This is just a whiny post that doesn't bring anything to the community... but I still feel like whining out loud.
Networked my way in an elite boutique for one of their top group and finally got an offer 3 weeks ago. After I filed the paperwork and EAF, I didn't hear back from them at all. So Wednesday I decide to reach out to the HRs and ask if things are ok, over voicemail because no one picks up.
Then, they call me back yesterday and say that they're sorry, but they have to cancel the offer because they don't have the headcount. I was due to start on Monday... and, of course, I gave in my notice for my former job and today is my last day.
What to do if an Offer is Rescinded?
It happens. Rarely. But it happens. If your offer has been rescinded, here are a few suggestions from the WSO community on next steps:
- Reach out to your contacts at the firm and see if they can provide more information or even help you find another job
- Maybe there was a red flag on your application that emerged at the last minute
- If they said they don't have the headcount after they've made an offer, it's possible there's another reason such as a bad reference
- If you've already resigned from your current firm, explain the situation to them and see if they will allow you to stay
- Talk to the hiring manager and see if he or she can be helpful in providing contacts or solid leads
Should You Sue if This Happens to You?
It depends. Some WSO members strongly believe that suing the firm could mar your reputation on Wall Street, while others say you should sue if you think you have legal grounds. It will depend on how your contract was written; many include disclaimers that say they can rescind or make changes to the offer at any time. Also, most of these contracts in the US are "at will" and you could be fired day one.
If you decide to pursue legal action, here are some tips from WSO members:
- Consult with a lawyer but remember this can be expensive
- If the facts of your situation are all as stated, you probably have a legal case against this employer since you have suffered economic harm (in quitting your prior job based on the contract you signed)
- The bank may be willing to settle for a couple months' salary which could help you meet expenses while you search for another job