Renege from regional EB to NYC BB?

Hey friends,

Looking for somewhat hypothetical advice... Coming from a non-target top school, I did a summer analyst stint at an elite boutique (think Moelis, Evercore, Lazard) in a regional office (Chicago, Houston, SF) and accepted a return offer at the end of the summer. I enjoyed the experience and the people I worked with, but have been strongly contemplating the move New York, given that I do not want to stay in the regional city long term. I have an upcoming super day at a mid tier BB in NYC (Citi, CS, Barclays) who are aware of my accepted offer.

Should I be fortunate enough to receive an offer, I'm conflicted about whether or not to renege. Although I love the EB and its culture, I would much rather be in New York and feel that it would be most beneficial to my career path, even if that means a smaller salary in the short term. Additionally, the process of reneging in a somewhat small office with personal relationships seems daunting, but I think I would regret not moving to NYC.

Has anyone been through anything similar or have any advice on the situation? Welcoming all advice, harsh as it may be. Thanks in advance!

 
Best Response

This is completely your call. What do you value?

Personally, I would hate to create bad relationships in an industry I am entering, especially because you never know how you'll need to use your network down the road or who you'll run into. I also think that you could give it a whirl for 1-2 years in your non-NYC city, and if you don't like it then you could lateral to NYC. There's not enough bankers and still as much dealflow, so there will always be a need for good bankers.

That being said, I know someone who reneged on 1 bank for another, and yet they are doing just fine in their new bank. It was probably the right move for him/her. Still, by reneging you will screw that team over. They will not be happy with you. They'll have to work a little harder because of you.

So it's completely your call. Decide what your value and act appropriately.

 

I think you'd be better off working in the EB and then transferring to NYC internally. While NYC is great, you'd be better off doing Tech in SF and O&G in Houston. I'm not familiar with the Chicago EB scene so I won't comment on that.

I wouldn't think its a good idea to renege at an office you summered in and you have on your resume. However, it looks like the BB knows you accepted an offer and there shouldn't be consequences of reneging.

Also Barclays & Citi are generalist offers you won't know your group until training. You could end up in a garbage group.

However, if you are set on career banking you would be better off at a BB but I'd say the analyst experience is better at an EB. My counsel is to go to the super day and if you get the offer make a decision that aligns you best with your future goals.

 

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