For some background, I'm a PhD student Comp Engg.I got an offer from a Quant Trading group at a Bulge-Bracket IBank, and was slated to start next month.I was told on Friday that the group I was supposed to join has been 'dissolved'. The HR female told me that they'll "try" to place me somewhere else in the bank, but was more interested in exactly how much money I had already spent on moving plans (I read that as they're not likely to "try" very hard).I also had an offer from another big bank that I had to refuse, and now that position has been filled and the said bank is not hiring.Moreover, the job market seems to have gone south since the time I accepted an offer, specially for people fresh out of school with no experience.Is this common? Do I have any recourse?

talk to a barrister about collecting a signoff bonus. you should take the bonus settlement and look for another job elsewhere. don't go there so they can lay you off after 1 month.

How long between offering you and shutting down was it ?There may be an issue of "bad faith".Which country are you in ?

QuoteOriginally posted by: DominicConnorHow long between offering you and shutting down was it ?There may be an issue of "bad faith".Which country are you in ?There was quite a long time between the offer (Dec '07) and the shutdown (6/6/08). Perhaps I started looking for a job too early....This is in the US, Manhattan.Thanks for the tip, KackToodles.

QuoteOriginally posted by: KackToodlestalk to a barrister about collecting a signoff bonus. you should take the bonus settlement and look for another job elsewhere. don't go there so they can lay you off after 1 month.There may actually be a tradeoff on the estimated value of your sign off bonus (how much, how likely, legal fees) versus your guaranteed sign on bonus..Assuming the signon bonus is big enough and also that it doesn't have to be paid back if they terminate you, (find this out from the written offer), you may be better off joining for a day and then being asked to leave.

QuoteOriginally posted by: ArthurDentThere may actually be a tradeoff on the estimated value of your sign off bonus (how much, how likely, legal fees) versus your guaranteed sign on bonus..Assuming the signon bonus is big enough and also that it doesn't have to be paid back if they terminate you, (find this out from the written offer), you may be better off joining for a day and then being asked to leave.Your analysis would be correct, but for the fact that the signon bonus has already been paid to me.However, at this point, I'm a lot more concerned about finding a job. In some happy news, I was told today that I'll be interviewed again by two other groups in the bank. Which is all they can do, I guess.