IBs/Finance - mid year pay increases?

[essayer]

A specific question for those who work at banks/finance cos

Certainly in places I've worked there's a specific day each year where last year's salary gets finalised (bonus, if applicable) and next year's increase (or not!) is outlined

In those places, does anyone ever negotiate an increase at any other time of year? Say you find another job, and want them to match it, or you're not happy or whatever. Is that a thing - or is the process only ever centered around that one day?

[CharlesElliott]

It's unusual, but it does happen, yes. Although I would say it happens more frequently the more senior you are.

[z4RRSchris]

ours are once a year in April,

had mates hand in their notice and get salary matched to stay, but some places just tell you good luck for the future.

[jgrewal]

The formal compensation window is once a year as suggested if they really value your talent they will do this out of cycle.

[Newc]

I've been on both sides of that negotiating table. Everyone on the paying side hates the time suck that is the annual comp round, and nobody wants to do it twice in a year.

There are only two routes to a mid-year lift: 1) promotion to an existing gig with a comp number already attached (eg your direct manager quit). (Promotion to 'an exciting new role in a new line of business' will be 'well let's keep the current package for now and review at the end of the year').

Or 2) a written offer from company B that you can show to ask for a match, but as above you roll the dice that you get the 'good luck in your new job' card instead.