2 year program - Can they end it?

I am almost 6 months in to a 2 year rotational program at a bank. They are currently talking about layoffs due to the credit markets. I looked at the offer letter I signed and to paraphrase it says, “you are now part of a rotational program whose duration is two years. After the two years an evaluation will take place to see if you will be offered a permanent position based on performance and need.” We have been told that even the people in the program are not exempt from layoffs. But this doesn’t sound like an “at will” employment but rather a specifically timed contract. I’m sure I have no leg to stand on and they can do whatever they wish but I’d like to see what other’s opinion is of this situation. Is there any way they are bound to honor the two year committment?

they arent bound to the contract but since its rotational id assume you stand a better chance since you can get staffed to business units that have more work. if you were in a 2 year program that was not rotational and you were in CDO’s or something similar id be more worried.

Austin, are you at Citi? Unfortunately I don’t think anyone is safe from layoffs…even a 2-year rotation program is considered at-will, isn’t it?

From what I’ve heard they are focusing on cutting fat at the MD/director/senior VP levels. So I think you’ll be fine.