Costs / Benefits of Reneging - MM in SF to lower-tier BB in SF
Hi everyone,
Rising senior from a nontarget here.
I wanted to get some data points on my situation: I spent this summer at a MM investment bank (HL, Blair, HW, Lincoln, Stifel) with their technology group in SF. Was reaching out to other shops throughout the summer, but seems like lateral processes are really only beginning to kick off now. I signed my FT offer with said MM last week because I had no clarity on whether I'd be able to generate any actual leads for a lateral.
As luck would have it, I've heard back this week. I had a first round with a larger bank (Barclays, Jefferies, CS, UBS) today, with a super day scheduled next week.
My question: Is this opportunity worth the risk associated with reneging? Would I be better off just waiting a year and lateraling after starting FT? I had a great experience at this firm and got to know the senior bankers (small team so they are quite accessible), but there's no hiding that it is a sweatshop and that exits will not be the best. Lots of attrition at the junior level - they had an analyst quit the week after my internship ended (and one week before bonuses came in) which I see as a pretty damning indictment.
I want to set myself up for a solid banking experience with decent exit opportunities, but don't want to shoot myself in the foot by making a stupid decision because I didn't understand the risks.
I appreciate the guidance!
Big difference between a place like Blair SF and stifle/Lincoln. Blair has pretty strong exits from SF, so not sure how much upside there to justify the risk of reneging, whereas at Lincoln/Stifel the exits are decently worse and there is sizable upside to the BB to justify reneging risk.
Thanks! Appreciate the help.
Dude, just renege and be smart about it, and nothing will happen. It's not rocket science. If you renege and post on your LinkedIn what bank you are going to the next day instead of waiting until you start as a normal human being would, then something bad might happen. I personally know of people who reneged weeks before their start date, and nothing happened. Their staffer tried to furiously call them, but they just blocked their number and moved on. Look out for yourself instead of worrying about what your MD, who probably spent at most a few hours talking to you during your SA stint, is going to think.
Voluptate exercitationem maiores in. Nesciunt perspiciatis recusandae corrupti et. Dignissimos commodi omnis esse rerum aut quia. Libero voluptatem quae rem repellat.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...