85 Rescinding offers also causes a ripple of problems, Rose said. When people were ready for promotions, no one was ready to replace them. Finance and accounting graduates are among the first hired, usually in the fall before June graduation. Hires for marketing and other jobs come much later, placement officers said. Campus placement centers report that most finance majors are getting hired, though in some cases later than they would in good times. A spokeswoman for Goldman Sachs said they were honoring all job offers. They are hiring 1,700 interns and about 1,800 analysts this year, about the normal amount. Bank of America would not disclose how many new graduates and interns it has hired. But spokeswoman Kelly Sapp said the firm was honoring all offers and filling vacant positions. "We are active on campus," she said, "seeking to deepen relationships and be the employer of choice." JPMorgan said it was honoring job and internship offers Bear made before its collapse, except in investment-banking areas that were being eliminated because they would duplicate existing operations. Those whose full-time job offers JPMorgan won't honor are allowed to keep their signing bonuses and relocation allowances, and the company is helping them find jobs elsewhere. JPMorgan will pay the interns it cannot use, if they work for nonprofit organizations. Those who do that will be considered for employment after the internships. Even finance and accounting majors who haven't yet found jobs are optimistic. At Drexel University, Eric Meyer, 27, who grew up in Harrisburg, didn't get the Wall Street capital analyst position he wanted, and he has expanded his search to other finance-related jobs. He "has a good lead in Baltimore" and is working to develop others. "You live and learn, take what you can get, and get experience you can apply when the job you want opens up," Meyer said. Some who didn't get the Wall Street job they wanted were seeing advantages in the jobs they did get as places to learn while investment banking recovered. Drexel's Warren Bloom, 28, who grew up in Huntingdon Valley, took a leadership-development job with a corporation instead. He's excited about the overseas experience it will offer. Jason Weber landed a vice presidency at a smaller brokerage. He sees the problems at big firms as a grand opportunity to "create business and bring in revenue," using the entrepreneurial training he gained getting a master's of business administration at Drexel. The students say watching the credit crisis unfold has taught good lessons. "You've got to be more careful with the risk you take on," said Kleinman, "and you've got to be more careful about new products."
Villanova School of Business 2008 Media Report