My FT offer just got pulled.
Title says it all. Was just notified that the MM firm I interned at over the summer is no longer gonna be taking me on FT due to the firms slow start to the year and layoffs across various groups…with just a few months until I was supposed to start I’ve been scrambling to set up catch up calls with bankers I previously networked with to try and get my foot in the door and find an opening.
Am I fucked? This basically came out of nowhere and I’m feeling pretty nervous that I won’t be able to land something else before July. Would really appreciate any advice and guidance. If anyone knows of any teams looking for an analyst to start as early as May please let me know or PM me
Is this WB? So sorry that you are going through this
Name and shame the firm. Sorry to hear, absolutely brutal.
This is so dumb dude. If he outs the firm as JPM or Qatalyst do you really think people won’t go for those firms?
Stay in your lane, Research Associate in AM
People claiming you aren’t fucked are lying to you. You have 2 months to find a job that mostly wraps up FT recruiting by October (6 months ago)
do you go to a target? If so your school should absolutely give the bank a ton of crap for this
I’m from a non-target and I’m not diversity. My school has a terrible career center and my family has no prior connections to the finance industry. I worked my ass off to break in to IB on my own and this whole situation just sucks
Just some perspective here- “fucked” is a relative term that you control the meaning of. I’m not in finance but went through a terrible time to break into SWE during 2020. Here’s a few random thoughts I have:
You need to name and shame or the industry will never correct this behavior.
I would look at taking an extra semester or year of school honestly if possible.
Name and shame. Gotta be WB.
I'm on the name-and-shame train here. Money is also on Blair given what I've heard about the cuts they've made.
Anecdotally I've heard chatter that RayJay industrials, Canaccord, and Aeries Partners are still hiring. Good luck out there bro.
RJ industrials is in Tampa no? Florida weather/COL + NY pay would be crazy.
PM me
Firm is not WB. Incoming class is starting in the fall this year (not July per OP).
If he said he was starting at an MM in the Fall then everyone would know this was Blair, and OP seems like he doesn’t want to name drop the firm.
OP, I’d seriously consider name-dropping whoever did this. It is so fucked up to take away a kid’s job a month before they graduate, and prospects recruiting at this firm deserve to know that this is something that they’ve done and that it could happen to them. This is a prime example of why you shouldn’t feel bad about reneging.
Maybe apply for MSF as backup plan. Gives you another year of recruiting and a decent brand name on resume. I think Vandy last round of recruiting ends next week, so gotta be quick. Probably the only school you really want to consider for this tbh
Or like 7 super solid EU programs! LBS/HEC/cambridge/st gal, bocconi etc
Fisher MSF deadlines are May 30th, might be something to look at.
He said decent brand name
OP here. Ideally I’d name drop the firm and give prospects a heads up but as of now I’m unaware of anyone else that this happened to and would like to remain anonymous for the sake of confidentially and not screwing myself over and this getting back to anyone that could potentially bite me in the ass later along the line.
I am doing my best to come to terms with this situation and rather then dwelling on it, I came to the this form to seek guidance on how to move forward and hopefully land another opportunity. In that regard I would greatly appreciate any insight on what I can be doing to best position myself.
Is it worth my time to try catch-up with people I had previously networked with for SA and explain my situation? I’ve heard stories of those one off situations where a kid drops from a class and someone else has been able to land a job a month before starting with a FT class. Realistically what is the best approach here? I’m feeling very anxious and overwhelmed
How would name dropping the firm who fired you screw you over? You're not affiliated with that firm anymore, and mentioning the firm that fired you is not going to get you blacklisted lol. If you're not aware this happening to anyone in your intern class maybe there's more to the story. Why were you the only one let go?
Dude ya just drop the name. You’re no longer associated w the firm and you’d help people avoid it.
They screwed you over and you’re still protecting them?
Seriously please name as soon as you get another offer man. This is a huge no-no in the industry and if you stay quiet then that just lets them get away with it.
If we had positions open at my firm then I would definitely pull for you fwiw
People are asking for name drops as if that will change anything. You really think schools will give a shit about 1 person that got fucked on that doesn't even go to their school? Maybe if this kid does an op-ed in the WSJ or some shit about firm culture and so on
Just leave the kid alone, already going through enough
I get both angles. The kid is going through a lot and is being 100% rational. Sharing the firm is all downside and no upside for them. He or she is right to have told the shrieking mob to fuck off. I’d do the same
That said, this is completely pathetic and bush league. I would love to know the firm so I can insult it in text threads. Im not about to beg this guy to out them or anything though lol
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All of you repeating "name and shame" like parrots are ridiculous.
