I just received an email telling me the offer I accepted a little over a month ago with a boutique investment bank was rescinded. Wasn't given a reason at all. What would you guys recommend I do? Email them and ask what's up? I'm literally in shock right now. How the hell is this a thing?
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That sucks. Was it paid?
Ya...
NYC or outside?
Outside NYC. It was in a large metro area, though not a finance center.
I'd call the main person you were in contact with that you thought was "your guy" pulling for you.
Otherwise call HR, don't email.
There is definitely a reason.
Called and left a message. Will update to let everyone know how this plays out. Didn't ever anticipate getting screwed so bad. In the meantime, any recommendations on how to reach out to contacts I have at other banks? Was in late rounds with a couple other boutiques and others were still working out what they would be doing for the summer when I received the expiring offer.
Sorry to hear that. I would absolutely call.
Was it through OCR?
Not through OCR. Got here through networking efforts that led to interviews and the offer.
This happens occasionally in the industry. Unless you have something in your bg check I doubt it's you. If they tell you budget cuts you can offer to work for free. I would utilize your network exactly as you were before. Just explain the situation and ask if they have room for another intern.
Unless the company is going under, there is no reason your offer should be rescinded unless they found something in the background check that would cause them to pull the offer.
Did you lie on your resume, have a criminal record, say something dumb in an email?
Didn't lie on my resume. The only thing I can possibly think of is a Minor in Possession I got 2 years ago. That was sealed and expunged though, so I'm not sure- I've heard of people getting jobs with worse stuff on their record. I never was asked to provide criminal info though, so I didn't lie about that.
Check your messages
If this is a Minor in Possession of alcohol, it is HIGHLY unlikely that this is why the offer was rescinded. If that was the case, here, or at any other employer, then you lucked out because you do not want to work for someone like that anyways. Good luck, man.
So I would guess it is probably something internal. I would try to know the reason, but would not be aggressive about it nor stress too much over it. Would move on and start looking for other opportunities asap, cause shit happens all the time.
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Highly unlikely its because of internal reasons, its probably because of some development with you.
If it is for internal reasons, its not a place worth working for if they don't have their shit to together to the extent that they're such a tiny office and are rescinding offers; would suggest its a bunch of hacks.
Obtain in writing why they rescinded the offer. Letter or email. Do not call. Get it in writing.
If they just straight up rescinded it and it had nothing to do with you, then that's really fucked up. In that case, you could contact a lawyer and might be able to get a settlement based on the specific circumstances and your state's laws. Suing would show up on a background check but a settlement wouldn't, so you wouldn't have to worry about future employers finding out unless it's personally discussed.
It has nothing to do with whether employment is at will because the plaintiff wouldn't be suing on the grounds of breach of contract. It is possible to bring a legal case against an employer who rescinds a job offer based on promissory estoppel. Specifics vary by state on what circumstances would fall under this category, but it is definitely possible to sue an employer for damages caused by a job offer that was rescinded. If this guy's a student or something, it's probably not a big deal, but to someone that quits one job to start another, and then has the offer rescinded after quitting, that'd be a huge problem for a lot of people.
I'm not saying OP should do that, because we don't even know why the offer was rescinded. It could very well have been something against him/her, but it's good to get it in writing in case it turns out it wasn't and OP wants to pursue damages for getting fucked over so hard by a shitty company.
That's the dumbest thing I've ever heard.
Don't get caught up in stupid nonsense. You need to find out why they rescinded in order to avoid something similar happening in the future. The best way to get a candid and not legal/HR-contrived response is to call them up and discuss.
This would be ludicrous and I can't believe you suggested to do this.
I think it's more ludicrous that a company would screw someone over like that.
Also, I didn't suggest they do that.
Just to be clear this is for SA. Obviously it's not as shitty as if I quit a FT job but it's still shitty nonetheless. I really appreciate the insight, guys. Like I said, I left a message yesterday. Hopefully I get a call back, but if not I'll try again in a couple days. The thing that's bugging me is that there was no reason given. I feel like if it was on me, they would have at least told me how I fucked up.
Lesson learned: always expect the worse. Thats usually how I operate nowadays.
Their actions are shitty and could have been for hundreds of possible reasons, impossible to speculate.
Call them up. In the meantime, keep looking and pounding the pavement.
You got an offer at this place; you can get another.
Not necessarily; timing also matters. It's end-March.
I didn't get my SA offer last year until the last week of April. There's definitely still time for OP to find something, though at this point it might be a case of just having to take anything available.
OP, assuming your offer was rescinded because of some internal problem, you should ask whoever your contact is if they could refer you to another firm.
I don't think you'd have a case to be honest. In every contract i've ever signed, there's a practically-verbatim clause ... we recognize that you retain the option, as does the Firm, of ending your employment at any point in time, with or without notice, and with or without cause
I have some experience in this and you're up swimming in no man's land unless they specifically tell you they didn't hire you/they hired someone else under the protected bases (i.e., race/sex/national origin/religion/gender/age/disability .. might be one or two that I'm missing). Cases like these are hard to win because the hiring firm have to say the magic discriminatory words. With that said, best of luck going forward -- gives you a killer story to tell for the interview questions about resilience and character.
Breach of contract and discrimination are different than promissory estoppel.
eh sounds like you know more about the specific HR-y stuff than me -- either way don't think he has grounds here.
Did you call them?
Just to be clear on a few, for OP and anyone else that finds themselves in this situation: (a) don't fucking sue anyone; whoever is suggesting that as even a possibility is a complete fucking moron; do you have any common sense whatsoever? You're going to sue someone for what? Losing a summer internship? And get what out of it? Best case $5k? Maybe $10k? You'll never work in this industry again. No one wants to hire a litigious little turd (@Khayembii)... or even bother giving him the benefit of the doubt for an interview. (b) yes, it sucks, but there's nothing fucked up about it; it was rescinded because either you misrepresented something (or they think you did) or because circumstances changed at the firm and it no longer makes sense to hire an intern (either because they don't want to spend the money or because they don't have the right resources to work with you and make you useful); they don't owe you anything. Life's a bitch. To those crying about what an injustice it is, grow up.
If you misrepresented something, then that's what you get. Learn a lesson.
If its a misunderstanding, then clear it up.
And if its because circumstances changed at the firm, then part on good terms and see if they can provide any referrals for other internships. While they don't owe you anything, if I did that to someone I'd atleast feel bad about it, and maybe put them in touch with friends/contacts I know who may be interested in hiring him as an intern. You don't ask, you don't get.
I never suggested anyone sue anybody. Not sure where you're getting that from. Anyways, I laid out a possible option for OP, I'm not going to continue to derail the thread to argue about whether or not the option I laid out is a good idea. And for the record, I agree with you that suing would be stupid. If you read my posts you would have known that.
That sucks man. Are any BBs rescinding?
Called me yesterday but I missed it so all I have is a voicemail. Apparently they are going to be allocating resources differently or something. Not sure if it feels worse that there was nothing I could have done or if it would be worse if somehow I fucked up. I really appreciate all the responses. I definitely won't be suing anyone and I've already started hitting up my network for new opportunities. Since maintaining a positive outlook is one of the most important things for an analyst on the job, I'm going to focus on that now. Hopefully something works out.
I like you. +1
Agreed. +1 as well, love people who battle.
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