Lateral: being strung along?
Hi all,
Want to keep this short: interviewed with a BB 5 months ago. did 12 interviews (2 people per interview, met the whole team). And then got the news I would receive an offer, but at the last check with HR the headcount was cancelled. Was told that when new headcount would be available i'd get an offer, but it has been 5 months. Have had some contact since then and the news was unfortunately negative regarding the headcount.
This really would be the ideal bank/team/opportunity for me so would love to hear anyone who has had similar experiences, as I am about to receive another offer which is better than my current bank but worse than the first offer. Waiting for this offer however would mean rejecting the new offer, so somewhat of a risky move. Like the new offer but that would mean giving up on the (potential) first offer which would really sting.
Has anyone been in a similar situation? Would love to hear your feedback!
Could be wrong advice but I would Tell the headcount firm you have an offer that is exploding from a competing firm. You want to take the headcount offer but you need to know by X date or else you’ll have to take the offer at other firm.
If headcount is really being compressed and is so important, maybe they are struggling as a group? Could be better off taking other one anyway. I have no idea tho.
Thanks for your response. Yeah, going to give them a call next week. In terms of the group, it is actually one of the stronger groups in its sector and wants to expand headcount, but the firm overall isn't doing as well and therefore cut the headcount for all groups at the time.
Got it, makes sense. Still let them know. It’ll clear things up quick I would imagine.
This is actually a very real problem and I know some people who have had similar problems. Ultimately, especilally for BBs, there are a lot of approvals that have to be made in order to hire someone. Even though the group may love you and want to take you on, if there is a hiring freeze, the group can't just take you on for a lot of reasons the firm might give.
Definitely do what finbrah said (very good advice) and tell them. I unfortunately don't think they will still be able to accelerate things but it's worth a shot. Is this at a lower-ranked BB? I feel like I know a couple friends who recently got hired into a top group at a low-tiered BB that is growing rapidly while the firm as a whole is hindering them due to its not so rapid growth.
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