As I write this I can’t help but wonder “what is next?” I have promised a few people on the forums here I’d let them know if I finally broke in. I had an amazing set of interviews a week or two ago and I was very qualified for this position. So I know a few of my buds on here have been waiting for good news. It seemed like it was just a matter of time as they finished the transfer paper work.
I am still in a shock right now and just feel like venting as I have never been so close before. Last Friday I received a call from the MD himself saying how much he can’t wait to have me on the team. Well there was a problem with the Compliance department. The issue is so small that FINRA and my ex-employer said that they have never seen this type of reaction before.
I can’t go into detail to much but here are the basics. My first licensed job wanted a 3 year commitment THEY LAID ME OFF IN 18 MONTHS!!! That’s it in a nut shell. I just received an E-mail 5 minutes ago from the recruiter cutting me loose.
It is tough but I guess I can’t stop and bathe in pity. I just have to wonder what is next even looking outside my firm. I have shot 2 e-mails already one to my current boss telling him not to give away my office now and the other to an ER analyst in NYC asking can I shadow him. Still, I need to rant a little bit so I don't punch my screen.
I respect so many people on here. It is so hard to get a job in banking. I have been trying for 3 years and thought I finally made it. I finally got to feel the same feeling y'all got when you got your offer. It just sucks it got taken away from me because of a misunderstanding. I will keep trying and I will eventually sneak in.
Sorry to hear that. Keep at it.
Thanks man. Yeah it sucks big time and I just want to bitch and moan; however,breaking into Wall-Street is about over comming rejection (over and over and in my case OVER). I felt how good it felt to "make it". I want to feel that again. Still, today has been a big punch in the gut
I don't understand? The license is via FINRA? How can FINRA regulate private contract? Regardless... Best of luck to you.
Any chance you can have your old employer talk to your recruiter?
damn, i'm sorry to hear that. i cant believe that itd be over something that minor. i was reading, expecting some little stretch on your resume or something. i'm not in myself and i am in the process now, getting more serious about it when i get done from being abroad. this is quite disheartening to read.
just keep at it. keep grinding and if you were that close, 100% means someone else will take you (regardless of this "issue")
They said they do not do "custom wording" on u5's or write a letter stating that its a computer generated comment given to anybody who does not last 3 years. I told them I would have lasted if y'all didnt lay me off. I also said the language used is harsh and can lead to missunderstandings. They advise me that their comments were written by the legal department. My best shot is through litagation. It is just frustrating because I worked 12-14 hrs a day 7 days a week for 5 months straight (wife made me stop). I avg 95 hours a week there and if you read that comment you would think I was a lazy ass.
I don't think the U5 really matters? If the recruiter is concerned about the comment made on the U5, your previous employer should be able to issue a letter explaining the situation and try to amend it on the U5.
Its compliance that brought this issue up. The recruiter is just the messenger. My ex-employer says they have 5 pre written statements for u5's. I fit into into "seperation of employment while not achieveing goals" catagory. This generates a very badly worded comment on my U5 that scared this BB away. They won't write a letter. The lady on the phone told me I will have to sue. Still, my old employer is right. I did not hit goal because they let me go before my 3 years was up. Kind of messed up because they let me go I didnt quit. So, I would be suing over wording on my u5. However, she says there are thousands of people with this on their U5 and she said this has never been a issue. That the BB is missunderstanding
So, I wrote a very clear e-mail explaining the missunderstanding to all parties at the BB. The next e-mail I got was from the recuirter cutting me loose.
That is fucked up. Firms have the option to leave "reason for termination" section blank or say something more positive. I'm not sure why yours didn't and decided to get hairy and put such comment on it.
May be worth it to talk to a lawyer... Will the BB extend your offer if the comment is removed? That U5 lasts 2 years (I'm sure you are aware), so it definitely is worth looking into.
The BB is going with the back-up choice. The MD really liked me and gave me a heads up on that about 30 mins ago. I have no idea why they did it either. I know the comment isnt personal but I wished they make their comments a little bit more positive. I worked so hard for them and when they laid me off it hurt now this. It just sucks because I broke in!!! I networked everybody and studied my ass off. I killed the interviews and wrote thank you notes but this BS cost me a great FO role in a BB. I am 28 and married this might have been my last best shot. Sorry Im still a little pisst
Keep your head up my man. I fought my way into this industry and definitely feel your pain on this one. Your last employer is a full retard for doing shit like this because it serves no purpose other than to burn bridges.
Seek legal advice to see what you can do about this. The legal definition of layoff might be different than terminated with cause as the wording on the U5 might be suggesting. I wish you the absolute best and looking forward to your future post on working in the role you wanted.
Thanks man and it means a lot. I have another shot to get the job. They called me out of the blue and I have a shot to convince them to "overlook" my u5. The funny thing is my old firm has me as re-hirable lol
Check PM.
damn bro sorry to hear the bad news.
this truly sucks!! Try to use any channel to fix this issue. I really hope you can resolve this issue.
