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Reneging on a full-time offer (due to bank changing contract!) Watch

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    Last summer I did an internship with a top investment bank and landed a role on my ideal desk. However since then the bank has gone through massive restructuring, cut thousands of jobs and I've been told that although I still have a job, it probably won't be on the desk I was originally offered (and really wanted), as that desk has pretty much been closed down.

    I've been bugging the bank for more information about where I might be placed but so far all I'm getting is 'we'll let you know when we know'. I'm getting more and more anxious that either they'll put me on a desk/team I really don't want to be on, or that they'll take me on only to cut me 6months later.

    I started looking into my options vis-a-vis other banks but most have filled all their grad positions so could only offer internships. So:

    If I do go to interviews at other banks would that be 'damaging my reputation'?
    Could the original bank rescind my offer if they find out? (despite the fact that all I'm trying to do is line up a back up & the contract is surely void if they change desks)

    Thanks!
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    (Original post by notts1010)
    Last summer I did an internship with a top investment bank and landed a role on my ideal desk. However since then the bank has gone through massive restructuring, cut thousands of jobs and I've been told that although I still have a job, it probably won't be on the desk I was originally offered (and really wanted), as that desk has pretty much been closed down.

    I've been bugging the bank for more information about where I might be placed but so far all I'm getting is 'we'll let you know when we know'. I'm getting more and more anxious that either they'll put me on a desk/team I really don't want to be on, or that they'll take me on only to cut me 6months later.

    I started looking into my options vis-a-vis other banks but most have filled all their grad positions so could only offer internships. So:

    If I do go to interviews at other banks would that be 'damaging my reputation'?
    Could the original bank rescind my offer if they find out? (despite the fact that all I'm trying to do is line up a back up & the contract is surely void if they change desks)

    Thanks!
    If you stay with the bank, I'd be very surprised if they then got rid of you six months or even a year later. If they know they don't need you, they will terminate your contract asap. In saying that, I have heard of someone who had his contract terminated just before he started due to 'a sudden change in business conditions'. But it sounds like HR are on the ball with you so I think you'd be fine.

    I think you're perfectly entitled to look elsewhere and renege on the contract if you wanted - they can't expect you to stick with them if they effectively change your job and prospects. And to be brutal, banks are so big and it happens relatively frequently that I doubt they'd care that much.

    If you're uncomfortable and I was you, I'd look elsewhere for the desk you actually want or even just something more secure. Don't feel awkward about it. Leverage the fact you have an offer to your advantage and explain your reasons - try and avoid naming the institution, they will probably be able to tell anyway. It will help your chances at securing another offer.

    In answer to your other question, it's totally up to the bank what they do with your contract - they can pretty much terminate it for no reason at all if they want. I've certainly not heard of them terminating on the basis of interviewing somewhere else, not in the UK anyway.

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    (Original post by notts1010)
    Last summer I did an internship with a top investment bank and landed a role on my ideal desk. However since then the bank has gone through massive restructuring, cut thousands of jobs and I've been told that although I still have a job, it probably won't be on the desk I was originally offered (and really wanted), as that desk has pretty much been closed down.

    I've been bugging the bank for more information about where I might be placed but so far all I'm getting is 'we'll let you know when we know'. I'm getting more and more anxious that either they'll put me on a desk/team I really don't want to be on, or that they'll take me on only to cut me 6months later.

    I started looking into my options vis-a-vis other banks but most have filled all their grad positions so could only offer internships. So:

    If I do go to interviews at other banks would that be 'damaging my reputation'?
    Could the original bank rescind my offer if they find out? (despite the fact that all I'm trying to do is line up a back up & the contract is surely void if they change desks)

    Thanks!
    Well if your ideal desk has been cut due to restructuring (which i assume is because of costs/market trend) then its likely other desks at other IBs will be cut too - if it's part of a wider industry trend. There is no gtee that another IB will have a space on that exact desk you want unfortunately.

    My advice is stick with the offer, graduates are usually immune from being fired for 1 year (that includes redundancy) because your technically on HR's payroll for the first year. so gives you the option to look around internally for a move or you never know you may like the desk you've ended up on.
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    (Original post by notts1010)
    Last summer I did an internship with a top investment bank and landed a role on my ideal desk. However since then the bank has gone through massive restructuring, cut thousands of jobs and I've been told that although I still have a job, it probably won't be on the desk I was originally offered (and really wanted), as that desk has pretty much been closed down.

    I've been bugging the bank for more information about where I might be placed but so far all I'm getting is 'we'll let you know when we know'. I'm getting more and more anxious that either they'll put me on a desk/team I really don't want to be on, or that they'll take me on only to cut me 6months later.

    I started looking into my options vis-a-vis other banks but most have filled all their grad positions so could only offer internships. So:

    If I do go to interviews at other banks would that be 'damaging my reputation'?
    Could the original bank rescind my offer if they find out? (despite the fact that all I'm trying to do is line up a back up & the contract is surely void if they change desks)

    Thanks!
    There's no way they'd find out if you dont tell them. They wont rescind your offer/job just because you had an interview elsewhere. If that was the norm, thousands of people in the industry would be out of a job.

    You should interview at other places to see if you can get something just as good or better. If you dont gt anything and end up having to take offer at current bank, if you're on a desk you dont want to be on, do a year there, then see if you can move to a desk you do want, and failing that, try and lateral to another bank on a desk you want.
 
 
 
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