Wrongfully terminated
Hey Monkeys, I am in one of the weirdest situations to ever happen. I was recently hired as an analyst at tech PE firm and I was one of the best performers there. (for reference, this firm operates in a pod system, where each pod is like their own little business). During my second month there, another pod tried to hire me, and I was given a verbal offer. Before the contract was signed, HR leaked the information to the head of my group, and in a rage fit, he decided to lay me off, citing team capacity. He ended up causing such a drama at the firm the other group, decided for the sake of harmony they won’t hire me. (Ps. I have screen shots from other people at the firm all citing the exact same reason to why I was fired) I was wondering how do I explain this in job interviews. Thank you, Fellow monkey
I cant tell you what to do but damn, goodluck and bump.
Fair, it is a weird situation. Thankfully people at the firm have been helping me, and getting me in contact with their friends at other firms
I think I know what firm you’re talking about. Wanna talk about it over dm? Also in Canada.
Perfect I’ll PM you
Make your post not anonymous I’ll msg u
Talk to a lawyer. I’m not a legal professional, and don’t know the laws in your region, but you’d be surprised how many companies break the law and have to pay up. Especially if you’re now unemployed and your future job offer has been rescinded. Know someone who literally just went through a settlement with a major bank in NYC over something kinda similar.
Perfect I’ll contact a lawyer, thank you!
Wow what a shitty firm
Hey sorry that happened. I can't tell if your asking for advice on what to do with your old company or how to go forward on job interviews.
For your old company, you can look into getting a lawyer, see what they have to say. I don't know much about wrongful termination, the process or how to prove it. Usually, companies have some sort of BS bylaw they try to use against you, i.e., ordering dinner at 6:59 when it says 7 or something similar. Is that dumb, yes, but I think it holds up sometimes. Firms know this, that's why there are things such as PIPs to cover themselves. So I don't know if that will work out. Again, see what the lawyer says, depending, could sometimes be best to move on as it could take years to resolve and then word gets around, could potentially get blackballed depending on industry.
If you're asking for advice on future job interviews, just make sure you have a tight pitch and don't defame your old job/coworkers on an interview. I think there is less stigma now about being fired/laid out/let go, because everyone understands how it works now. For example, 40 years ago not many people changed jobs, now people understand that employers don't look out for you and you have to make the best decision for yourself. So just have a pitch that lays it out, and you should be okay.
Perfect thank you, that’s what I will be doing, which is making a tight pitch, I’ll most likely also hire a lawyer mainly to make sure that they don’t bad mouth me if a company contacts them for a background check.
Technically, I don't believe your former company can legally bad mouth you. I believe, don't quote me on this I'm not a lawyer, but if your potential new company contacts your old company, your old company has to legally confirm your dates of employment with them and that is all that is required legally. Your old company can give you a positive review to your new company, but cannot say anything negative. Usually the new company will ask and if the old company refuses to say anything outside of employment dates that usually a bad sign, but can be explained away by you if something happened.
Everyone involved in this situation seems idiotic and a bad actor.
The other group head for initiating a process which caused OP to get fired and reneging on the offer.
OP’s group head for not handling this at a higher level and focusing most of his anger at the other group head trying to poach his junior.
The firm for apparently having a culture where groups try to poach juniors from each other without communicating and HR not stepping in to resolve such a ridiculous situation and retain a strong performer.
OP for trying to bail on his group only 2(!) months in and handling it terribly by not at least talking to anyone above him in his group about wanting to move internally, ideally at a later point. What did you really think was going to happen here OP?
Sounds like a shitshow.
Honestly, I knew that I should talk to my group and bring it up to them, but the other group pressured me to keep quiet, which I have learned my lesson. I see how it happened, but I did not expect it to turn out that way.
Going to be completely honest with you, most companies operate in an At Will State, which means they can hire/fire as they please. Red tie on a Monday? You’re fired! This is technically legal and allowed. What isn’t is if there was a protected class involved (pregnancy, religion, etc). I would talk to a lawyer about this as no one here will know for sure, but your original firm likely has the power to fire you.
That said, the new firm might be in some trouble, as they leaked info to your current employer, directly leading to your termination and then they ultimately reneged on your offer after causing that. This might fall under Promissory Estoppel, and they might be liable for that. Again, do ask bankers on here DCF questions, don’t ask legal questions as no one is a professional here. Either way, good luck and we’re all sorry!
I will talk to the lawyer about that, mainly because I am pretty sure my countries employment laws are tighter than that of the US, but I am not surprised re: the at will employment codes
Could this also happen to internal transfers in IB?
No it wouldn’t happen in the US at any bank large enough. If you’re talking about some bullshit bank like Chardan or EF Hutton or even Roth MKM, then who the hell knows
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