3/21/07

To what extent do recruiters at the different banks communicate with each other?

For example, would they disclose info on who got offers from their firm to others?

Comments (38)

3/21/07

no

Investment Banking Interview Course

3/21/07

That is a breach of confidentiality and not legal

3/21/07
Gommini:

That is a breach of confidentiality and not legal

LOL.

Its amazing what people try to pass off as advice.

3/21/07

I would think that they wouldn't want to make it appear as though are colluding with each to set the market. The last thing that these banks would want to deal with is an antitrust lawsuit brought by the federal government.

I'm no expert on employment law, but I think that sending a resume to an Investment bank is not a privileged communication normally protected by law. I seriously doubt that suing for "breach of confidentiality" is a viable legal cause of action unless there is a specific law against doing so (I'm not aware of one).

Banks probably don't want to gossip about specific candidates because there is always the potential of a defamation lawsuit if the candidate is later fired on the basis of something discovered during the gossiping.

3/21/07

how sure are you about the legality of this? i dont ever remember signing any forms prohibiting a bank from letting anyone know i got an offer from them.

3/21/07

Recruiters definitely talk to each other. The same way bankers move from bank to bank, recruiters do the same. I don't think they willingly discuss candidates, but I'm sure if you tell them you're choosing between them and Goldman, they can easily find out if that's true or not. Bottom line, don't lie.

3/21/07

Im curious now, I have an idiot friend who received an offer from bank A. When the recruiter asked what other offers he was entertaining, he said he had an offer from bank B and C when in reality he only had one from B, but never did get one from C. Is this even a big deal, meaning, will it cause him to get his offer rescinded?

3/21/07

this "idiot friend" wouldnt happen to be named EE Banker now would he?

3/21/07

No it won't cause him to get his offer rescinded, but he will look pretty stupid. Not a good way to start a career. As said above, just don't lie.

3/21/07

what school do you go to? Columbia? Penn?

Investment Banking Interview Course

3/21/07

hah, no no its not me.
hes already had his background check done but this topic came up yesterday

3/21/07

EE Banker,

Do you go to Columbia?

3/21/07

When I was interviewing for an SA position, as I walked into one person's office he was just getting off the phone with another bank playfully yelling at a guy that he knew about giving an offer to the same candidate that the firm at which I was interviewing had just given an offer too.

3/21/07

Look Wall Street is a small place and everyone talks. Its not guaranteed that someone will find out but there is a chance you will get caught.

3/21/07

don't do it man, it's tempting to bolster your achievements and grades and such, but its not worth it. no matter what position you're in, and whether you got a FT offer or not, it is better to always tell the truth. Lies always catch up to you and they are not worth the hassle of destroying your career. Being honest might be a bit tougher at first but there is nothing more important in finance than integrity. Honesty, esp. in this arena, is ALWAYS the best policy.

3/21/07

Just do it. Report back if your successful.

3/21/07
adehbone:

Just do it. Report back if your successful.

lol

3/21/07

HU-Unfortunately, it is very easy to confirm.
One of the problems with posting on a board, is that anyone can track your previous posts.
We can all see where you interned, even the division, etc.
Just a note of future caution for those who do not want to be read as an open book.
Sorry to be the bearer of such news.

3/21/07

very easy to confirm if you have an offer or not so its not worth tempting fate. think about it - most bankers know other bankers at a bunch of banks so they can easily pick up the phone and ask if so and so has an offer. takes 5 min to confirm. ive heard of bankers picking up the phone as soon as you mention you have an offer elsewhere and calling to confirm that you do.

3/21/07

Doubt they would, but no point, you just put more pressure on yourself and the only people who do have other offers are that good in the first place.

3/21/07

You have to realize these people were your age too and hence have close frends and good friends who are in the industry and likely to be in another bank. You may come up and that wwill be a ding forever.

However i personally think people can see straight through your bullshit and lies will catch up with you sooner or later.

3/21/07

Do you not have data protection laws in the US

3/21/07

HR does not check, but analysts certainly might. If an analyst at Bank A interviews a kid who claims he has an offer at Bank B, there is a good chance that the analyst knows someone at Bank B who is only a text away.

3/22/07

I guess I never really understood the point about lying to a firm trying to leverage your pay with a ghost offer, which is what I assume you are doing..
Friggin be grateful and start off on the right foot and don't lie to your new company or I will come swoop up your job when they don't give it to you!

3/22/07

we don't need unethical pricks in the industry.

3/22/07

I don't have first hand experience in this, but I doubt they do. Banks generally think a lot less about candidates than candidates think banks think about candidates.

Those who can, do. Those who can't, post threads about how to do it on WSO.

3/22/07

Thanks. I heard from a source that BBs would pool those summer interns that they no longer keep so that other banks may select from them when necessary. But I don't know if they would share information as early as the interview process begins.

Hope for the best and prepare for the worst.

3/22/07

Usually done to assess how much time they have to decide on you
Don't go to DB

3/22/07

LAWM:

Usually done to assess how much time they have to decide on you

Don't go to DB


Why? A bit of a broad statement "don't go to DB". When you got no idea of where the guy is looking to go.
DB is a very solid shop in some area. I see OP is looking at S&T equity, and they are very strong there in Europe and derivatives flow (they lost some people, but still solid shop to learn at).

And back to OP - no they don't share. They will if you do something fucked up potentially, but here you are just shopping for offers. What you SHOULD do, is tell BlackRock you need to fast forward the interview as you have a deadline to accept the offer at DB. They should move you through all the rounds faster this way.

3/22/07

I am in a similar situation (for summer associate internship): there has been 2 months between my first phone screening in a BB and my 2nd phone interview. Meantime, I got an offer and notified my phone screener about it - I also told him that I had to sign the contract by beginning of March, but I received no feedback for 1 month. Then, suddenly and without warning, an MD phoned me and interviewed me. She told me that they were thinking about inviting some candidates to NY. At the end of the interview, she just told me that one of her colleagues would contact me. Now, I don't know what to do if they do not contact me this week: in that case, I would have just a couple of days left to make a decision. Therefore, should I email her in the middle of this week in order to recall her my offer deadline?
Thanks!

3/22/07

Whatever you do, don't say you had an offer from BB2 and fake the offer letter.

3/22/07

Government Sachs:
Whatever you do, don't say you had an offer from BB2 and fake the offer letter.

This.

The form is probably for them to understand their competition.

3/22/07

Haha I would never pull a jeffrey chiang...so do you all think it would be better just to say that I did not receive any other offers on the form? Does anyone know whether these forms are verified with other banks' HR?

3/22/07
3/22/07
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