Let's say one has an offer from summer, and is waiting for graduation to go back after signing. Economy tanks, and the firm decides to revoke the offer. Would the firm let the person know right away? Or would they not bother and wait until when you are actually supposed to start your job? How does it work usually?
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Legally, the firm is under no obligation to inform you (read the contract).
AFAIK, they would inform you asap out of responsibility and safeguarding their reputation though.
Which firm are you talking about and why would you suspect a revoking of an offer?
I'm in a similar situation and I can understand the paranoia.
Can't really disclose that information. Has anything like this happened to anyone, though? I am just curious. I would imagine that something like this happens very rarely.
Most offers for I-banking that I have heard of are employment at-will. This means that the bank may terminate your employment at any time, without cause. The flip side of the coin is that you are under no obligation to stay as well, as you are not signed under contract. As a result, they don't need to tell you until your supposed start date. However, I find it hard to believe that any major firm (basically any firm outside of small regional/local boutiques) would revoke an offer without telling you for the reasons Cindy80 detailed.
I assume you're talking about an offer, not an offer you have already accepted.
This is perhaps a technicality, but if you have not yet signed your offer letter (and it has not expired), they can not legally revoke it without informing you. This is because in contract law, an offer (any contractual offer) is considered valid once it is placed in the mail, but in order to withdraw the offer, they must show in court you received the withdrawal (this is called the "Mailbox Rule"). The offer is considered valid and binding until you receive a notice otherwise.
So they are definitely within their rights to revoke the offer (with notification) or to fire you once you've signed it, but they may not legally withdrawal the offer without notifying you.
The OP meant after signing the offer.
In general, firms prefer to not revoke offers that have already been accepted even in a down economy. During the past market downturn plenty of people didn't get third year, associate, or continuing associate offers, but by and large people who had already accepted offers were maintained. There is a good reason for this, analysts are cheap, and the capital you gain from honoring offers is valuable.
That being said, HR is generally not the most efficient or unified function at a bank. Hiring teams are usually separate from training etc. You will notice this from the lag while receiving anything from various functions. So, if the offer you accepted was terminated they might take awhile to tell you.
Just follow-up every month or so if you haven't received all the materials you need.
"This is perhaps a technicality, but if you have not yet signed your offer letter (and it has not expired), they can not legally revoke it without informing you. This is because in contract law, an offer (any contractual offer) is considered valid once it is placed in the mail, but in order to withdraw the offer, they must show in court you received the withdrawal (this is called the "Mailbox Rule"). The offer is considered valid and binding until you receive a notice otherwise.
So they are definitely within their rights to revoke the offer (with notification) or to fire you once you've signed it, but they may not legally withdrawal the offer without notifying you. "
Fine, so you show up, and the fire you immediately. same difference.
and people wonder why I say "reneg away"
True, which is why I said it's really a technicality, heh.
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