Standard Bank Contract?

**Scrag Meister** · 26 August 2010, 09:24

Originally posted by memyselfandi View Post

I have just been offered a contract at major IB in the city, and I mentioned to the agent that I would not hand in my notice at my permanent position until I received a contract from them.

They said that it is just a "standard" banking contract, and so I should just go ahead.

Firstly, I told him that under no uncertain terms would I hand my notice in until I have received anything in writing first.

Secondly, can anybody tell me what a "standard" banking contract is?

I would stick to your guns if I were you. First contract and all.

How complex can it be for them to raise a contract? Change the company name, client, rate, duration.

A standard banking contract is the one with the rate that is bigger then the other industries.

Where are you going can I ask? PM me if you don't wanna post it.

**Jaws** · 26 August 2010, 09:29

Personally I probably would have handed my notice in anyway. There's always the chance that your contract will be pulled before you start anyway, regardless of whether or not you've received the paperwork. I hope you have considered this possibility.

**memyselfandi** · 26 August 2010, 09:44

I have had contracts pulled before the paperwork has arrived before (rate issues with agent or client).

However, being naive here, how likely is it that a bank would pull a contract after offering it. Surely they are not worried about rates.

Have many people on here had contracts pulled by banks before a start date?

**The Agents View** · 26 August 2010, 10:02

Originally posted by memyselfandi View Post

I have had contracts pulled before the paperwork has arrived before (rate issues with agent or client).

However, being naive here, how likely is it that a bank would pull a contract after offering it. Surely they are not worried about rates.

Have many people on here had contracts pulled by banks before a start date?

Should be able to give you the standard terms to look over, followed up with the Schedules once the admin monkeys have got through the backlog...

(That might just be my company)

**memyselfandi** · 26 August 2010, 10:16

Just had a call with the agent.

He has said that he has spoken to the hiring manager who has said that he liked me and was very impressed, however he could not tell him his decision as he has to go through the right channels to do that.

Is this the norm in an IB, or is it the agent just saying that he is negotiating the right rates before offering it to me.

I am a little concerned that the agent is getting in the way again when the hiring manager told me yesterday personally that he was going to make me an offer.

Going back to my original post. The hiring manager told me he was going to make me an offer, not the agent. I suppose that I have not got an offer until the agent has negotiated the right rate first.

**b0redom** · 26 August 2010, 10:43

Your contract is with the agency, not the bank. Stick to your guns. Sounds to me like budget has not been approved yet.

**northernladuk** · 26 August 2010, 11:44

In the last 2 years the only roles I got were ones that interview Tuesday and start next Monday. The three I 'secured' after interview that then got delayed at the clients end ALL fell over and never made it to the offer stage. I know reading here many people have the wait but all works out in the end but going on my past experience I do not budge until it is signed and sent back. Verbal agreements and 'its just awaiting sign off by client' etc have a 100% failure rate. Oh and one of those was a bank but not darn sarf...

**Boo** · 26 August 2010, 12:44

Originally posted by Scrag Meister View Post

Where are you going can I ask? PM me if you don't wanna post it.

No, PM me, PM me !

Lolz,

Boo

**memyselfandi** · 26 August 2010, 19:07

Got the official offer through this afternoon along with a plethora of documentation to fill in so that the bank can vet me.

I assume this is also the norm.

Standard Bank Contract?