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No, it doesn't happen all the time. I went to Harvard, my brother to Tuck, and we've all worked in NY finance for a long time. I have had the good fortune to work at many of the top firms in NY. My father in law is a HBS grad and partner at a top I-bank with 40 years on Wallstreet. We ran this by him, and there is not ONE COMPANY he knows of, (respectable that is) that would throw good people out on their ear with ZERO NOTICE AND ZERO SEVERANCE, unless they had been caught with their hand in the till. Respectable firms don't do this, for fear of lawsuits.
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In this country, this behavior is NOT the norm, my friend. The so-called white glove firms such as Goldman, McKinsey, Morgan, have a certain policy of dealing with their employees. This is largely for fear of lawsuits, but also because it is a small world at the upper echelons and today's minor geek is tomorrow's CTO of Microsoft, and a good person to have on your firm's side.
If IFL chooses to burn their bridges in this way, it indicates something fundamentally amiss with their corporate culture, and would serve as a warning, not only for job applicants, but also for any vendor or contractor thinking of working with them as well. They clearly view their employees and obligations as minor inconveniences they can wash their hands of at a whim, and I feel this is something potential job seekers should be aware of.
I know someone who turned down two other excellent offers to join IFL after the management aggressively assured him he would be taken care of at year end. They gave him three scenarios for pay, not one of which included being tossed out on his ear for doing a good job. Employees give up other options to give their best to a firm. They deserve the respect of being told what it is they are actually are joining. If it is a start up, then say so up front and let people make an informed decision of the risks involved.
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