Urgent: Fired from Banking / PE Offer
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Come clean at the end of the 2 month period. You're close enough where youll likely keep the offer.
Agreed, come clean when your time runs out. They likely won’t rescind offer before 2 months of start date
If there's any HR related information you need to submit, or if they ask you directly, then tell them. I don't see why you would need to go out of your way to tell them otherwise though.
Just say you told the seniors you had an offer and then layoffs happened. I highly doubt anything bad will happen from an UMM / MF especially if they are 2 & out. They need you as much as you need them
This
This is a really good one
TPG did rescind for second year.
Can you clarify? They rescinded an offer they gave to a 2nd year who was laid off?
Youre in a good spot man - relax and look at this as a 2-3 month free vacation before you get back on the grind again
Obviously don't use the word "fired" if you do - that connotes performance issues.
How likely is the PE firm going to call around and ask my group what happened? How often do the run channel checks prior to you joining
Some concern there given my group will likely say I was let go
Channel checks are run more consistently than folks think, especially given the environment where many firms know layoffs are happening and want to make sure the talent they're about to bring in the door is up to par. Pretty brutal for a PE firm that hires 4-8 associates to have even just a couple of them come in underprepared.
I agree with the framing & advice given above to come clean after two months is up and to try to punt it as "they knew I was leaving soon anyways" (helpful if you can find other examples of people from your group similarly leaving who were also let go / people who had committed to staying that were kept on), but would also consider asking if there's any way to give your firm some leverage early. They may have a portfolio company where they could use someone just taking on special projects, have seen us let associates start early for something like that in special scenarios before (in those cases the incoming associate is hired by the company for 2-3 months, not by the firm, but it gets you in the flow and good graces of the firm immediately).
Issue is that if they do a channel check after I reach out in a 2 month period they'll see that I was actually let go at the very beginning of the year. Any advice on how to handle the messaging and whether I should still only reach out after 2 months?
What do you mean by “channel check”?
I'd agree with all of this, technically you're still working for another month and then you're still "working" for the month after. You could always call it a wind down/ramp off type of period. A garden leave of sorts. I think it's unlikely that folks are going to split hairs between when you were hands off keyboard in the office versus the dates HR provides.
If my perspective, you were notified of your termination in Feb and told that you had 2 months to ramp down and pass off projects, which you took. Now it's ~April at which point you can notify the PE firm and say that you were let go due to non performance reasons, can provide references, just wanted to be fully transparent with the new firm and say that in the event the firm wants you to begin early or help our with special projects that you're available and willing to help, otherwise you will plan on reporting on your original start date of xyz.
I wouldn't sweat it too much, the dates are close enough that you could probably just roll the dice and say nothing, but it's likely better to be transparent, especially when starting with a new firm.
^great advice, I’d get you on a portco if HR flagged as an option
.
Why is this a question? If you are completely honest about this not being performance related, then you should alert your new firm and make it clear that they are welcome to make their call to anyone at your bank to confirm that. Say you have a 2 month timeline but would love to hop on early to help out anywhere they would need help after that point. There is no benefit in waiting until you need to be employed, use your brain.
This post reads like you have some anxiety about your PE firm doing their diligence on your lay off and finding out it was likely somewhat attributed to performance although not the main driver. If that’s the case be honest with yourself, ask your current firm what their exact feedback of you is, and present that to your new firm - clean. If you lose the offer now you’ll lose it in 2 months when they casually talk to your old VP on a catch-up call and he says you sucked. Be real dude - if you were a bullet proof analyst and the bank truly just needed to trim expenses, you are fine.
You're making this a bigger deal than it needs to be. Don't "get ahead of this" in any way.
You are leaving your bank in April and then you can offer to start in June. This is a standard 1-2 month that matches well with your schedule.
Take some family vacation in May and also offer to review any PE training materials in the weeks prior to starting, so that you can "hit the ground running"
End of story!!
In case you can't tell, I feel strongly about the above.
This happened to a third-year analyst when I was a first year at a BB.
He was laid off purely because we needed to make cuts, not performance. He notified the PE firm he was set to join (think it was Thoma). MD's vouched for him, he ended up working at a PortCo for a bit and then was able to join.
I'm not saying you need to notify them right away (you probably need / deserve a few chill weeks), but before things wait too long I'd reach out to the headhunter / contact at your PE firm and let them know over a call (better than email IMO for these types of things). They will handle it as they want, but as someone who recruited at a PE firm I doubt your firm would want to scramble to find an associate to fill their class more than they would want to just say 'no worries, thanks for the heads up' to your situation.
I think offering to start early is a good move, they may or may not take you up on it. A few weeks head start on other associates in PE is like 6 months in other industries; seriously, the learning curve is that fast. Were you really going to learn a ton more in your last few lame duck months in banking? This may end up being a good thing for you given you get extra time off and could have a head start on other associates.
Just be honest at the end of the day. Use some of your free time to brush up on the industry to try to combat that imposter syndrome. You'll be fine.
Thanks all. I'm also considering recruiting for another PE role that may be an immediate or summer start in the meantime (in case this fund doesn't work out). Do you think that's feasible?
Give my bank is letting me say I'm working here for another 2 months, is it possible to accept an offer and then ask if possible to start early or let them know I'm leaving my bank in 2 months? Worried they will do a channel check or somehow see that I was let go and then rescind the offer either before I start or shortly afterwards
I would not start recruiting for backup offers until you've spoken to your fund and have a yes or no from them. PE recruiting/HHs are a TINY world, your name will get around and that's a pretty sure way to get your offer rescinded when the PE firm is very likely going to honor your offer this close to your start. Don't screw yourself by doing this.
If your original PE firm says no, I would come clean in future recruiting that you were let go due to firmwide cuts etc. They would almost certainly find out eventually - would be tight timing to start recruiting, do all interviews, land offer + clear background checks and actually start within 8 weeks.
I really think you are overcomplicating this and seem very anxious. If it's killing you, wait until the end of the 1 month when you stop receiving paychecks and you can ask, but no firm wants to scramble to fill an associate spot and they will very likely keep you.
Can your mds call the firm and say you are legit and that you were cut since you already had an offer or somehtjng?
I dont like the starting early thing, everyone will keep rehashing why you are there early imo
Would you recommend I speak to the headhunter that placed me in the seat first? Or just go directly to my future boss on the PE team?
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