Coronavirus
Has anyone heard if coronavirus is influencing FT class of 2020 in terms of start dates or headcount?
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I think so. Start date TBD. Headcount is still TBD too, depending on who caught it or not.
Heacount TBD as in they are rescinding FT offers that they already sent out?
I’m worried too
Pretty sure the only times banks rescind offers (at least the BB banks) is when they cease to exist... like Bear Stearns, Lehman, etc. Yes, some other banks during the biggest financial crisis since the 1930's did cut some offers, but it was mostly limited to the majorly affected banks (Merrill). Considering this is nowhere near the financial meltdown in 2008 (not even close)- its a blip on the charts in comparison. Give it a couple weeks to a month and let it play out. If for some reason the entire world economy collapses and goes into a crisis not seen since 2008 or the Great Depression of the 1930's and your bank no longer exists (bankrupt or purchased) then I would get worried.
Everyone has got to chill the fuck out.
Headcount TBD depending on what candidates catch a fatal case.
My bank hasn't changed the FT start date, and has indicated no issues whatsoever- take that as you will
Remember, this is still in the early stages. We don't know what's going to happen and this is a fluid situation. If one bank does it, then all banks will. While I agree with the idea of chilling out for now, I get your concern. Give it a few weeks to play out a bit and see if there is any notice. Who knows... I will say this, it's hard to do a WFH when you're just starting a new role right after college and you're still learning the ropes. I won't be surprised if something does happen though. If this turns out to be worst case scenario and tied to a full blown recession, companies may pull headcount. It's really too early to tell.
That said, whethter this is a blip on the radar or a precursor for something else is to be seen.
I hate to sound alarmist, but this is a really big fucking deal. Banks are going to cut offers as this crisis plays out. I can tell you, senior management is absolutely freaked out and I'm not even in NYC.
There are about to be 2MM unemployment claims and unemployment may reach 30%. Banks don't hire when they're looking at letting staff go.
You really need to prepare for your offer to get recinded and even receive a cash payment. A big bank just issued one time payments to 75% of its employees. Given the polical environment around banks, cutting staff is a huge reputation risk. It will happen, but not just yet.
I graduated in May of 2009 and it was a bloodbath. This will be similar.
Sorry for the bad news but if I was to put a bet on it, I would bet on a hiring freeze, no superdays and recent hires being let go.
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