Lateral reneging
Currently working at mid-tier BB/EB. Got and accepted an offer from a better BB/EB, but I was also interviewing with some LMM and MM PE. Eventually I also got an offer from a MM PE, which I would obviously prefer over the BB/EB offer I got.
How bad would it be to renege in this case? I'm seriously not interested in IB, but not sure what the implications are here. I guess it's not as bad as reneging from IB to IB, because I'm essentially changing industry? I just don't want to be in a situation where my MM PE offer is pulled after I start there.
no nobody cares
What consequence would make you give up on going to PE?
well if the BB/EB is going to snitch on me to the PE firm that I reneged... I might be overthinking it because it's genuinely a better opportunity in a different industry (ie I'm not going to a competitor or smth) but IB is known to be filled with salty folks
So why would you tell them where you're going and give them the opportunity. "Hi bank, my personal circumstances have changed and I will no longer be accepting your offer."
They take this risk every time they make an offer. Plus, not dumping on your skills or work, in this market they should be fine getting another person at your level.
Remember they aren't your friends and would cut you the second they don't need you - loyalty is good, but it cuts both ways.
In this instance I say fuck em, take the role you want more.
People should really stop stressing over reneging. 99% of the time there are no issues, except for some inconvenience. I mean, how's reneging (before starting the job) different than lateraling from firm A to firm B?
Also considering something similar. Accepted lateral offer at MM bank with my start date approaching soon. However, just got interviews from better firms and was wondering whether I should just try to delay start date to do the interviews and then renege once a better offer comes along.
New offer also lowballed me and pays less than my current role
So why did you accept it?
My current firm is quite unstable with frequent restructurings, lower workload given bloated teams, and likely junior layoffs coming (global group head hinted at this).
Goal was always to try to go to a BB/EB but I had accepted the MM offer out of fear of layoffs
I feel this is a relatively straightforward case as you're switching to a different industry, especially if you're heading to a reputable MM PE (tbh, even if not - there's no point in doing something you're not interested in going forward - if anything, you did the bank a favor because that spot might go to someone who might actually put in the work or effort)
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