How to Handle a Potential Renege
Recently finished my IB SA stint at a MM and accepted my return offer, since I only had a few days to accept. However, I was recently invited to interview at a BB/EB for IB in the coverage group that I would prefer, but what should I say to the BB/EB during my interview? Do I be upfront and mention that I already signed and accepted my return offer since I am sure that they know that my deadline has already passed? My concern is that if I do, the BB/EB may get mad at me for even interviewing and notify my MM since they are both in NYC, and I would lose my MM offer. I'm fine if telling them means I don't advance in the BB/EB process, I just don't want to lose my MM offer. And I don't want to lie to the BB/EB since they may find out one way or another that I reneged if I got/accepted the offer.
bump - hoping I also go through this problem next and would like to know!
Hi,
This is a common question but don't worry about it. Reneges happen all the time and we're very used to it. Obviously it sucks for us (the bank) to lose a great SA we offered an FT role for, but we all get the joke that it's going to happen, and HR actively (A) encourage us to keep in touch with the SAs to keep a relationship going and lower the likelihood they want to interview elsewhere, and (B) bake it into their headcount projections which they use to determine how many interns to hire and give offers to.
Tell the BB/EB you had a great internship, got the return offer, and are exploring other options because XYZ (maybe the new shop has a more global footprint, maybe it has a broader product set which gives more learning opportunities, etc.). You can say it's due to coverage group but be prepared to answer why you didn't just rotate in your MM.
Minimal chance the BB/EB will tell the MM. You'd have to be shockingly unlucky but I guess it could happen if the interviewee had a close pal at the MM. Even then I personally wouldn't do it because (A) it's just a nasty thing to do to bomb a young man / woman's career, and (B) it's unprofessional for me to do so.
Don't overthink - best of luck with the interview and congratulations on your existing offer.
Thanks for the insight, it was super helpful. When I tell the BB/EB that I got a return offer, should I also mentioned that I accepted it?
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