Consensus on Reneging
thanks
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Don’t do it, not worth it
Go for it; do what's best for you and your future.
Call firm A and explain that you very recently received another offer for your top group and need to "rescind your acceptance", (avoid the word renege, even though it's the same thing). And of course you understand that it creates a difficult situation but it's just too good to turn down. Don't give any more detail than that. Do it on a phone call and just be very polite and apologetic, but stick to your decision if they try to pressure you; if you tell them you're thinking of reneging then stay with firm A, you will kill your return offer bc they'll assume you'll full time recruit anyway. Once you make your decision, that's it. They'll probably ask where you're going to, so avoid saying the specific firm name, just say you're not comfortable disclosing or it's another firm you've been waitlisted for and notified that you were offered your top choice group. Emphasize that you are letting them know as soon as you made your decision.
I wouldn't worry about a vengeful MD; you'll be contacting HR and firms understand getting better offers as long as you're not a smug jerk about it (which you're clearly not).You already know this, but do not say anything about any of this to anyone other than the HR point of contact at firm A. No telling friends, professional network, and definitely not anyone at firm B, even in one of those recruitment experience surveys. Don't make a LinkedIn post and wait to update your profile until right before the start date.
This is the way.
I wouldn’t even mention that it’s a top group. Just say you had another opportunity come up. Don’t say where no matter how hard they push on the phone
Agreed. Given that firm A is (Gugg/GH/Jeff), it's not hard for them narrow down their top tier competitors.
nah dont listen to these fools, take the offer. tell the other bank to kick rocks (nicely) and dont tell anyone where you signed and don't update ur linkedin until you start FT (2 years after ur internship).
I would say reneg
I am always the guy saying don't renege, not worth it.. that said in this situation I would renege but absolutely do not tell them where you're going, don't even say it's for your top group or in IB just say it's an opportunity in a different area that better suits your long-term goals.
Don't put "incoming SA at X bank" on your LinkedIn... heck, I wouldn't even put it on there at all until you start FT just to be safe.
The MD is not gonna start calling around to every bank in the world, but if they get wind of where you're going they might.
I wouldn't put it on there until the first day he started FT. Really yeah 90% chance he'd be fine if he put it, but Gugg/GH/Jeff are absolutely close enough to the top groups that people might have mutual friends and give them a call - you can wait a few years to flex on LI
Step 1) reneg
Step 2) delete this post
GL
Renege and don't post/tell anyone
Fully reneged from a MM to a top firm and told them I was rescinding due to personal reasons. No one gives a shit to be honest. You are an expendable intern. You are not hot shit to the point where an MD is gonna go asking around. If you got in through nepotism or connections thats a different story.
Stop overthinking and move to that top BB. You wont regret the decision when you look back 5 years from now and nothing negative happened as a result.
I’m in a very similar situation, but does anyone have insight on what to do if the other bank very likely knows where you’re going? Does the “personal reasons” excuse still work?
I would imagine the "personal reasons" isn't bought by most banks -- if it were for "personal reasons," you would think you would ask to defer start or something like that.(I mean, what percentage of new hires would be willing to give up 150-200 k their first year out of school? Sure, it happens, but how frequently?). Now does bank care enough to investigate where you're going? I don't know. I would imagine, odds are, the bank that was shunned will not look into it. But it would be helpful to hear from someone where the renege did backfire on them and did set them back (hopefully, only temporarily) in their career. Seems like we mostly (or exclusively) hear from people who reneged and "it was no problem, whatseoever."
Personal reasons prevent HR from looking into it further because it’s a legal excuse allowed in your “at will” contract. It still works and will continue to work unless legal structure or contract structure changes
VP: Heard Joe Schmoe from Non-Target reneged. Who do you want to give the spot to?
MD: Joe who? Oh that kid. Too bad, bright guy. Fuck him. No need to offer up the spot.
VP: OK, hiring freeze?
MD: No but I see one coming. Brutal Q2, rest of the year better pick up or it’s going to look ugly. Bonus pool is going to…
VP: Sorry, I’m getting a call from CFO. Back in a bit.
MD: There’s the door Cat Boy.
You’ll be okay. Be very polite and as vague as possible. Talk to only the people you need to to communicate your acceptance rescission, which is probably HR. Just say you had another opportunity come up that is more aligned with your goals and if they press, just say “I’d prefer to keep this decision to a personal level”. They’ll fill your spot without issue, just do it as quickly as you can as a courtesy.
Pretty sure PJT RSSG/GS Classic/Evercore all finished recruiting SA a few months ago. So did other comparable banks. So where did you actually get an offer from lol?
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