Unique Situation-Accepting two offers. Could use some advice.
Due to COVID and the resulting economic fallout, it seems like some things that happened in 2008 are starting to happen again now with start dates being pushed back long-term/indefinitely or offers being rescinded. I read recently on this site that BCG is delaying start dates up to 4 months right now.
Unfortunately, something similar happened to me as I was set to join a pretty solid boutique IB (not an EB, but a firm that is sometimes called an EB on this site in a specific vertical); although, I was just told that my start date has been indefinitely put on hold due to COVID. My question, particularly for people who lived through 2008, is: have you ever heard of someone in a situation like mine re-recruit, get an offer, sign, start with the intention of leaving as soon as the other firm calls, and leave in say a few months? Obviously, I know I would be permanently blacklisted from the firm that I left but I don't want to sit around with nothing to do hoping the other firm calls, which they may not, and end up a year later doing something like B4 consulting just because I had to take a job. It's also tough to get any IB experience in any kind of temporary position in my situation because I will be graduating in a couple weeks making me ineligible for internships, even though it's already too late to apply for those and so many internships have gotten cancelled or transitioned into two week case studies/networking events.
Would really appreciate any thoughts or personal experiences any of you could share.
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the way in which the post was written, probably not dawg haha
I think it would be pretty difficult for you to land an immediate start FT position right now given you have zero FT IB experience. Not to mention the fact that doing this would reflect negatively on the firm you are currently set to join.
Friends of mine in the same position are working at startups, political campaigns, and nonprofits—would recommend trying to create one of those types of opportunities as they’re generally more OK with temporary arrangements.
Let's just say I'm not uncertain about my chances of landing a FT IB role to start at the normal time this summer. How would doing what I outlined in my first post reflect badly on the firm that I signed with last fall?
Good point on startups/nonprofits. Will look into that. Thanks
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I mean if you can get another FT offer, then I’d do it. you gotta look out for numero uno always, and even more so in this environment. employers are doing the same. that indefinite hold may never come to pass or it may within 1 month, who knows? but even under regular circumstances I’ve seen people which banks 4-7 months in the job. yeah it pisses your old firm off but ultimately they don’t care because they’d do the same if they were in your position. it’s just a fact of life in finance. you’ll always rub some shoulders throughout your career.
hey man if you’re at Jefferies could you lmk? or wherever so I can reach out to some friends going there / wherever you’re at to help them out anyway I can or even just touch base. this is fucking shitty man I hope you get through this ok. I have got some time right now during covid and might as well use it well.
what a load of shit man, indefinite start date seems a pretty extreme measure. I would say you NEED to look at all other opportunities you can. it seems like their maximizing their decision making capabilities while not giving you guys a bone at all. it’s possible you get axed but also possible that they will absolutely hold their word give you the offer and are just holding off until it’s safe for people to come in.
look man, getting a FT offer isn’t a walk in the park even less so in this environment. just because you can get an offer doesn’t mean you have to accept either. the best plan seems like you should try and recruit to protect your downside best you can, however you shouldn’t just shit on the offer you have now right? you’ve got all the time in the world and you need to protect your downside. however , if you get an offer don’t ever tel anyone at your bank you recruited or have another offer. there’s a whole other process to reneging properly to minimize downside. I know you’re in a tough spot but like everything in life you need to look at what you can control and maximize that. it would be dumb to just give the reigns to your bank and be at their complete mercy in this situation in my opinion.
IF you go through with working at another bank... dawg, even if it’s a worse bank I realllllllly don’t think it’s a good idea to just flit between banks but if you make it out to seem that you got an offer from xyz bank you will get an offer from soon at the same time as you got from this bank, but they pulled it because of covid and are now reaching out giving you the offer again now that things are cleared up, then that’s possible too. posturing is possible. If you can get another offer, take it, and posture as best as you can. make another post about your situation and clean it up, make it more specific.
OK now here’s the other side. the same situation that’s happening here is happening everywhere. no one is going to hire right now because things are so uncertain. also it’s possible that you’re bank is just waiting for the right time. think about how annoying it is to mail laptops, etc. also you get some room to figure out housing / rent. you have some reasoning to why you should just relax and not worry about it but again everything is competitive. if it’s happening to you it’s happening to people at your bank, etc.
my advice is make sure that you do things now that protect your ass in case things go south. a b4 job you aren’t even guaranteed to get man cause everything is up in the air right now, yknow?
personally I’d put out feelers, talk to friends at other banks / places (like hopefully I can talk to you/ friends at ur bank if spots open up at my firm and tell them to apply), and honestly like most people ignore the problem hope it goes away and deal with it when it blows up in my face. LOL but obviously wouldn’t suggest the same because it’s not the ‘best’ decision. Good luck man and please PM me (I mean ur alrdy anon but no pressure if you don’t want to!)
wow sorry for all the typing, half of it is useless but yes recruit, IF you go to the other bank, great. now you have two options
TLDR:
1) stay at second bank and tell other original bank due to unfortunate etc etc you can’t go back. i think this situation is better and easier to navigate than 2.
2) you go to worse bank and want to go back to original better bank to protect yourself from worse bank shit say “I recruited with them a long time ago and went through the process but everything stopped because of covid. they gave me a call because they remembered me, wanted to give me an offer before, etc. and I’m going to take it” if it’s a much better bank then go ahead and screw the shitty bank but be humble and appreciative of the fact that they gave you an offer.
also feel free to dm me the name of bank if possible thanks.
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