I accepted an offer back in September from a MM bank. I am beginning to worry that it might be renegged in the coming months if the markets/economy keep on their current path. Are others worried about their offers being pulled?
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if you are willing to share the name of the bank i might be able to provide some insight
that being said, is there really much you can do at this point? i guess you could brush up your resume or continue looking for jobs, but in my opinion that is silly when you already have an offer
just relax and hope for the best
im going to disagree with the above poster slightly. u have an offer so focus on ur schoolwork and on graduating. But keep ur resume polished and keep networking and keep ur eye open for potential job openings.
as far doing hardcore interviewing, probably not worth ur energy since u do have an offer.
hey keeper of the info (bateman) just tell us about offer rescinding liklihood at these places
GS MS MER BAC UBS JPM BCS
With BB you see what you get for the most part. If you follow the news you would have a good idea on what is likely to happen. I would add that everyone I have talked to at BB firms has mentioned that they have hired close to bare-bones so they are unlikely to pull offers unless the completely tank. With MM shops, it is more mixed and that is why I was looking for a firm name (esp since the OP stated he was a MM hire). For example TWP might have to cut offers with their pending litigation regarding their bought deal f-up. William Blair, Harris Williams and others had great years are likely to honor all offers. Cowen and Piper had significant cuts...I would be worried. etc. etc.
if you have a friend/alum there, keep in touch with them, but don't bug them
i accepted with a well known boutique back in August (early interviews), and email an alum there every 2 months or so to see how he's doing, and he usually tells me how the banks doing and such (also good friends)
i was never, am still not afraid of having my offer rescinded due to my banks condition, but if I was, I think at least keeping in touch would help (in this case, this guy would tell me if I was ever in jeopardy)
definitley don't slack off in school - i slacked a ton the first half of the semester, but am paying for it now....
Network, so that you have people to call should the bank reneg. Don't go crazy, or interview with other firms.
Honestly I think now is not the time to worry about '09 analyst offers. Think about it. Aside from a signing bonus, you aren't costing the company anything right now. If the company really needs to drop some of the new analysts right at the start I could see them doing it after/during training. I hear that sometimes companies make cuts based on training-results: like cutting the bottom 25%.
I wouldn't start worrying unless your bank has already started laying off first and second year analyst
Honestly, at some point you have to put a stake in the ground and just go with it. Who says the 2nd place you secure a job will be any better than the 1st? Pretty much every major firm is having massive layoffs at this point.
PatrickBateman makes a very good point. If you're going to an MM bank, you may or may not be in great shape. Edgeview just laid off a handful of people (though no non-consenting analysts). William Blair is still winning lots of business (Note: I hate them, they won the only two pitches I've lost) and Harris Williams continues to close deals every couple weeks. I suggest you take a look at the website at whichever bank you are headed. William Blair has a bunch of closed deals over the last few months and the same holds true for Harris Williams. Of course, take into consideration the number of bankers they have if it is available on the website.
~~~~~~~~~~~ CompBanker
UBS has made significant, 5-10%-ish analyst layoffs, with larger cuts more broadly (the numbers i am not sure of); GS has made 15% cuts across the board, and displaced like a fourth of the entire first year analyst class into ops groups; not positive about others, but would def worry about rescinds at MS; take all this with a grain of salt
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