I had a friend who thought that since his pre-tax sign-on was 10k, and he only kept 6k after taxes, and he had to repay the full 10k, he lost 4k in the whole deal... in actuality... that 4k is withheld for your taxes... when you file you will be refunded that 4k... or you could simply not pay your taxes on your new sign on bonus... as in opt to not have anything withheld from it.

Not sure if 'fucking hell' is because you spent it, or because you think your gonna lose on the post-tax/pre-tax difference.

 

Chill out. If you reneg, and you can't afford to pay the pre-tax amount, pay the post-tax and then make payments. Your contract should stipulate that you will be charged an 8% IR, which sucks, but means that it is not the end of the world...

 

They will definitely demand your signing bonus back. Other than that while this isn't looked favourably upon, if you got a better job then take it and don't look back.

The Macro View http://themacroview.wordpress.com
 

like wooooow vs ok. not something i would do lightly but i'm considering a scenario where it would be a no brainer. (think like paulson & co vs. umm db?)

so you think they would want back the pro-rated signing bonus for the rest of the year or the whole thing? just wondering ... not quite in this situation yet but hoping to be.

 

Don't put it in writing if you can email it. Don't email it if you can call it in.

I say call it in. "I'm going with another offer. Thanks but the other firm is offering me too much money to turn down."

The "more money" reasoning is the best you can do.

 

That is an absolutely terrible idea. If you are dead set on taking a 2nd offer, wait until the second offer is delivered and executed before you even THINK about placing the phone call to renege. Don't ever renege before you have the next offer in hand. Once you renege, you can never go back.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 
brutalglide:
Uh definitely wasn't planning on reneging before I got an offer (or even before I started interviewing), I just wanted to know what I'm getting myself into and figure out things to do/not to do (ie. don't spend signing bonus)

"when should you mention it to firms that you are reneging on a previously signed offer (before/after you interview and/or before/after you get the offer)."

http://ayainsight.co/ Curating the best advice and making it actionable.
 
therealweinstein:
Big repercussions at MBB. They'll make you return the money, and will be overall p'od.

But getting a GS IBD offer is the holy grail. Take it, and don't look back.

Uh, not really. 90% of MBB consultants could have worked at GS/JPM/whatever if they'd wanted.

"'In summary, people are morons and who cares. Make a shit ton of money. I've never seen a Ferrari paid for by what people think.' - ANT" -rufiolove
 
Best Response
acronym:
therealweinstein:
Big repercussions at MBB. They'll make you return the money, and will be overall p'od.

But getting a GS IBD offer is the holy grail. Take it, and don't look back.

Uh, not really. 90% of MBB consultants could have worked at GS/JPM/whatever if they'd wanted.

Then why didnt they?! Lol jk. but seriously, you're on an WALLSTREEToasis- you're clearly gna have people here support banking on all levels/tiers over consulting for the most part. this accomplishes nothing

OP, congrats on the offer. just get it over with ASAP with the MBB and be proud of bagging GS!

I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought- GG
 

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I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought- GG
 

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