At the end of the day, the owners of the firm took a difficult decision in order to protect their investment, work and net worth, and hopefully in the best interest of all current stakeholders including employees.
Is it legal? If no, they should be sued. If yes (which I presume but I dont live in the US), then that's life.
Would it have been better to take him but fire him 2 months later? Or fire someone else instead? Or not pay bonuses to the analysts who worked 80h weeks for 1 year with no holidays?
IMHO in times of difficulties, it makes moral sense to prioritise current employees (but sorry to say, morality is very rarely the main concern for people who run businesses, across all industries and geographies...)
Please MS me all you want, I like it.
I am as a capitalist as it gets, but the only ridiculous thing on this post is your rationale.
This isnt a Mom and Pop shop, i am sure that if interns could identify the turmoil thats was about to happen, so would banks and they shouldnt have given offers to more kids that they could sustain and then fire them 2mo before they start their careers ( how tf is this moral?).
And because you seem like an “econ hardo”, I would advise you to revise your labour econ classes, its all about demand and supply. Name dropping will help future candidates make more informed decisions and produce a better equilibrium in the labour market.
Lol at thinking name dropping will discourage recruiting. Too many hardo kids desperate to break into IB.
Kids have died at Moelis and kids still jerk themselves off over getting an offer there. If getting killed won't stop the hardos, nothing will.
No way this is WB. Spoke with some MD at WB, some folks felt like the firm over fired. I doubt this is a true MM, given that I have friends at most MM and would be the first to hear about this. It’s probably a one off scenario or more story behind this scene given that the OP is so reluctant to drop firm name.
I heard a few incidence where firms are consolidating office, for example shutting down NYC office to go to Chi / CLT given firing of senior bankers at NYC office but still offer incoming 1st year to relocate.
OP just pmed me. It's Stifel!!!!
Real
Tbh wouldn’t be shocked. This was one of my guesses. Weak NYC dealflow and MM bank.
Truist and Raymond James and Lincoln were my others
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Guessing this is WF
Nobody refers to WF as MM.
Are you some kind of retard or something?
I'm also for dropping the name. These firms recruit for jobs starting ONE YEAR in advance with the assumption you will not reneg or recruit elsewhere, essentially handicapping college students. Two months out before start date is an asinine move for relatively cheap labor in comparison to higher ranks. They need to be held accountable for their side of the handshake agreement.
Not in IB but am an older member of this forum (58) and have been around the block a few times. First off, sorry this has happened. Plain and simple it sucks. If you were my kid, I'd be irate. However, as I've had to say at least 1000 times in my career, "It is what it is." Where you go from here is up to you.
Most of you on this forum, simply because it's how it's been laid out to you, think your career is a linear formula. Do great in HS > go to great college > get top internship > get FT offer > move to PE , etc. Yes that does happen, BUT it is nowhere close to being the only way to "get there" (whatever that even means). Much of life is circuitous, not linear. They'll be setbacks, laterals. For those of you familiar with the old video game Frogger, it's far more common to be like that. Starts and stops and reverses and laterals. Eventually you get where you want to be AND that local is a moving target. This may prove to be a blessing in disguise. You may start in a different area and learn you love it and pursue a career in that.
Not saying what happened to you doesn't suck because it does. Think about other areas of finance (or other areas completely) that are of interest. Corp Banking, AM, Corp Fin. How about Financial Consulting or RX ? How about LDPs? Analytics jobs? Fintech? There's all kinds of stuff out there. You were good enough to get the offer without the help of being a target, diversity, etc. Be resourceful and you'll get in somewhere. Kill it and give liking it a shot. Who knows, you may. Even if you don't, kill it so you can build your resume. Your first job out of college is just that. Most kids will spend a year or two there and move elsewhere. Lots of IB shops will hire "professional hires" as new analysts after a yr or two of professional experience. Not as many as newly minted grads but they do it. If it comes to that, so you missed 2 yrs of analyst comp. Who cares? 99.9% of the workforce misses that every yr. In a different role, you may actually pick up great skills that you would have otherwise not developed which will make you far more marketable. Maybe you'll get in with a top firm like GS, JPM, MS.
It will be tough to land something for July but who cares. If you do, awesome. If it's not until January, not the end of the world. Believe me, life will throw these obstacles at you all the time. This is giving you the opportunity to build REAL resilience. I have a feeling you'll come out on top!
Chin up. Best of luck!
happy to try and help - feel free to email me.