A friend of mine just had his offer revoked from an MM, stating "market conditions" as their reason. I think I'd go kill myself if this happened to me. Honestly, you work your ass off for 4 years to get that job and now that the whole recruiting season is over, they tell you they changed their mind?
Has anyone had a similar experience/heard about something similar? Maybe I am a bit paranoid but I will sleep better once I start working and see that they actually want me there.. I've also heard about Citi firing a bunch of their FTs after the first day of employment. What's up with that??
why would any company fire someone after 1 day? make everyone relocate, commit to annual rents and then make them jobless?
a friend mine had his FT offer revoked for a MM IB as well. he's been frantically find another job, but unsuccessful so far. i can't imagine how much it would suck to find out you lost a position when all the main companies are done hiring.
not sure why Citi did it.. it seems like it would be easier for everybody to just let the analysts know as soon as possible. but still, being a senior in college, 2 months to graduation, and without a job, that would suck big time...
I know a number of kids in IBD at Citi from school and while I don't know if they will fire after 1 day, they are known to let people go after just 2-3 weeks of training in their analyst programs if they don't meet certain benchmarks, e.g. internal testing results were subpar.
Sorry to hear about you friend! He must be really raging! I wonder does he still get to keep the sign on?
On the other side of the coin - what happens if you have signed a contract, receive the sign on bonus and then a few months down the line are made a better offer from a better firm? Is it ok to rteurn the sign on bonus and get out of the contract before the start of employment?
Whether or not you should bail on the other job has been debated quite a lot here. What is not up for debate is the bonus: they will want their $10k back, generally w/in 30 days.
Back in 2001-2002 a lot of consulting firms revoked offers after they over-hired... banks just greatly reduced hiring for a few years.
I have heard of people losing their jobs very early on, but not getting their offers revoked before even starting (at least not til recently).
Bad sign...
A few BBs, when they give out FT offers, will give you an offer into a "generalist pool" within a program rather than a group-specific offer. Interviews, networking events, test scores, etc. during the training program determine group placement once the analysts start in July.
Over the past few years, the groups have actually needed every single analyst that was hired into the pool, so everyone still has a job at the end of training, but I imagine that this might not be the case next summer...
Also, if you already have a group-specific offer: From what I've seen, if a group at a BB suddenly doesn't have the same headcount needs as it did when you got your offer last fall, they will definitely make an effort to find you another spot within the program/division. No guarantees these days, but BBs care about their reputations too much to carelessly let analysts go.
Can anyone comment on some of the firms that have started to revoke FT offers?
i would also be interested in hearing what firms have revoked offers? did your friends receive any compensation when their offers got revoked?
not sure how his story is going to end up. all i know is that right now he's in the process of negotiating with them, trying to keep the job for a lower salary maybe...
let us know how that turns out
What size of MM firm are we talking about? How many analysts does the firm employ and how many analysts did the firm seek to hire?
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