Bank rescinded offer 2 months after I signed it
A French bank in New York rescinded summer analyst offer 2 months after I have signed it. They said my previous fund startup experience has conflict of interests according to their compliance (which I already resigned from two months ago) - there is only one months until the internship starts. What should I do?
Talked to the interviewer and he said "I'm sorry bro but I really have to stay out of this -- don't wanna touch compliance".
Trying very hard right now - this is such a rare situation and it is ruining all my plans
was this BNP or SocGen? It's completely insane for a major bank to rescind offers if there isn't some sort of major compliance problem
damn, that's really unfortunate. strange that they would not have asked about it beforehand and pull out a gun out of nowhere. you should try contacting compliance again, or your HR recruiter to talk it through. good luck
Just wondering, is this Soc Gen?
It's BNP
You signed a contract. They acknowledged. Fight to keep the offer, and jump to a better bank asap. Don't waste time on these clowns.
Don't work for the french....ever
Lazard and Rothschild aren't all that bad... (except for the common element of below street pay)
dude Laz was founded by 3 French guys living in 1800s' Louisiana: It's as American as Goldman... and then Roth is a British bank headquartered in the UK -> get dem facts straight,
Again, BNP/SocGen/Credit Agricole have bad reps... That's all
I would just move on, no need for the stress plus it is a prelude of what the company stands for best to learn now than later.
Technically, yes they can rescind the offer. The question here is whether or not you have a case of Promissory Estoppel. The entire idea of Promissory Estoppel is that a promise is enforceable by law when the promisor (the person making the promise - in this case your employer) makes a promise to the promisee (the person the promise is being made to - you) and the promisee relies on that promise to their own detriment. This is a big deal and has a shit ton of case law behind it - because the entire purpose is to allow someone to recover on a promise and prevents, or estops, hence the name, the person making the promise to say that it should not be upheld. Here's the kicker though - you need to rely on that promise to your detriment. The fact that they made you an offer, had you sign it, and are now rescinding it after they supposedly did their due diligence is somewhat perplexing to me.
I would also read through the signed employment agreement and review what the terms are of the agreement in a situation like this.
big words, but you have no idea what you're talking about... Idk OP's situation, but these contracts all have clauses for background check contingency. He's pretty much screwed if this doesn't resolve. Never work for the French.
Well, he could actually make a case under promissory estoppel. He signed the contract, relied on their promise, quit his job to his detriment because he relied on the company's promise, and now that the company has rescinded the offer, he has endured economic harm. It's pretty basic.
Still, as I said, I would also read through the employment agreement and review what the terms are. If there's nothing stated about employment being contingent on a background check, then I maintain my stance; if there is no clause in the signed contract, then it can be argued that rescinded agreement based on a background check contingency that wasn't agreed upon would violate the contract and therefore fall under promissory estoppel. If there's a statement regarding a background check contingency, then it doesn't matter because the OP agreed to it.
French Banks have incredibly dumb compliance/HR rules.
Just in case it hasnt been said enough- avoid French banks.
I've been offered a role in PWM in the UK. I'm currently a director of my fathers company, of which is he also a director. I was initially enrolled so that in the event of his death, the assets of the company were easily transferred to me. I declared this on my background check form but this article has spooked me. Anyone know if this is likely to pose a compliance issue?
Unless it's a public company I seriously doubt this will be an issue for PWM.
I'm sorry to hear... Maybe they did that to other candidates as well? S&T, particularly fixed income business isn't doing well these days, and my friend at SG Fixed Income didn't get a bonus either this year. Talk with a lawyer...
In my limited knowledge, you cannot sue the firm with a cause of action. Feel for you. Reach out immediately to the people you spoke to during the interview process and ask thme if they could help you. People are generally helpful if you've been nice. You will find something. However, this is perplexing. French banks are terrifyingly anal with thier outlandish compliance policies.
BillyRay05 PE_Reaper Thank you all for sharing =)
Just want to express my sympathies. I'm in a similar situation right now; the firm rescinded my offer 1 week into the internship and now I'm scrambling.
Were you able to find a way out of the hole BNP left you in?
Consequatur ut voluptatem beatae aut beatae est modi facilis. Quaerat fugiat adipisci ut. Nam esse aliquam quia tempora. Voluptate ipsam accusantium sapiente aut sint dolorum occaecati.
Tempora impedit a suscipit alias quo debitis. Eveniet quae magni ipsa quis quia qui. Qui qui ut ut mollitia esse aliquid ut. Atque incidunt velit eius hic. Expedita itaque dolor culpa.
Qui ut a maiores qui. Et voluptatem voluptate cumque beatae sit quaerat. Harum alias provident et harum porro ut. Accusamus nemo laudantium accusamus hic fugit ea quis. Et facere hic exercitationem quos rem repellat. Est et consectetur et nisi assumenda maiores voluptate. Praesentium architecto incidunt et cupiditate optio qui temporibus commodi.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Voluptatem rerum tenetur ipsum aut nemo consectetur. Molestiae eius saepe molestiae ut dolor illo nobis. Incidunt quo aspernatur ut quod libero. Similique assumenda non modi atque perferendis odio omnis. Quo qui repellendus nisi sapiente quaerat. Eos et adipisci id dolorum incidunt facere dolore alias. Qui rerum neque repellat odit nobis qui et.
Non ab ab quos quia non. Eum qui rem adipisci assumenda officia alias velit. Fugit provident repellendus iste sit est itaque eveniet itaque. Est omnis veritatis et suscipit. Soluta vel sit natus ipsum qui quod.
Inventore alias aut est ratione consequatur eos labore. Beatae et aspernatur placeat provident laudantium atque velit. Nihil accusantium earum numquam tempora et.
Voluptas omnis temporibus modi autem. Sit architecto quae eos doloribus quae laudantium. Sit et omnis vel. Ab sapiente enim commodi blanditiis iste vero. Qui non minima excepturi est. Dolores minus nam libero saepe in itaque ut laborum.