time to get referenced/cleared at a bank

[BrilloPad]

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? ;-) )

Very hard to tell without knowing which hedge fund. Sometimes they are sensible - they don't want someone hanging round who is basically halfway out of the door. But hard to tell as it is fund/role dependant.

You have done incredibly well to get a gig at MS - they are generally offshoring a lot of stuff. They permies are getting very nervous from what they read in the press. As you say, its the same over the whole of finance. The days of the government throwing money at them seem to be over.

Hedge funds are also having a tough time. The one I worked at has now booted out all external investors and just manages their own money. Interestingly, they had a project that assumes the end of the banking system and assumes only one bank standing. HSBC.....

[northernladuk]

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? ;-) )

And if they don't offer you a shorter notice period? Pretty risky that. It's a small world in finance so I wouldn't be too happy about leaving under a cloud from the off.

[slogger]

And if they don't offer you a shorter notice period? Pretty risky that. It's a small world in finance so I wouldn't be too happy about leaving under a cloud from the off.

yep - probably not a good idea, certainly would never walk out of a place.

[slogger]

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?

yes good point - I agree as a contractor you need to be prepared to have unplanned benchtime. I have been released from contract a few times over last 20 years - companies going bust, projects being closed - stuff happens... I've been very lucky in never having a day off due to this - but I do accept that one day I will and I do have a good warchest.

just trying to minimise potential downtime.

[flamel]

Last year my banking background check took five weeks - they used an outfit called Sterling Backcheck

[slogger]

Last year my banking background check took five weeks - they used an outfit called Sterling Backcheck

that seems more reasonable.
i think theres a business opportunity for a company to do checks - so first check may take a while but then going forward they just check up to your last check - obviously do id checks to ensure you're not impersonating anyone but then only confirm and reference your last gig - be quite useful

[BrilloPad]

that seems more reasonable.
i think theres a business opportunity for a company to do checks - so first check may take a while but then going forward they just check up to your last check - obviously do id checks to ensure you're not impersonating anyone but then only confirm and reference your last gig - be quite useful

The hedge fund I worked at used Kroll. A pity that Kroll or someone is not doing that....

[northernladuk]

that seems more reasonable.
i think theres a business opportunity for a company to do checks - so first check may take a while but then going forward they just check up to your last check - obviously do id checks to ensure you're not impersonating anyone but then only confirm and reference your last gig - be quite useful

Yeah, sounds great. Fill your boots.....

[uk contractor]

Friend of mine took 5 weeks last year to clear their checks for a 3 month contract! MS are slower than most if you have nothing to hide then its all good but as others have said do not give your notice until you get a start date MS & most of the other banking giants are really going to town on outsourcing its a matter of when not if they start getting rid of anyone who cannot be offshored for a fraction of a London banking salary!!

[Chuck]

The hedge fund I worked at used Kroll. A pity that Kroll or someone is not doing that....

I've been vetted by Kroll a number of times. Each time it's been a complete check of all details going back 10 years, even if they've checked them before. It's an utter nonsense.

Mind you, I don't suppose it's in their interest to expedite a process if they can bill their client more.