Hey guys-I am starting in July, and will admit that am a little bit worried. Have any of you heard/experienced regional offices being shut down/downsized as a result of this mess? If so, what happens to the analysts? Do we just get cut, moved to another office, etc.? Is there any timeline as to by when this would happen if it were to happen? I recently got my email detailing the process leading up to the FT training in NY in July, which calmed me a little bit. Still...there is a lot of time between now and July, and a lot of s**t can and probably will hit the fan.
Any ideas?
I hope not. Talking casually to older people in the business, I have been warned that there is always the slight possibility. I'm hoping everything is okay until June. Only 3 more months until work starts, so hopefully nothing crazy happens.
my feelings exactly. just hoping that my bank perseveres through...you never know though. if it does happen, i would hope it happens before i start. before i get settled in the town, sign my lease, move in, etc. would have to jump through all these extra hoops later....
there've been banks that revoked offers already. let's just hope there won't be too many that will follow...
what banks have revoked offers?
I've heard about a small regional boutique revoking an offer.
But I have heard of a few revoking offers etc.
Bottom line is I would not worry about this too much - it's completely outside your control, so it's irrational to worry or even think about.
If the worst happens and you do lose your job, you'll have to wait it out or find another one... it's harder to find these days but places still hire.
I've heard of this analyst who was assigned to this department in xxx bank, and his whole department was dispatched of within a month of him joining the department. Needless to say, he went with them.
BofA
Bear
and 1 guy from BarCap.
Surprisingly BofA got 1 yr salary as severance.
wikit-Is that for FT class of 2008? IBD,S&T, Back Office?
Things are really bad out there and I believe will contine several more quarters. It is very slow.
But I thought banks have not yet made final decisions or announcements to incoming class or next round of layoffs.
Thanks
wikit, for which division was this? Investment banking? It sounds like T73 is just being a big alarmist saying "there've been banks that revoked offers already" then following up with "I've heard about a small regional boutique revoking an offer."
There is a huge difference between some random boutique revoking an offer and the bulge brackets making severe changes to their incoming classes.
From my experience interviewing this fall, banks reduced hiring for this upcoming analyst class because the markets were already in turmoil. Shouldn't this shield most new hires from having their offers revoked?
Right, and most of the incoming classes will be fine. Problem is, who knows how bad it's going to get. I think you guys will be fine.
Also, keep in mind that revoking offers is be a last resort. Analysts are still cheap, and no matter how bad it gets banks will still need analysts come end of summer. Not to mention, it would seriously hurt recruiting efforts.
Again - who knows how bad it's going to get and how well the banks were able to forecast their need for incoming analysts.
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