Base + Bonus

granchio · Post by **granchio** » Sun Aug 12, 2007 5:20 pm

especially in this market conditions... people will start panic-firing soon

idrank · Post by **idrank** » Thu Aug 16, 2007 6:46 pm

As usual, the NP advice was right on. My offer got rescinded thanks to a hiring freeze and the sub-prime woes. So now I'm still at my current employment. That is not where I would rather be, but it is a lot better than being at the unemployment line had I given (premature) notice. So, back to the hunt...

Thanks again, NP!

rowdyroddypiper · Post by **rowdyroddypiper** » Thu Aug 16, 2007 7:46 pm

Aside from the fact that it actually required your offer to be recinded that the board advised ou well has made my day. Though up until this point icanhascheezeburger.com has been making my day so it's not taking much.

Sorry that you got screwed. Glad you are not unemployed.

IAmEric · Post by **IAmEric** » Thu Aug 16, 2007 9:07 pm

Close call. I started the first day of a hiring freeze.

doobs · Post by **doobs** » Thu Aug 16, 2007 9:55 pm

And probably the last day of any meaningful trading? The lack of any trading should help with the SAS nightmares.

According to one of the guys on the Subprime desk there, he and his crew are busy playing Video games if they have not shifted to equity trading. (but probably that would have to come between phone calls with HHs)

I hope this turns into a good distressed play for you!

sharpend · Post by **sharpend** » Fri Aug 17, 2007 12:42 am

I once started just after a hiring freeze. It sucked. Hiring freezes are for pussies. It's like closing the exchange. Times like these are times to hire and fire not to stop business.

At my first trading gig I was told never to go back on my word (I wouldn't anyway). Your career would be finished if you did.

The idea of rescinding an offer, to me, is completely the opposite of everything a professional risk taker is.

I know nothing about the roll you were considering but maybe it is for the best that you don't work for them.

Anyhow, anyone care to name names of who has hiring freezes going on?

kanukatchit · Post by **kanukatchit** » Fri Aug 17, 2007 6:09 am

Idrank,

Sorry to hear that dood. Was this a bank or a fund ? I ask because I am in a similar situation , considering switching but could use some advice. A really good hedge fund has offered me a job, but its just verbal yet. Its totally cool if you'd rather not say though.

idrank · Post by **idrank** » Fri Aug 17, 2007 3:30 pm

This was a position in a group at an investment bank. While I am annoyed that the offer was rescinded, I'm sure this was beyond the control of the group and reflects a decision by the 'powers that be' of the bank rather than the group. Out of curiosity, is there a 'typical' time-length for these freezes?

Johnny · Post by **Johnny** » Fri Aug 17, 2007 3:32 pm

Good point. These freezes thaw after a while. Talk to the group and let them know that you're disappointed, would still be interested when the snow melts, etc etc.

rowdyroddypiper · Post by **rowdyroddypiper** » Fri Aug 17, 2007 4:40 pm

If it's a real live freeze then that's the bank as a whole putting the kibosh. It's not unreasonable to follow Johnny's suggestion. In fact you may be recognized and get some credit for "getting it" and not being a petulant child about the whole situation. Shit happens and people that don't understand that or don't react well to that generally do really badly in trading environments. Some things are beyond your control (a lot of things in the market for instance) and you just adjust and deal.

[Edit:]

To address your other question I'll quote Eeyore: "Days, weeks, months, who knows"

http://www.just-pooh.com/sound/eeyore/days.wav