Renege BB PB Offer For MM IB?
Hi monkeys,
I am a senior in undergrad at a non-target in a bit of a predicament. This past summer, I completed a PB summer analyst program at a BB (think B of A, Credit Suisse) and received a return offer. Although I want to move into IB full-time, I accepted the PB offer because it had exploded early and I figured there was a high probability that it would be the best offer I'd be able to receive. I had applied to quite a few IB firms before the PB offer had exploded. Long story short, a MM IB shop (think Arma Partners, Cain Brothers) reached out to me for an interview a few weeks after I signed the PB offer and I ended up getting the superday and ultimately a FT offer. Now I am stuck in a situation: Do I move forward with the BB PB signed offer or renege it for the MM IB offer? If the former, do you think this because of the potential consequences of reneging? Or do you think there is a legitimate shot that I can lateral into IB from PB? If the latter, how would reneging reflect on my reputation? Is there a considerable risk that reneging will damage my reputation and have serious ramifications - have you seen a move like this pulled before? I'd appreciate any feedback.
I think the first question that you need to ask yourself, as well as answer, is this: Which area would you prefer to go into?
Because he would even be asking this question if he wanted to do PB.
Is this the talent level out there these days?
I would prefer to go into IB. If I end up sticking with the PB offer, I plan on applying and lateraling into IB at some point after starting PB.
If you would prefer going into IB, then why waste your time with PB? Just take the IB offer and go for it. No need to waste time with PB.
Because I would have to renege on the BB, which I am worried would hurt my reputation and/or have other negative consequences. Have you seen a move like this pulled before? This is all I am worried about.
PB = Private banking ?
If so take the IB offer, lateraling isn't guaranteed & you want to do IB.
Correct, PB is private banking
Take the mm offer
Do IB. Arma is a solid shop, Cain brothers not so much but I have never seen anyone move from PB to IB except maybe at GS given that 1) they always need people due to people leaving 2) they are the most open about mobility compared to any other BB!
Do you still think this considering the potential harm to my reputation and the possibility of losing both offers if the IB firm hears of my reneging? That’s what I am worried about
Do not say where you are going when reneging and explain that you are more interested in IB - please do reneg on the phone with you ex-manager/staffer not by email. Thank them for the opportunity and say that you loved the team. You should be fine
Cain Bros is a pretty solid healthcare shop...just as well known in the healthcare space as Arma is in the tech space if not better.
Sorry, really not into healthcare, that's all. Maybe they are I just don't know. I have just seen people from arma at my BB so I know them.
Agree - they are good for LMM/MM healthcare.
One more vote to take the MM offer. Reneging should be very low risk since you are not taking another PB position at a competitor. To be safe, I'd tell them you have changed your mind about a career in PB and are pursuing another field, and then I wouldn't update your LinkedIn until after you've started your IB job, just to be even more certain.
bump.
What does PB stand for? First time seeing this acronym...
Pledge Bros
PB = Private Banking
PB&J!!
Go with the MM IB.
Take MM IB role. The only relationship you will burn is with that specific bank.. thats it. Do it and dont speak, or try to limit your conversation, about it with anyone.
You have the rest of the universe open to you...
Appreciate the feedback. Have you seen someone do something like this before? If so, did the analyst get off virtually scotch-free minus burning bridges with the reneged bank?
Yes, assisted my buddy in a renege. Knew from day one he would kill for that offer and when he finally got it, never hesistated to help him out..
Will PM you a draft email we sent to the HR. Dont think too much. Make sure the other offer is signed sealed and dated with agreed upon title, location and comp figures and then pull the trigger..
No, HR wont contact your school if you dont spoon feed them about additional details on your next industry/employer or reason to renege..
Giving any more details to HR wont help with anything but will likely comeback to haunt you.
After re-evaluating my career plans, I have decided to pursue other opportunities that align well. I will not be able to join the XYZ Analyst program for Sep 2020 start and apologize for the inconvenience this may cause.
Thank you,
Something like this...
bump.
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