For those of you who worked at Financial Services firms this summer, this is a time of anxiety. You must be wondering if your offer will be honored or if it will be reneged upon. We still don’t know what exactly will happen since so many companies are being bought, merging, being broken into little pieces, or just plain going out of business.
Having worked at Financial Services firms for about 25 years now I can tell you this: firms do not ever want to reneg offers – even if they are merging with or being acquired by another company. They will do whatever possible to honor their extended offers. With that said, there are so many things in the air right now that no one knows for sure who will do what.
One thing we do know for sure is that when a company does reneg, their reputation takes a serious blow and that reputation will last for many years. But when you are fighting for your survival, honoring summer intern offers seems less important then staying in business. Once businesses reneg, students will feel very free to reneg upon their acceptances because of the companies bad reputation. All in all, it makes for a very messy situation!
My advice for now … hang in there and do what you can to stay calm. Concentrate on doing well at school, and networking like mad this Fall recruiting season. Choices are always a very good thing to have, so treat your job search like the most important course you have to take this Fall.
Hopefully, this recent and significant jump in the stock market will help and is a sign of more positive things to come. But given that we have a very bumpy ride ahead of us … stay tuned!