Has anyone ever experienced firms cancelling full time offers due to the economy turning bad before full time start dates?
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Yes.
Lol..ever heard of 2008? If you look enough, I remember finding some threads where people were concerned about their offers getting rescinded...and well, they were.
Edit: Found some: https://www.wallstreetoasis.com/forums/bear-ft-offers-not-being-honored
https://www.wallstreetoasis.com/forums/bear-stearns-summer-analysts-any…
Had one more in mind that I could've find, but someone was choosing between either Lehman or Bear and I think Cowen? and he went with whichever of the first two. Was especially bad cause he was saying how his dad was concerned about the future of the bank and everyone commenting was like "banks don't collapse it'll all be fine!"
In 2018 people still remember that banks collapse but no one seems to remember that real estate prices can fall SMH...
so true
omg... does this happen fro SA's also?
Happened to a bunch, if not most in Bear's and Lehman's classes in 08
omg what should I do then if I am doing an SA next summer???!! Will my offer go because of the recession coming
db houston this year
Weren't the people with offers relocated?
Yeah. Sucks that it happens to be honest. Can't begin to imagine the heartbreak after all the hard work.
Would add that for full-time hires, sometimes there is an offer of deferment during downturns. The bank will pay you some money (it varies) and you have a later start (e.g. one-year later).
That actually sounds kind of awesome. My (former) firm did not pull offers in the downturn but I heard some groups asked analysts who already had PE offers if they wanted to peace out a few months early (still get paid, but less, and IDK what happened to bonuses if you took them on the offer but it probably wasn't a good number if it was even above 0).
In the UK if I remember correctly RBS did it to the analyst class of 2014 or 2015. They gave everyone £10k compensation or something
IIRC RBS did the same in the US around that time
Happened to me in 2002. It led to me moving to NYC with no job and getting a temp job in MO ops. I later moved to FO and then switched to IB when the economy improved. Life's tough; you just have to deal with it.
I was at a BB in 2006-2009 and we reduced the classes after students accepted offers. that was horrible but market was bad overall for every firm
Did this happen with firms that survived as well? Obviously there's no place to work if Lehman/Bear go under, but what about say Citi or something?
Yes, many kids got deferred and I believe at least one BB (UBS) rescinded offers. I'm sure there were others too, just not sure off the top of my head.
Yes. There were lots of rescinded offers in the classes of 2002 and 2009, including at banks that are still in business.
Economy is pretty good. Don't see this happening besides db
Boy, do i have a story for you...
I was an analyst in 2007-08. I assure you banks cancel entire analyst programs. Are you a fucking retard? What do you think...banks preserve your offer regardless of the state of the economy? Jesus H Christ, you're a moron.
I was an analyst in 2007-08. I assure you banks cancel entire analyst programs. Are you a fucking retard? What do you think...banks preserve your offer regardless of the state of the economy? Jesus H Christ, you're a moron.
Have a snickers, you are not you when you are hungry.
The person asked if anyone has ever "Experienced" the banks cancelling offers. He/she did not ask if banks cancel offers when the economy turns bad which seems very different questions to me.
Somehow it does not surprise me at all you were among the people who got laid off
Did I say that?
I did not.
Yes, not just banks, other industries too.
CS grads after the dot com bubble burst. Finance and econ grads during the last recession. Oil & Gas / Petro engineers after the oil prices plummeted.
Happens all the time, and it sucks for those involved. Usually the downtime will last just long enough that they can't get into the industry. Whenever these things happen, you'll see an explosion in graduate school applications, as undergrad-level graduates want to delay their graduation with a year or two, to see if the market is better then.
Spending 4-6 years of your life on a degree that turns out to be temporarily useless really hits hard.
Not to mention that graduating into a recessionary economy has long-term effects on earnings.
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