ADVICE - Rescinded offer - I already quit? wtf do I do
I'm an IBD Associate and I received a buyside offer. After the offer, I verbally accepted and they said they will send through the contract within the next couple hours.
The next day I quit my IBD job as I have a long notice period and needed to start that ASAP so I could meet the desired start date for the buyside role.
However, after a couple days I realised the contract hadn't arrived.. So I sent an email.. I got no response.. so I sent another email.. I got no response. After chasing them for about 1-2 weeks, spamming them and having them avoid my phone calls I finally managed to catch them on the phone. Turned out they withdrew my offer and decided to replace my offer with a cheap Audit Accountant instead.. but cold-heartedly didn't have the decency to tell me?! what the actual f*ck.
I have NO idea what to do, I've already f**cking quit and told my team I'm going to the buyside - we even had a big leaving drinks for me!! urgent advice please?
Can you go back to your bank, explain the situation and ask to stay?
Terribly shitty situation and I'm sorry this happened to you, sounds like you dodged a bullet with a bad firm... That said, why in the hell would you quit without signing anything?
I can't go back to my bank - it would be the most embarrassing thing in the world. Plus, seniors would now know I recruited whilst working before and planned to leave - they will secretly be annoyed and completely try to f*ck me over.
I really never thought anything like this could ever happen. I had no idea people could be so cruel and thought a verbal offer was enough evidence. Plus I have a long notice period so needed to quit ASAP to begin the countdown.
I still think you're better off swallowing your pride, asking them if you can stay, and try to get out within the next 4-6 months. You can get another buyside job in that time frame, but you're not getting one if you've already left your banking job.
Look on the bright side, at least you did it respectfully and followed the long notice period - lots of people just say F off and give 1-2 weeks notice so I doubt you're on as bad terms as you think
Since you're in the industry already, would've expected you to know better that until you have anything in writing, you have no guarantee.
You're right. It's not smart to try to return to your old bank unless you become really desperate. The firm that gave you an offer and then backed out of it without telling you wronged you and it's not your fault (though woulda been smart to get it in writing). However, this shit happens and you can either A) mope about it and let them get you down, or B) use this as an opportunity to recruit and find something even better. I'd recommend option B.
Is there anyway you can take back your resignation? Also, I think it’s only right that you drop the name of the firm and we give them shitty reviews
Bottom line kids, you have to sign and pass background check before resigning.
Next - an audit accountant can do your buyside job? Seems like a whack buyside job.
Finally, get some headhunters, get an associate job somewhere else, say you quit for some ridiculous reason. Banks need bodies.
Can your offer get rescinded even you pass the background check?
Yes, you're an at-will employee so you can be fired for any reason, including before you start. But if there's a contract signed by both parties and passed background check, it would be HIGHLY unusual to rescind an offer
My bank needs associates… desperately if you need a place to hang out until your next buyside gig. Pm me if you want
Haha see! I told you OP
I will make three comments.
1) First, I feel very sad for you. Hopefully you can speak with your team and explain the situation. It sucks but sometimes you have to suck it up.
2) Why the hell did you quit without a signed contract? Come on man! You know, I understand your situation. When I was recruiting for my current job I also had a tight deadline to quit. But I’m not going to take on the risk. I called the company recruiting me and point blank said “If you want me to go to you at the specified date I need to quit in the next 3 days. If I don’t get a formal offer signed by then, I will probably not be able to start with you”. Then, after that, HR finally stopped jerking off and finalized the terms of my offer. Seriously, a process that could have taken 2 weeks happened in 2 days because the person who wanted to hire me put pressure on HR. In a sense, you should never take on risk in your balance sheet. Tell the hiring company that they are the ones on the hook. No offer, no resignation.
3) Here is where I also say we are all finance people. Are you people not aware of current world events? Every company just GUTTED their Q2 budgets because high volatility is expected ahead. This is the absolute WORST time to quit and even to get hired because you will get lowballed. The reason they hired some audit accountant was because they took your comp, divided it by 5, and all that they can afford now is an accoutant. And believe me, that accountant got lowballed and will likely be doing work meant for at least 3 people. Seriously, we do finance for a reason. Use it to your advantage. January-March were the golden months to change jobs. Now sit tight because I guarantee you budgets are getting cut across all industries. Count your blessings and live to fight another day.
