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.
Because he would even be asking this question if he wanted to do PB.
Is this the talent level out there these days?
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 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
Don’t even tell them you are going into IB. Be as vague as possible. I’d just say that “due to unforeseen circumstances, I’m not going to be able to join.” If they ask you to elaborate, just say that “I’m not comfortable going into further detail.”
All of the BBs have “reneged” on offered candidates in financial downturns. They aren’t loyal to you, and you shouldn’t be to them. You got a better offer - take it.
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.