Bank withdrawing signed/accepted offer?
EDIT: I just had a call from the head of HR who said nothing could be done. They could offer me nothing. When I told them about the bad PR, that it meant applicants could never trust a signed contract with JPM she merely repeated that they could do nothing.
Long time lurker here doing my first post.
I just had a call with JPM that I signed a contract with back in December for a position in London. They basically withdrew my offer on the phone and said that they had hired more candidates than they needed and, based on the feedback from my AC, they had chosen to withdraw my offer. Despite telling them that I rejected other offers to work for them, they said they could do nothing. No postponing it for a year or assigning me to another office.
Has anyone tried this before? Anyone know what I can do about it?
Just drop the name of the said BB already
This is the nightmare scenario that many of us fear. Because of this, in my last recruiting cycle I had at one point simultaneously accepted 3 offers and then just emailed the other 2 companies like 2 days before starting that I would be voluntarily pulling myself out of the process.
So first I would suggest that the next time you do the same. Accept every offer you get and then just politely tell them to fuck off once you actually started in the preferred job.
As for now, there are cases in which you can sue for damages. The fact that you lost other offers because they gave you a fake offer can count as a real harm they caused to you. However this is why HR crafts their offer letters very particularly. If you know a lawyer have them take a look to see if they missed anything and you can sue. Beyond that you can also go the PR route. Many people will feel a lot of sympathy for someone in your situation. If you can create enough traction you could cause serious PR damage to them but of course this will depend on luck and connections.
I’m very sorry this happened to you.
Obviously, I'm not going to give you the name - I don't want to burn my bridges. Besides, it's a small industry and it would remove any kind of anonymity if I named the bank.
Bro, they already burned the bridges.
Strange..
1. Interns aren't a very expensive cost to the bank. Don't see why they feel the need to save GBP10k+ on 1 summer intern when they're bumping base salaries and splashing out on bonuses. Majority of other onboarding and less tangible costs are already fixed despite the class size
2. Banks mainly see internships as a feeder for the grad role and not much of anything else. A couple of extra interns are just extra hands to fix slides and more importantly, a larger talent pool for conversion decisions.
3. Using 'hired more candidates than they needed' as a reason to withdraw an offer is pretty foolish of them. They could've easily picked out some inconsistencies/exaggerations in your CV during background checks to have more legal grounds to withdraw your offer, leaving less of their asses exposed to legal recourse from your side.
Assuming you're not trolling, my view is that either you've screwed something up real bad during the recruitment process that was overlooked, or someone junior in HR is making shitty decisions.
Word on the street is that this was JP Morgan.
Whose words? Larjanus?
I see that DB added a new move to its playbook.
While I think loyalty has it's place when you're situated at a firm, shit like this makes me totally resent that sentiment. Even though this is the first time I've heard of a firm pulling an SA offer out of the blue for reasons unrelated to behavior/lying on applications etc, the damage has been done and a precedent has been set. I really highly doubt that this will ever be a common practice given how much worse it is for the firm as a look as opposed to cutting the de minimus cost of employing one incremental intern, but it's certainly scary that it happened at all. If stuff like this happens again, wouldn't be surprised if there is a more cavalier attitude towards reneging and fluidity in shopping offers as a summer. Just awful behavior on the firm's part if this is true and likely yet another terrible call thanks to someone in HR given no one on the banking teams ever think of the interns after hiring them until they start.
OP, if you are serious about this - PM me, I am sure that I can recommend you to few firms that would be happy to have a summer intern should you be able to prove what you are saying. Large firms have 0 reason to fucking screw college kids over 10k because they don’t know how to fucking count after increasing base across the board by 15-20k p.a.