To echo this, the NUMBER ONE rule is never resign without a signed and written contract. Best practice is to wait until the background and / or drug tests is/are completed as well. To OP, I completely understand why you resigned early given the mandatory break period, but you should have reached out to the PE fund and pushed back on the start date then.
This is a good lesson for everyone else reading the thread, never resign until you KNOW you will be able to start the new role and have a signed contract in hand.
On the other hand, I disagree with the notion that now is a bad time to switch roles (particularly in terms of PE / buyside in general). You are generalizing and the right firms / funds will still offer competitive rates right now. I switched in April for a meaningful comp adjustment. I have friends who went IBD --> IBD at the same level (e.g., Analyst to Analyst) for meaningful comp increases as well. Especially since OP is referencing the buyside, what data do you have to support a slow down in PE hiring or activity? Everything I am reading is saying the opposite. To clarify, Im not saying PE funds are hiring like mad, but that I certainly havent seen any indication of headcount reduction. If I am wrong I am wrong, I work in Corp Dev not PE after all, but based on conversations with friends in the industry, that is what I am aware of.
I think you bring up a good point. My argument is that right now, in general, budgets are being cut. But there could be variance, there will be some good offers out there but that won't be the rule.And that influences what happened to OP because in good economic times, firms usually hire more people than they need - sometimes hiring complete retards and regretting it a few months later. But when times are tough that's when you start seeing rescinded offers and the like. So that's even more of an incentive to demand a signed contract before you make any moves yourself.
What is the name of the Bank?
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Got chopped off my bank when covid hit. The firm I joined after also imploded (bankruptcy).
Shit can get tough at times.
Only pathway is to keep finding new roles and apply, not much can be done with your previous bank & the firm rescinded your offer.
op, shoot me a msg. Which firm is this? I had a friend who got a VC offer recinded last week
While extremely shitty to give a verbal offer and then ghost, this guy never had anything in writing... lot different than a firm turning around on a signed contract
I would just Costanza it and come back into work like nothing happened. But honestly, this is a ridiculous situation and I feel for you. That being said, you never quit without signed offer at the very least, best practice would also be passed background check. In the future, you need to let your employer know the restrictions you have (such as long mandatory notice times) and get your start date to coincide with the above. Don't think there is much you can do now besides continue to recruit and try to find something else as quickly as possible.
OP need to name drop this fuckin firm, it doesn't even matter. Not like OP is going to interact with the firm in the future.
Based on the OPs language, I assume this is in Europe and not the US?
To the folks in the US: Employment is not at-will in Europe. Almost every white collar role comes with a notice period that often ranges from 1 month for younger employees to 12 months for much more senior people. Once you put in your notice, you actually need to continue working through the notice period. Similarly, when a firm terminates you (or you just quit), the firm is required to pay you through the notice period. For firms worried about your competing such as investment banks, they often put you on “gardening leave” for the duration of your notice period where basically you’re still getting paid but you are sitting at home. It has a lot of similar elements to severance but it isn’t totally up to the discretion of the employer.
While I completely agree that the OP should have waited to get everything in writing and signed, I’m assuming that they wanted to start the clock on the notice period ASAP so they would be able to join their new employer right away. Rookie mistake, but not the first time it has happened.
To the OP: Don’t be afraid to go back to your employer, explain what happened, and ask them to support you through a transition. If they are hosting leaving drinks, they probably like you and are sad to see you go. Not everyone in the industry is a vindictive jerk, just the majority of them. Yes, it is embarrassing, but if you gave your notice in a respectful way, you may find they are amenable to a transition. Besides, they are probably scrambling right now to find someone to fill the role and may even ask you to train your replacement. There is no downside to trying.
Is there a scenario where you flip the script to say you've had a change of heart after quitting and having a chance to further reflect on the decision? Meaning, you had the chance to take a step back and reframe this next step in your career but you are just not ready to leave the Sell-Side yet. I have met a number of bankers that have gone back to the Sell-Side after having worked the buyside for a variety of reasons (pay, pace of work, client service aspect).
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