Offer Got Rescinded. Desperately Need Advice

Hi everyone,

As the title suggested, I got my offer rescinded for next year's SA at a reputable bank. I worked my ass off during this cycle to land an offer and I'm really grateful for the tremendous help the WSO community has provided me throughout the process. But I really need some advice from you guys on how to navigate the situation at this point.

I signed the offer around 3-4 weeks ago. I've been enjoying my post-recruiting college life with no communication from the firm since then. But recently I got an email from hr saying that my offer was rescinded due to a change in "Human Resource strategies." And I just fell into a complete panic because I never thought this type of thing would ever happen to me. The feeling of losing a job as a sophomore in college just gives me the worst sense of insecurity possible. I have zero clue how I should approach the situation since most firms are done with their recruiting process. I let go of the superdays at other firms in the past few weeks because I already signed at this firm and now I just feel betrayed. 

Obviously I'll do whatever it takes, as I have been doing for the past year, to get another offer for next year, but to be completely honest, the chances are slim and it's definitely an uphill battle at this point. So I'm wondering if there's anything I can do right now to best position myself to get back on track. Thank you guys so much!

Wtf what firm is this?!

Don’t turn this thread into everyone asking for the name of the firm and nobody giving any real advice. 

To start, reach out to the junior bankers you interviewed with at the firms you declined super days (not HR). Explain the situation and see if their process is still on going and try to interview. You’ll be in the same position if you don’t reach out so I don’t think you have anything to lose. 

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Fuck you, of course we should get to know what firm this is so we can avoid it? What is wrong with you? This is how the industry gets away with shit like this, because no one is transparent over which firm is screwing them over.

Let all your contacts know at other banks u were in processes for. This is some shitty situation and fuck that bank for doing that to you. Keep grinding it through. In case your other processes close, look at some regional banks (Configure partners, AGC Partners, etc.) and just play the lateral game. 

Honestly, Fuck banks. This should be a sign to always renege if you have a better opportunity, as HR will without hesitation do the same thing to you.

It clearly isn't so solid if it rescinds offers for a SA role. I hope your school cuts off that place as well as other schools. Banks need to be held accountable for this shit.

You likely weren't the only intern rescinded, you should name the firm so that in the future years people will avoid

OP, I'm so sorry this happened to you because you busted your ass for 1-2+ years just for them to ruin your whole process. Please consider sharing the name so this doesn't happen to others. Who knows, maybe a banker from another firm sees your bravery and is able to scrape together an SA 2024 offer for you.

It’s kinda a prisoner’s dilemma. You don’t know if you’re a one-off (unlikely) or if there were others who also got offers rescinded.

If it’s the latter, then yeah it makes complete sense to name drop if there were like 10+ others. If the former, it could be reputationally harmful. Even if you’re justified and the firm that rescinded the offer is full of slimeballs, people on the Street tend not to like badmouths (even if it’s justified). Ergo if they know it was you it could hurt you.

Sharing the name is an asymmetric bet where you have no upside and lots of potential downside. And as a final point, I’m not sure that naming and shaming is going to have any material impact on the talent pipeline of future interns. There are always going to be starry-eyed hungry college students.

We knew that before hand our else we’d go into something with more stability like Healthcare. We chased upside and gave up job security for it.

Why on earth would anyone think otherwise? you sound laughably naive.

No one should feel an ounce of guilt about reneging on offers or leaving at the very first opportunity. Weigh the costs and benefits for yourself and proceed accordingly. I would laugh at any bank that fired A1s and then later complained about loyalty or some bullshit 

I’ve never had an offer rescinded, but I have been laid off. There’s a pit of despair that you face before coming out the other side a stronger, more confident person. 

Take a few days to dust yourself off, if not for your mental health, then so that you don’t come off desperate in an interview. Lean on your support system until you feel like yourself again.

Then you start networking and applying everywhere. At the end of the day, it’s a terrible market with lay-offs everywhere. People will understand, you just need to be gritty. You got this. 

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