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Someone at my school did it and cut other prospective students off from that bank. Mins you this is a LAC but not cool either way.
Nothing legal, strictly reputational, and at the very extreme could jeopardize the new offer as well, but unlikely
Legal consequences in this instance are extremely unlikely, unless you signed a contract that has an uncommon clause applicable to this scenario.
The bigger problem, which you may not see as a problem, is that you will make it harder for students from your college to gain any kind of traction in the future at the firm you plan to dump.
No legal issues at all. Have to look out for yourself and your career.
What size bank have you committed to. Tough to turn down one of the big 3
No legal issues - you're an at-will worker and can quit whenever you want
That said the bank will probably cut off recruiting any future students from your school, especially if you're at a semi or non target. And if it gets back to your new firm that you reneged (fairly likely if you're at a fellow BB) you may lose your offer.
IMO, potentially worth it if you're at a tiny boutique - not worth it from a lower BB/EB or top MM
What if you are going to a worse firm in a different industry, as in you don't want to be in IB anymore at all
I'd say that's fine. don't tell them where you are going but say you have decided against IB entirely and are switching industries
Would strongly advise against not doing this.
?
Definitely don’t
I reneged an EB for a top BB. Nothing bad happened, HR and ex-colleagues seem understanding when I told them.
But later pretty much all of my ex-colleagues ghosted me when I try to casually talk / keep connections warm. Then I know that they are probably pretty upset about me leaving (especially since my group has history of taking in talents from my previous firm).
As others have said, there is no legal consequence. However, you will, at best, destroy your relationships at the firm you are reneging from, and, at worst, lose both offers if people find out and are being vindictive. There may also be consequences for your school, and maybe even for the person who referred you. I wouldn’t recommend it except for in the most extreme circumstances, if you’re coming from a different industry entirely, or if you’re not coming from an already-“legitimate” bank.
Personally would not do it. Know a kid who reneged an eb for bb. He lost the bb offer. Just take what you have it is already decent imo
How'd that happen?
No one cares, do what is best for your career
They will put the phone down and be irritated for about 5 seconds. Then they will pick the phone back up, call your replacement to give him an offer, and then the next day forget that you even exist.
Just renege man
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