Fuck This Recession
Note: Not Ibanking but big software Corp Dev.
I learned today I did not get a return offer for my SA. I did a good job, my team enjoyed me and I received a stellar intern review. However, I was told that due to current economic conditions and hiring freeze, they couldn't take me. I was recommended to keep up with my director in case things changed. I knew this would happen, but god damn it hurts.
With how hard I worked, I hate that there's nothing I could have done... I feel powerless.
Let’s go Brandon
Fucking retard, this is due to FED policy because the last 30 years of easy money finally caught up to America especially following the COVID bust. If you think this is driven by politics you're too stupid to be in this business.
When did Biden last touch you?
another retarded biden voter
If if you’re right, Brandon certainly isn’t doing the economy any favors
.
The COVID bust was caused by the democrats though?
Yes, the fed approved all of those stimulus bills the past two years right? And who could forget it was the fed who approved the inflation "reduction" act.
Stfu you autist, someone clearly has a case of Stockholm syndrome for Biden
The truth is this is a result of a mix of both fiscal and monetary policy. QE and low federal funds rates have been like a intravenous drug injection to the economy over the past decade and change. Sure would be nice if our current administration would let American oil produce but that'd be much too beneficial to the economy and rising social tension. Best to let it rot lol at some point you just gotta laugh.
You really are a stupid little turd, go back to trying to fluff Biden and keep him erect
You're actually a moron, don't have kids
Did no other interns on your team/company recieve return offers? If so, then tough luck, but if other interns recieved offers than they are likely using economic conditions as an excuse to cut underperformers.
The last jobs report was +528k jobs and 3.5% unemployment - employment is literally the last thing going to shit rn. Which is good news because there are tons of jobs still open.
Good luck landing something else, keep your head up.
That report is full of shit. Look at household survey
None of the other interns were communicated a full time offer. Company wide hiring freeze
Hit the road with recruiting and let them know you just had an offer rescinded due to the company being in a downturn. See if you can get something in writing to offer as proof, and even better would be a letter from the director outlining this. If you got this far you'll find something else.
And double down - the best possible time to start your career is in a downturn. On the next upswing you'll be positioned to be ahead of all the new hires.
It sucks, I hear you, keep you chin up and keep going
Maybe, just maybe, a lot of big software companies are run like absolute dog shit and now that they have to pay non-basement rates to for money their dog shit founder/CEOs actually need to think about risk as opposed to blindly throw money around (in the form of benefits, crazy hiring, insanely high salaries, M&A and project funding) in the hope that they don't miss out on the engineer that builds the Next Big Thing.
I've worked on a few val decks and deals for software companies - the level of financial ineptitude at the very top is absolutely mindboggling. They don't know how to think in terms of present value or accurately measure real risk. I'm probably being a bit harsh, but there are A LOT of public, billion+ market cap software companies out there who have a Head of Corp dev and / or controller (basically the person who runs the company model) who couldn't pass IB technical screening.
You got screwed, sure, but the fact is that the company you chose to work for is bloated and overweight and there is a reckoning coming. It's absolutely asinine to blame this completely on Trump and only dumbasses would put this on Biden. This was caused by 15 years of kicking the can down the road by the fed.
It sucks - I graduated into the teeth of the GFC so I know the feeling - but if you're tenacious, you'll come out the other side.
I actually hate how this turned into politics... Feel like my post got hijacked. :/
Yeah, I'm pissed the timing didn't work out for me.
There's a recession?
BWAHAHAHAHA
Move to a country that knows how economics works and hasn't missed a (often astronomical) GDP growth target in 31 years. I'm talking about China. While most of the world is in a recession with double digit inflation right now, they're on track to hit another 5.5% GDP growth this year with ~2% inflation.
They were forecasting 5.5% growth by year end but sure aren't going to reach that (current quarter is +.4%) due to locking down Shanghai.
They haven't missed targets since the 1980s, I trust them to magic some spectacular growth (8%+) in the next few months.
Yeah, just don’t work for Evergrande
shut the fuck up tankie.
Literally fake numbers dude, anyone who is Chinese or has been to China knows the level of corruption there. Look into the ghost cities
hard to measure with the bs GDP numbers coming out of China, not to even begin mentioning impending RE implosion, and effectively zero real property rights.
Xi is that you? Isn't china literally delisting companies rather than expose how fucking cooked the books are? And at the same time booting founders while the CCP takes their equity stakes....all but guaranteeing to ruin the companies while demotivating future leaders who will simply move to America? Oh and building empty cities? And unprofitable railways to nowhere that no one uses? And fucking up the relationship with your primary trading partner (who doesn't need you) over a lousy island? And allying yourself with the sinking ship that is Russia?
China is a fucking joke, what are you even talking about? People can't even own land LOLZ
China has been calling America a paper tiger but it turns out they are....the entire fucking civilization revolving around real estate ponzi schemes. Bunch of clowns get da fuggouttaaaheeeaaaa
The fact that you knew this was coming at least shows that you actually learned something during your internship. I've been talking about this since april, hiring freezes are coming for every single company. Even those doing well. In the case of software even worse because fuck are software companies absolutely retarded when it comes to handling their operating expenses and specially their employee costs. If hiring freezes don't work I also expect many of these software companies to finally put on their big boy pants and cut all of those weird office perks they seem to be obsessed with. It's so bizarre when you see videos of some young girl in her early 20s titled "A day at X tech company" and it's her doing absolutely 0 work for the entire day. How is that business model even sustainable?
I'm very sorry that you got caught in the crossfire of that bullshit. Hopefully soon enough software companies will learn how to actually manage a budget so that they don't have to dick over people like you just so that their existing staff can have infinite mimosas as an office perk.
Ea ipsa repellat quaerat nulla qui ad fugit quibusdam. Excepturi sint est magnam eum quia in illo laborum. Ipsam occaecati provident est eligendi dolor eaque voluptate labore.
Voluptas repudiandae commodi error. Necessitatibus vel voluptatem non debitis.
Temporibus expedita autem alias ipsum. Repudiandae magni sint porro voluptatem ipsam aspernatur. Facilis voluptatem saepe ea veritatis sint. Dolor ut ut est deleniti aliquid cumque.
Expedita culpa voluptas itaque ut numquam error. Est saepe dolor debitis possimus alias. Similique consequatur quo ipsum quos vero. Hic et architecto est voluptas aut. Qui exercitationem repudiandae nostrum sed quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Nihil repellendus pariatur beatae omnis vero ut id. Molestias et distinctio eos natus nam voluptas. Libero est alias omnis doloribus adipisci quod. Tempora similique sunt maiores quis est. Fugit id recusandae nostrum a.
Nulla magnam ut fugiat ad ut possimus. Quo rem doloribus facere.
Quo aut itaque voluptatibus facilis fugit magnam. Asperiores nostrum corporis incidunt et autem. Aut ratione sapiente sequi amet rerum repudiandae. Expedita quisquam molestiae exercitationem earum explicabo. Cumque omnis ducimus non consequatur ipsa. Temporibus architecto enim autem dolor omnis ea et architecto. Nostrum ea eos perspiciatis minus rerum minus quas.
Vel quo blanditiis est aut dolor dolores aut sint. Cum consectetur quaerat ab et ad animi. Fugit saepe ut est corporis dolorum ut totam.