I know at my school if a firm rescinds an offer, the career services will flip out and may even not let the firm recruit the next year, if other schools are like this, what are the chances some people starting full time will get laid off right when they start?
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I don't think career services is interested in turning away any firms this year...
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ya, and i dont think that firms strategically let go of students right when they start to avoid repercussions from career services.
Good points, so I guess if you still have an offer youre 3 months away from being ok
This is a special time. There are no guarantees anymore. A lot of firms are doing things they have never done before like letting go of 1st year analysts. My old firm just did so a month ago. If I were you I would keep a really close eye on any news about your intended employer. Even better would be to get in tight with some current analysts and get the inside dirt. Also it's not a bad idea to think about a "what if" scenario (i.e. a plan B). You have to protect yourself in this market.
If you think this is the first time banks have had to lay off first year analysts, you're dead wrong.
no bank would ever dare to do that at my target school
london, are you kidding me? who do you think you are? arent you going to be a SA??
I think he was being sarcastic... well, I hope
To answer the OP:
By rescinding offers, banks will not only create bad blood with career services, but more importantly will give themselves a bad reputation by not honoring contracts. For these two reasons banks most likely will not rescind any offers (although I could be dead wrong) even if they had given out too many.
In the worst case, they will hold on to these analysts for a couple months and lay them off before bonus season if there is no further need for them. In the best case, the economy will start showing signs of improvement by the end of the year and banks will not have to layoff any new hirees, not to mention that at the same time they will have avoided any bad blood that would have come from rescinding offers.
Just my educated guess, but I highly doubt that many (if any) offers will get rescinded this year, unless entire divisions within banks are shut down. Although if this economy does not improve by the end of the year then we can all expect another round of layoffs before bonus season.
If this happens to be the case, then I honestly would rather get rescinded to move on with my life and take advantage of other opportunities, then work three months just to get laid off.
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