Renege after Background Check

I am a senior about to graduate. I accepted a full time offer at regional MM back in November. I was recently offered a position to start at a top BB/EB in a top group. I already completed the background check at the MM and I am not sure if I should renege. The bank I have the offer from is in the industry vertical I really like and was one of my top choices when I started recruiting, pretty much my dream job out of undergrad. I'm not sure how to proceed. I would welcome your input.

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