Advice / redundant IB to corp dev

Hi guys, was part of layoffs a few months back. But I joined a start-up a few days after my last day in IB so my resume doesn’t have a gap.

Took a risk and start-up not working out - can’t gain traction, which VCs are asking for. 
 

Applied to a few corp dev roles at PE-back scale ups. Recruiters didn’t ask specifically why I left prev bank so I just said I was at XX for a few years, and then I decided to try the entrepreneur route to have no regrets later in life (I didn’t want to join another bank straight after lay-offs) so I didn’t tell recruiters that I was cut but I would have if they had asked specifically why I left.

Will they call my prev team and if they find, what’s the probability of them rescinding an offer, if I pass interviews? 

3 Comments
 

Based on previous WSO threads, here are some key points to consider regarding your situation:

  1. Transparency and Honesty:

    • It's crucial to be transparent during the interview process. If recruiters or potential employers find out that you were not entirely honest about your departure from your previous bank, it could raise red flags. As noted in the WSO threads, firms value transparency and may rescind offers if they discover discrepancies in your story.
  2. Background Checks:

    • Many firms conduct thorough background checks, which may include contacting your previous employers. If they find out that you were laid off and you did not disclose this information, it could negatively impact your chances.
  3. Reneging and Offer Rescission:

    • According to the highest-ranked content on WSO, firms take reneging seriously and may rescind offers if they find out you were not forthcoming about your employment history. This is especially true if they receive calls or emails questioning your employment status.
  4. Career Services and HR Policies:

    • Career services and HR departments often have strict policies regarding transparency. If your previous bank or the start-up you joined has a policy of informing future employers about the circumstances of your departure, this could affect your current job applications.
  5. Networking and Reputation:

    • The finance industry is tightly knit, and people have long memories. If you are not honest about your employment history, it could affect your reputation in the long run. As mentioned in the WSO threads, people move around within the industry, and your actions could follow you.

Recommendations: - Be Honest: If asked directly, be honest about the layoff. You can frame it in a positive light by emphasizing what you learned from the experience and how it has prepared you for future roles. - Prepare Your Story: Have a clear and concise explanation for why you left your previous bank and why you joined the start-up. Focus on the skills and experiences you gained during this time. - Leverage Your Network: Use your network to get referrals and recommendations. A strong endorsement from a former colleague or manager can help mitigate any concerns about your departure.

By following these recommendations, you can navigate the job application process more effectively and reduce the risk of having an offer rescinded.

Sources: Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, Backing out after accepting an offer, Reneging, Will my FT offer be rescinded?

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Dolores perspiciatis velit odio deleniti quaerat. Ut occaecati animi accusantium explicabo non illum. Hic aspernatur ex et ea tempore expedita. Optio quis minima dolor tempora. Unde dolores amet occaecati alias.

Et earum rem dolore velit omnis. Facilis quo incidunt eaque quidem perferendis. Blanditiis maiores et voluptatibus. Commodi eius deleniti est ut totam ratione nobis. Beatae consequatur quis rerum.

Iure consequatur similique est atque. Non est dolorem nesciunt eos. Saepe temporibus labore sint saepe sint. Quo corrupti dolorem ea quae culpa qui non. In et est distinctio nemo animi voluptatum dolorem.

Aperiam sit veniam voluptas perferendis. Dolorum officia sunt saepe ad nisi ut sequi. Corporis est alias deleniti dolores commodi tenetur. Voluptas totam est qui iure quas enim. Minima eos sunt quod in delectus ut necessitatibus. Dolorem nihil necessitatibus voluptatem amet necessitatibus.

Career Advancement Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • JPMorgan 01 98.4%
  • Guggenheim Partners 02 97.9%
  • Morgan Stanley 06 97.4%

Overall Employee Satisfaction

November 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 99.0%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 13 97.4%

Professional Growth Opportunities

November 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 99.0%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

November 2026 Investment Banking

  • Vice President (16) $429
  • Associates (57) $264
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (29) $183
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (77) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Secyh62's picture
Secyh62
99.0
4
kanon's picture
kanon
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
DrApeman's picture
DrApeman
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
dosk17's picture
dosk17
98.9
10
Mimbs's picture
Mimbs
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”