, 1:40 pm

what's usual severance for this kind of situation?

photoguy · September 24th, 2010, 2:04 pm

With only two months at the firm, I wouldn't be optimistic about severance. My current firm's policy is no severance with less than six months, but since they aren't jerks they would probably give you a couple extra week's pay. Obviously, YMMV.

DominicConnor · September 25th, 2010, 7:42 pm

You don't say which country you are in, or even what sort of firm, and that makes huge differences.Just because your current team is dead, doesn't mean that there isn't any work to do handling the end game, back book whatever.If you're relatively junior and seen as smart they may well re-deploy you, and it does happen that you get left alone longer than you might expect.

ArthurDent · September 25th, 2010, 8:39 pm

A fair number of bank prop traders in NY are right now collecting pay checks for doing no work, thanks to the Obama administration. Some are jumping ship to non-banks, in some cases even entire teams are moving. Imagine all the analysts and associates hired this year by these desks, and some prop desks (eg Citi) are still hiring, who knows why... So you are not alone in this situation, and it may be a good idea to interview sooner rather than later.