time to get referenced/cleared at a bank

[slogger]

ok - I apologise in advance as this is a 'how long is a piece of string' question.

I've been offered a good contract at morgan stanley - everything looks really good about it - role/people/work (yes I'm aware of the cost cutting issues with MS and also IB in general, cost cutting etc).

Worry is - my notice period at start of may will go up to 12 weeks - currently is 1 week.. has anyone had experience of how long it takes MS to reference candidates?
- I know I will pass however I've had delays with other banks taking a month or two to take up references to do credit/ref checks - seems unreal length of time as I don't want to give a weeks notice and then wait 8 weeks on 'le bench' .

Agency is chasing this info for me with MS however thought I'd see if anyone had done this before and what a typical time was or if it could be accelerated in any way (I'm boringly simple - not even a speeding ticket!)

[VillageContractor]

It sounds like you're on a probation period? If that's true I would suggest asking your current company to extend it for whatever reason you want to make up.

[slogger]

It sounds like you're on a probation period? If that's true I would suggest asking your current company to extend it for whatever reason you want to make up.

yes - have thought of that as an option - they've already told me I'll pass it so may be surprised if i ask probation to be extended - I guess it may cut both ways!!

[BrilloPad]

I went through this last year with them. It took 8 weeks. Usual asking for loads of stuff - you know the drill. Taking apart my CV. For instance, at a hedge fund I had put I was doing dev/support/ba work. My job title on reference said ba. So that caused a stir. Among several others.

After 5 weeks we agreed a start date. A Thursday - its a good move to start a day other than a Monday as that is when Permanents start.

I was told nothing except "be patient" until 6pm the night before. The team is was working with were told I would be starting Tuesday, Wednesday then Thursday.

[BrilloPad]

In banks I have always found it impossible to accelerate the process. I am sure there are cases where it has happened. But I have never heard of them.

[stek]

The three banks I've worked did no checks at all, two where retail though.

[slogger]

I went through this last year with them. It took 8 weeks. Usual asking for loads of stuff - you know the drill. Taking apart my CV. For instance, at a hedge fund I had put I was doing dev/support/ba work. My job title on reference said ba. So that caused a stir. Among several others.

After 5 weeks we agreed a start date. A Thursday - its a good move to start a day other than a Monday as that is when Permanents start.

I was told nothing except "be patient" until 6pm the night before. The team is was working with were told I would be starting Tuesday, Wednesday then Thursday.

wow - this is what I was concerned about - I'm thinking my only option is to go through referencing and then wait till have the all clear - and then resign from current co, and try and negotiate a shorter notice period (coincidentally I'm at a hedge fund - are we stalking each other? ;-) )

[BrilloPad]

The three banks I've worked did no checks at all, two where retail though.

You don't say what years.

In 2006 there were almost no checks. By 2010 IBs were delving into every intimate aspect of your history.

My favourite - being asked for council tax bill from 3 years earlier. Getting that from the council was fun.

A mate suggested scanning in all bills before binning them. Something I have started doing.

[slogger]

I've actually been positively vetted and it took less time than a large german IB took to reference me.

[TheFaQQer]

I don't want to give a weeks notice and then wait 8 weeks on 'le bench' .

If you're not prepared for bench time, consider whether this is right for you at all.

If the bank turns round on day 1 and says "no work, there's the door" what will you do?