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Couldn't comment on Greenhill in particular, but I would be shocked if they wind up in a situation where they have to rescind FT offers for the reasons you stated. Any legitimate bank is aware that business ebbs and flows and will know how many analysts they can afford to take on, so the worst case scenario in my opinion if deal flow sucks/MDs leave/etc. is you'll wind up with sub-par deal experience and a shitty bonus, but not that your offer will get rescinded. I guess in theory a Bear Stearns/Lehman situation is not outside the realm of possibility where they would cease to exist as a going concern and you lose the offer as a result, but that is ridiculously unlikely considering they don't have a trading operation and therefore aren't highly levered or as vulnerable to market swings.

Might be helpful if you elaborated a bit on the alternative offer you're considering.

 

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