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.

Comments (32)

Controversial
Aug 13, 2022 - 9:53pm
UFOinsider, what's your opinion? Comment below:

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.

Get busy living
  • 12
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  • Analyst 1 in IB - CB
Aug 14, 2022 - 8:10pm

another retarded biden voter 

  • Analyst 3+ in RE - Comm
Aug 14, 2022 - 8:40pm

You are literally retarded.

  • Research Associate in AM - Equities
Aug 15, 2022 - 1:22pm

Stfu you autist, someone clearly has a case of Stockholm syndrome for Biden 

Aug 15, 2022 - 2:28pm
Friedmaneconomics, what's your opinion? Comment below:

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.

  • Prospect in IB - Cov
Aug 15, 2022 - 3:38pm

You really are a stupid little turd, go back to trying to fluff Biden and keep him erect

  • Analyst 2 in IB - Cov
Aug 13, 2022 - 5:35pm

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.

  • Intern in IB - Gen
Aug 13, 2022 - 11:01pm

None of the other interns were communicated a full time offer. Company wide hiring freeze

Aug 13, 2022 - 9:56pm
UFOinsider, what's your opinion? Comment below:

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

Get busy living
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Most Helpful
  • Associate 2 in IB-M&A
Aug 14, 2022 - 8:07pm

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. 

  • Intern in IB - Gen
Aug 14, 2022 - 8:14pm

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.

Aug 18, 2022 - 10:36pm
UFOinsider, what's your opinion? Comment below:

There's a recession?

BWAHAHAHAHA

Get busy living
  • 1
Aug 14, 2022 - 10:48pm
anglosaxonchad, what's your opinion? Comment below:

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.

Aug 15, 2022 - 1:26pm
snones, what's your opinion? Comment below:

Literally fake numbers dude, anyone who is Chinese or has been to China knows the level of corruption there. Look into the ghost cities

Aug 18, 2022 - 10:42pm
UFOinsider, what's your opinion? Comment below:

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Get busy living
Aug 15, 2022 - 3:02pm
Hölder, what's your opinion? Comment below:

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