Since market conditions aren't ideal, if you were a summer analyst at a BB and haven't accepted the offer yet, could they take back their offer if they need to cut labor? Or would they fire the current employees first?
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Of course they could, they did it in 2001
Read your contract-I would bet it has a clause about employment agreement. If they let you go, some firms let you keep the sign on bonus as severance.
Hey, this is an interesting point. Some contracts I have seen mention that you are an 'at will' employee and that the bank can cancel it for no reason whatsoever. It also says that you can also cancel on the firm for no reason. Does that mean if the economy tanks, they fire you or if you find a better offer after signing that people cancel on their firm?
Yes, it works both ways.
Also, they would take away offers before they fire current employees.
Do many people actually accept their offers and then use the clause to pull out of it if they get a better offer? I'm assuming that whatever bank you pull out of will be pretty angry...
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