Finance
I'm a recent grad who gave up a six-figure job at JPMorgan without another offer. It all came down to career satisfaction.
This as-told-to essay is based on a conversation with Nick Rutherford, a recent University of Pennsylvania graduate, who interned at JPMorgan Private Bank and is starting at Unilever this fall. It has been edited for length and clarity. Business Insider has verified his offer letters.
I didn’t have a career plan sketched out before joining university. I wasn’t passionate about math or science and thought that I would end up going to law school at the end of my bachelors.
I majored in political science but took classes at the University of Pennsylvania’s Wharton School of Business. Being around career-focused students who always talked about their résumés and internships challenged me to start caring about those things.
I tried out a variety of internships in college: I worked at a non-profit media outlet, an advertising company, and a think tank.
My strategy has always been to add 100-150 jobs to a spreadsheet with their details and apply to five each day until I run out. In my final summer before graduation, I managed to land three internship offers — from a consulting company, a consumer goods company, and JPMorgan.
When I got that phone call that I got the JPMorgan internship, it was so exciting and I felt really grateful. I would be working in their private banking division in Seattle. I wasn’t too nervous because they made it clear that even if we knew nothing, they could teach us.
Despite everything I have heard about banking from other friends, the interns and even the analysts we worked under did not have to work beyond our hours or on weekends. I didn’t find that my internship was taking a toll on me — physically or mentally.
When it came to getting full-time return offers, I expected to get it because I thought I did a good job and felt like I deserved it. They picked three out of five in my cohort, including me.
But by the time the offer rolled around, I think I had already had this lingering sense that this wasn’t the environment I wanted to be in long term.
I definitely had mixed feelings about the offer, even though it put my starting salary at $100,000 a year.
The number one factor in my pros and cons list was financial stability and knowing that a six-figure salary was one signature away. I don’t come from money, and my mom is a single parent to me and my three siblings. I was able to attend university because of several scholarships.
Nick Rutherford
It was a hard number to say no to, but I have a strong growth mindset and I care a lot about how I spend my time and who I’m becoming. I wanted desperately to be in a place where I feel stimulated and I’m interested in the work I’m doing.
I was doing well, but I didn’t get that feeling at my internship. I didn’t have any bad experiences — there was just not enough work that I really enjoyed, like building models.
I didn’t have any other offers. The alternative was job hunting from scratch, not knowing what I would land and whether the offer would even come close to what JPMorgan was paying.
I thought, “What is the worst that can happen if I turn this down?” The answer was that I won’t have a job for a few months, but I’ll find one. I consulted my family, and one professor from my business school about my decision and turned it down.
Once I sent that email, I did not wallow about my decision. I went right back and found more jobs, made my spreadsheets just like before, started going for interviews. In a couple of months, I applied to a role at Unilever for a leadership program.
I used a lot of the same skills that helped me land the finance internship in my Unilever interviews.
I landed an offer at the company’s New Jersey office and am due to start working this fall. The pay was a significant cut from my first offer, but I see it as: If I enjoy what I’m doing, the money will come.
There was definitely the prestige factor of having JPMorgan on my résumé for a few years, but I just didn’t care that much about it as compared to what else I was looking for in a job.
I think that’s how many other Gen Zs are viewing work nowadays. They no longer want to give away 40 years of their lives for an annual paycheck. We’re being a lot more demanding about wanting a company culture and more than just wages.
Do you have a career story to share? Get in touch with this reporter at shubhangigoel@insider.com
Finance
The New Hampshire Business Finance Authority honors lenders at the 5th annual Granite State Awards
Cardano founder Charles Hoskinson has responded to renewed criticism about the network’s total value locked (TVL) and relatively sluggish decentralized finance (DeFi) growth.
On October 31, Hoskinson acknowledged the gap between Cardano’s DeFi activity and leading blockchains like Ethereum and Solana. However, he said the numbers fail to capture the network’s broader participation and governance strength.
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Cardano Bets on Bitcoin Interoperability to Unlock Billions in DeFi Liquidity
Hoskinson pushed back on the long-standing belief that introducing major stablecoins such as USDT or USDC would automatically transform Cardano’s DeFi ecosystem.
“No one’s ever made the argument and explained how the existence of one of these larger stablecoins is magically going to make Cardano’s entire DeFi problem go away, make the price go up, massively improve our MAUs, our TVL, and all these other things,” he said.
He argued that their arrival alone would not solve the network’s structural challenges or guarantee growth.
According to him, Cardano already has native, asset-backed stablecoins like USDM and USDA that can be minted at will and rarely lose their peg.
Instead, Hoskinson pointed to user behavior as the main reason Cardano’s DeFi TVL remains small.
For context, he noted that the network has about 1.3 million users who stake or participate in governance, collectively holding more than $15 billion in ADA.
However, those figures don’t count toward TVL metrics, and most ADA holders remain passive participants rather than active liquidity providers.
“Cardano has a fertile ecosystem. There’s a lot of people floating around. There’s a lot of people who hold ADA, who have Cardano wallets, who have been in our ecosystem — in many cases more than five years. But not a lot of those people have crossed the chasm to use DeFi in Cardano,” he stated.
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He added that this distinction creates a “chicken-and-egg” loop for Cardano’s ecosystem. According to Hoskinson, the network’s low activity deters partnerships and liquidity, while the lack of external integrations further limits on-chain adoption.
To counter these limitations, Hoskinson outlined a multi-year roadmap that ties DeFi growth to real-world finance and Bitcoin interoperability.
He highlighted the Midnight network—a privacy-focused sidechain—and RealFi, a microfinance platform targeting African markets, as key initiatives.
Both will integrate with Bitcoin DeFi, allowing ADA and BTC to be lent, converted into stablecoins, and used in real-world lending products.
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Hoskinson expects this combination to drive “billions of dollars” in new liquidity while attracting Bitcoin’s vast capital base. He also cited ongoing projects such as Leios, as proof that Cardano continues to evolve at the protocol level.
Still, he conceded that Cardano’s core issue is coordination and accountability, not technology.
“It’s not a technology problem. It’s not a node problem. It’s not a problem of imagination and creativity. It’s not a problem of execution. We can pretty much do anything. It’s a problem of governance and coordination and ultimately accountability and responsibility,” Hoskinson said.
To fix this, he proposed delegating clear responsibility for ecosystem expansion. He also called for targeted marketing and event strategies to mobilize ADA holders toward DeFi participation.
“The problem isn’t the ability to do a marketing campaign. The problem isn’t our ability to ship great software. It’s that there’s no one accountable to actually conceive of it, execute it, and be held accountable to the outcome of it. That’s the problem in a nutshell. So that is the problem we have to solve next year as we look to 2026,” He stated.
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