Make sure you keep in touch with the people you interviewed with. The industry has a lot of turnover so you never know when a position might open up.

oh dear.. i'm very sorry to hear that. have you received any compensation? would they hire you back if things got improved in future?
i'm curious to know which BB was cruel enough to do that days before your start date.
you can still find banking roles at smaller firms. i recently watched a youtube video about a wharton kid whose BB FT offer got rescind owing to her being non citizen (Visa issues), but she managed to find a job at a small firm and lateraled to another BB 6 months later.

Prime example of why nobody should put too much stock in renegging on banks when they'll do the same to you without hesitation.

Fuck bro, that blows. Wish I had something more substantive to say but good luck.

Sorry to hear that, it's quite rude and I hope that you will be able to bounce back
Also why don't you give the name of the BB ?

Obviously hundreds of people are potentially aware of that so no risk for you. Moreover the biggest reason why banks try not to renege on offer is because of reputation risk. Indeed any summer intern with return offer from such a firm will try everything to get a job somewhere else, if he knows that the bank can potentially renege on his offer.
Therefore, the best way to avoid this lame behavior is to tell who is doing that imo...

Quasimodo was a borderline cripple that pulled the rope on the Cathedral Bells of Notre Dame.
Nostradamus is famous for his seemingly uncanny ability to foreshadow future events in a cryptic nature.

Haha, right you are. I'll see myself out.

Can a company be sued for this? I'm not the suing type, just curious.

OP, have you considered applying to jobs in the US / UK?

I wouldn't even consider suing as much as the situation sucks. After you sue a company for revoking an offer most companies prob wont touch you with a 10 foot pole.

based on my lengthy research from back in the day (lol) , since every contract is for employment "at will", neither party is legally bound to the agreement. you CAN sue a company however if you can prove that they purposely withheld from you for longer than necessary the high likelihood that the offer will get withdrawn. Which I just realized is most likely the case here. I still wouldn't sue though, since as someone pointed out no company will ever give you a chance after you pull a stunt like that. haha

YARRRRR!

But the problem with accepting several offers if of course the risk of getting caught when you renege and losing all your offers. I hate that banks can do whatevr and you can't, but the reality is you're at their mercy.

Explore options abroad as well as in other areas within finance (buyside, boutique, corporate, etc...). Be flexible. Getting & staying in the game is half the battle in finance.

The USA is much more open to aggressive / direct approaches to doing business than other parts of the world, e.g. being sold on the phone. I once cold emailed/called a billionaire and set up a meeting a with him and his team for deal that we were working on. In the UK this approach gets no answer or gets you a meeting with one of their mid-level guys and you have to find more common ground. American's don't generally let formalities get in the way of them doing business.

If you feel that a more formal style suits you better, you can write the front office person a letter and request an introductory meeting. Do consider some form of networking though, even if it means just contacting the head of recruitment at your target firms so you're not just a CV, but rather a CV who they've spoken to.

Oh my god, I'm moving to Australia. Reading about the things people on this site do and the lengths they go to just to pester analysts who don't want to talk to them makes me sick to my stomach.

Sorry to hear about your offer. Best I can say is that if you landed a BB offer in the first place you can land a job just about anywhere.

Get more cowbell :D

god damn, dude. I am sorry to hear the news.

Can't you leverage your offer to get interviews elsewhere? or... maybe you should do recruiting process one more time?

Hey man, first of all, I can't even imagine how you are feeling at the moment. It's just absolutely terrible. I'm going to be a first year analyst starting in July, and I definitely feel vulnerable. I guess you have to always hope for the best and prepare for the worst.

All I can say is this: KEEP YOUR HEAD UP. You've gotten this far by landing an offer and there is no reason to think any less of yourself because of things beyond your control. This is RBS's fault, not yours.

I've always believed that people are defined by their actions and not their situations. How you react to this shitty situation will ultimately be what's important when all is said and done. Look, your career will probably span a few decades. This early hiccup will most likely be a distant memory 10 years from now, and will have hopefully changed you for the better.

It's probably hard to hear any of this right now and I'd probably be reacting a lot worse than you are. However, the quicker you get yourself out of this rut, the better.

OK - so what steps can you take now.

First, take this weekend off and do something you truly enjoy. Take a step back and remember what you do have, as well as all the things that are important to you in this life (friends, family, etc.). A healthy perspective can make all the difference.

Second, once the week begins (or whenever you feel ready; earlier is usually better than later) start pounding the pavement. All of this has been said countless times on WSO, but I'll say it again. Spread your net out wide and get in front of all BBs, MMs, and boutiques. Who knows, maybe they will have a spot available. If you feel the need to, explain to them your situation, so that they already know you've been vetted by another bank. If nothing works out for IB or high-finance, apply to a "regular job" and be extraordinary in an ordinary role. I'm sure the doors will open up once more.

I understand you are hesitant with the above advice, since the cultural norms of networking in Australia are much different than in the States. I've spent quite a lot of time abroad these last couple years and I absolutely agree. However, it baffles me that any reasonable person would disrespect someone who was trying to better their situation. There's a middle ground somewhere, you've just got to find it and not give up. Best of luck!

Sorry to hear this happen, RBS is really screwing you over. Hoping you find something soon.

That sucks man, best wishes.

Is RBS perhaps just closing down Australian IBD all together? That's the only situation in which I can imagine a bank cutting an entire class of incoming analysts.

Timothy,

I'm very sorry to hear of this news.

I work in IB in Australia and we're currently looking for an analyst. Please PM me your location and I'll see if something can be done to help you get into the industry.

Sorry to hear what happened. You could reach out to recruiters here to get a feel for what's out there, apply to other banks (though market is pretty sh1t right now) or if all else fails go through grad recruitment again and do something worthwhile in between..

A similar thing happened to me, I received an offer with a BB in Aust. a few years ago. I was due to start in March, but they called me in Nov with two options. Either 1) Transfer to Hong Kong indefinitely or 2) Lose my offer. It sucked at first, but in the end I had an amazing time before returning to Australia in a better market.

You've probably seen the news that RBS is selling its business here. Anyway, there was an article in today's paper on RBS and it said " Sources close to the bank expect little more than half of its Australian employees – between 225 and 250 of 400 – to keep their jobs"

Half their staff may get fired anyway, you're better off elsewhere. Good luck!