Sucks man. I thought I had an offer back in January after a great superday but they decided to go in a different direction. Wasn't able to secure many other IB/ER interviews (non-target, no IB internships) so I decided to try to grad school route to rebrand. Starting in a few weeks and hoping it pays off.
Where are you going? I thought about that. But I was told to get solid experience first because if you don't have any internships during your GRAD your fucked as well. "Grad school is just for networking", that's what I was told.
Let me know what happens. I might be in the same boat, with my PWM and other BB internships but not IB.
To the OP: I don't even know you, but I sympathize with your pain. You seem to have a strong character, I hope it works out for you and in other news how about those posts about kids not excited about FT FO Offers. HAHA.
Best of luck. Keep us updated.
Is everyone here in NY btw? How about a wall street oasis get together?
I am gunning for the IB job for a few years. I could always move over to ER after that. I fully intend on interning throughout the program. I've got a couple contacts that I think I may be able to swing a part-time unpaid internship so we'll see. I am a lot more focused now than I was in undergrad. I didn't do shit in undergrad and now I'm paying the consequences.
AEMPIREI: Me and you are on the same boat in a lot of ways. I am better now I vented yesterday and went out for drinks with the wife and friends. The funny thing is my wife kept trying to cheer me up but it wasnt working but the fact she tried so hard actually helped.
Like I said getting this type of career is all about over comming rejection. Still, this one stung because I thought I was in. The funny (or frustrating) thing is my old firm thinks that this is such a non-issue they still have me as Re-Hirable.
Tough to hear, had a similar thing happen to me actually (albeit a different reason, although it is just as stupid). Keep your head up, you will get another chance. When I initially lost my offer, I thought that was my "last" chance and I'd never break in. Needless to say, many many more "last" chances came around afterwards. Was rejected many more times than most here but I still ended up getting what I wanted in the end.
Take a few weeks and clear your head and then get back to pounding the pavement. You will get in if you work hard enough.
Rough, but keep at it. Its not easy, but if you want it you can get it.
Are you currently employed with the firm, it seems you are making an internal transfer? Not sure why the u5 would even matter at that point, they accepted it the first time, no?
Yes it would be an internal transfer and those are my thoughts exactly. The thing is the comment on my u5 is very very minor. I believe when I was hired on the comp officer who did my paperwork prolly saw it as what it was a computer generated statement; however, the comp department in this divison is overly over senstive or frankly missunderstood. Hell it could be a "new" person who has no clue or logic
Sorry to hear man, keep at it!
Wow that's really rough. Sorry to hear that.
Hard to see silver linings in these things, but at the very least this should still be a confidence booster for you. They really wanted you, so it's likely someone else who isn't subject to this restriction will as well.
Thanks everybody. I am feeling better. I can't stay down its just not me. Plus I have so many people helping. Hell my boss came to my desk with a white binder and said, "this is Paul's future career binder" He has made it his goal to get me promoted this year to IB since AM's comp dept is being so crazy. I can tell he is worried I will just say screw it and quit.
I am happy for the kids getting offers and the people who already bust their ass in finance. I have such respect for them as I know what it takes to get there. I have respect for the entire WSO community. I really hope to be able to contribute one day. Its just funny that I lost a great career for a reason that doesnt exist.
i would contest it via finra. wtf are they thinking putting that shit on a permanent record that anyone could look up. i know most people are litigious, but seriously...impeding your career like that warrants a legal set of eyes to double check.
Very tough to hear. Keep your head up and get right back at it.
There are so many things wrong with this story that it's hilarious...
You need to fight this. First, let the people you interviewed with know the real situation - don't let them think that their candidate got dinged by compliance bc of a bad prior history. If you're at the same bank, meet them 1-1, tell them your story, get them to bat for you. It will go a long way.
I know what its like to come so close and get it taken away. Don't count yourself out just yet.
Go find a lawyer
and it is really tough to hear. keep at it
i am looking forward to your another thread "I finally broke in"
Pauly,
Go file an arbitration against your previous firm TODAY. It doesn't cost you anything and it's the way things are done in this business. They can absolutely remove a negative U5 comment, and they're fucksticks for putting it on there in the first place.
Guys, this is a hard lesson learned when dealing with these asshole firms: handle your business. When you leave a U4 gig for any reason (quit, laid off, whatever), it is your responsibility to ensure that your former employer doesn't fuck you. The first order of business is to alert the regulators to your change in status with an explanation of what happened.
When I left my last firm I knew they would be pissed and would do anything they could to fuck me. So the morning I was going to resign, I faxed in a copy of my resignation to the CFTC, the NFA, and the NASD (now FINRA). That way my firm couldn't go back later and claim I was fired for cause or whatever. This business is chock full of fucking assholes, and asshole management is part of your duty to your career.
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