Reference checks leading to rescinded offer - IB to strategic finance?
Hey all - was wondering if someone could provide a bit of perspective on my situation. I started out as an investment banking analyst in M&A at an bulge-bracket bank last year. I had a ton of personal stuff going on back at home (family member with a chronic disease) and hit a low-point physically and mentally while working the job - really struggled with depression like I never have before. Was in a super toxic group and was getting worked constantly - eventually just had to quit about a year in. Left immediately and did not do a great job of communicating - things had come to a breaking point back home and for me. Obviously, the MDs and VPs were understandably angry and now that things are going better on a personal front, have been recruiting for the last few weeks and got a corp dev gig. I provided professional references at the firm who I worked with very closely and who knew well of my situation but I think the new employer did some off-the-list checks and I got a call yesterday about negative feedback. They asked me to provide additional references and I was honest that I didn't leave on the best terms and I don't think they'd accurately be able to comment on my performance. They are going to speaking to my two additional professional references next week to try and "confirm" the situation but safe to say its over for this offer right?
Would love to hear the collective wisdom or just any perspective.
Is this the UK? Usually they just confirm position and start and end dates of your employment rather than actual feedback.
Pretty sure this could be against firm policy. I know that my firm does not allow employees to give references beyond very basic details (ie Title, employment dates, etc)
Based on the most helpful WSO content, it's not necessarily over for your offer. Here's a bit of perspective and some steps you might consider:
Transparency: You've done the right thing by being honest about not leaving on the best terms. Transparency about your situation can sometimes work in your favor, as it shows integrity.
Additional References: Since they've asked for more references and haven't rescinded the offer outright, there's still a chance. Make sure these additional references can vouch for your character and work ethic.
Contextual Explanation: If possible, provide a written explanation or have a conversation where you can explain the context of your departure from the IB role. This can help the new employer understand the circumstances that led to the negative feedback.
Professional Advocates: If there are any former colleagues, even if not from the same group, who can speak positively about your work, try to include them as well.
Future Commitment: Assure the potential employer of your commitment and stability now that your personal situation has improved.
Plan B: Meanwhile, continue to apply to other roles. It's always good to have a backup plan in case things don't work out.
Learn from the Experience: Regardless of the outcome, use this as a learning experience for future roles and the importance of leaving a job on as positive terms as possible.
Remember, the finance community can be small, and reputation matters, but people also understand that life happens. Keep your chin up and push forward!
Sources: RESCINDED FT Analyst Offer, RESCINDED FT Analyst Offer, Do universities place sanctions on companies who rescind offers?, Reneging, Will HR rescind an offer because of this?
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