Renege offer at WF for mid-tier BB?

I accepted a WF offer last week because of an exploding deadline but just got notified from mid-tier BB (Barclays, BofA) of my acceptance. The BB is in their Cali location, not NYC, but for a group that I'm interested in (tech, HC); on the other hand, the WF offer could either be in NYC, SF, or Charlotte and no guarantees that it will be a group I like (location and group placement for WF happen in the fall) and I'm kinda worried about getting a bad group. Another consideration is that I'm not even sure if I'm planning to go FT either way because I'm considering on getting a graduate degree after college. Also, from what I've heard, WF interns can make double what the normal BB interns make during summer internship (potentially $40k instead of $20k), and because of lower COL in Charlotte + not solely focused on exit opps since I'm considering grad school anyways, I wouldn't hate going there, but it definitely is my 3rd preference versus NYC and SF.

Is it worth it to renege the offer about a week later for mid-tier BB? Is the BB prestige over WF + the security of group placement worth the risk? Will it hurt less to WF because it's only been 1 week since I accepted the first offer? What are the chances of getting both offers rescinded if the BB finds out?

Comments (62)

Jul 27, 2022 - 11:55am
nontargetftb, what's your opinion? Comment below:

Reneg immediately dude lmao Wells is garbage compared to BB. Also very high chance you end up in charlotte. California is solid. Wells or any bank for that matter doesn't give a fuck about you so why should you care about them. Accept the bb offer and call Wells to make up some bullshit excuse (moving across the country, family problems, etc make something up).

  • Prospect in IB - PubFin
Jul 27, 2022 - 12:01pm

Also, the mid tier BB won't care about the reneg. If you just accept their offer immediately they won't be suspicious. You have the offer in front of you already. Just cause you might make a couple hundred dollars more at Wells is not worth the impact on your career!

  • Analyst 1 in IB - Cov
Jul 27, 2022 - 12:23pm

In fairness if what he cares about is pay you could literally make 20k+ more pre tax at wells in a summer than elsewhere.

  • Prospect in IB-M&A
Jul 27, 2022 - 12:02pm

Tricky. I'm usually against reneging, as it can be risky... but if it were me, I would definitely consider reneging WF for either of those two banks. Personally, I would not want to be in Charlotte (for social and networking reasons), and the fact that you don't know your group is also problematic. I am not advising to renege, as I would not want to persuade you to do something that might blow up in your face. However, if I was in the same situation, I would consider that the reward is worth the possible risk and I would most likely renege (with being sure to do it respectfully, and definitely not telling them where I'm going). Others can chime in regarding the smartest way to renege. 

Of course, if you stay with WF, you should also feel good about procuring a great job that many others would surely covet. 

Jul 27, 2022 - 12:10pm
davidsolomonbrothers, what's your opinion? Comment below:

BB is definitely a better option. Just the fact that you have a set group (HC/TMT) is a strong reason to renege. Those two groups are always great spots to be and especially on the west coast. If I were in your shoes I would for sure renege for that reason plus the name recognition.

  • Intern in IB - Gen
Jul 27, 2022 - 12:33pm

Renege immediately lmao you'll regret not reneging if you took wells.

Source: intern at wells

Jul 27, 2022 - 12:50pm
cactus_leaves, what's your opinion? Comment below:

What's bad about Wells/why will I regret it? From my perspective, the pay is $20k higher for the summer and the prestige probably doesn't matter too much in my situation, so is the group placement process really that bad or is the culture terrible?

  • Intern in IB - Gen
Jul 27, 2022 - 1:12pm

Ppl i came across were kinda subpar and mad insecure (mainly because wells was the best offer they got) which makes them a nuisance to work with. A bunch of ppl will also get placed in Charlotte during the placement process.

For the pay part, don't think it's a good idea to decide where to start your career for $20k bro. Take the mid tier BB

  • Prospect in IB - PubFin
Jul 27, 2022 - 2:10pm

My guy. Your assuming that pay based on a certain amount of hours. Unless you get placed in FIG or REGAL (wells only good groups) you will not work that much compared to the cali internship. You will probs make the same if not more in cali

  • Prospect in IB - PubFin
Jul 27, 2022 - 2:14pm

Culture is decent I mean seriously all big banks are similar. The placement process is absolutely horrible and if you get sent to Charlotte or placed in a group you hate, welp too bad.

Most Helpful
Jul 28, 2022 - 9:42am
WalnutBrain, what's your opinion? Comment below:

Tbh nothing is bad about it.

You're listening to a bunch of prestige hungry kids that wet dream about being at Evercore or GS. From your situation (someone who doesn't even know if they're gonna come back full time, doesn't care abt exit ops (lmao interns worrying abt exit ops cracks me up, get the return offer first), and you just want to make money. I'd stick with WF

Typically are more wholesome people, big name recognition and you'll learn a lot either way.

A lot of people just hate the thought of Charlotte (even though they've never been) bc they dream about going to New York until they're paying 2400 a month to live in a 400 sqft roach infested room.

If you don't want to step on peoples toes and just maximize compensation, go with Wells. Worst case scenario you end up in a group you didn't necessarily aim for, maybe Charlotte, you have a fun summer in a new city and learn about a new industry. Don't enjoy it and still wanna do Tech or Healthcare? You have IB experience under ur belt and tons of connections you can sit on

Cheers

  • 12
  • 3
Jul 27, 2022 - 1:30pm
porscheguy123, what's your opinion? Comment below:

my advice for reneging is keep it short and sweet. don't feel the need to explain yourself. by explaining yourself you are opening the doors for them to potentially screw yourself over. and don't update ur linkedin until the day you start.

  • Analyst 2 in IB-M&A
Jul 27, 2022 - 11:10pm

Renege immediately. The idea that you shouldn't renege or that it's "unethical" is anti-worker garbage. If we slid into a sharper recession do you think they would honor your offer? 

The impact on the company of you reneging is... they spend a week doing a few more interviews and give another offer. Or they already had a second choice and they get an offer instead. The impact on you of taking a significantly worse offer out of "loyalty" is far more material. In this case I could easily see it moving you out of upper middle+ PE to scrounging for a mediocre shop on exit. 

  • Analyst 1 in IB - Cov
Jul 28, 2022 - 1:01am

Take the Barclays offer. They have a great tech platform down in Menlo Park. People know WF because they have their checking accounts there, so not sure why you are placing so much value there. But fwiw, the Barclays offer will give you a stronger brand if you choose to go down anything in business or tech. If you're looking outside of the business world entirely, not much a IB internship will do for you. Don't place too much importance on comp at this stage, always value the place that will advance your career. 

  • Intern in IB - Gen
Jul 28, 2022 - 1:31am

In a similar situation and would appreciate any advice: accepted my offer at Wells Fargo, tried to unsuccessfully leverage it into an accelerated process but was unable to due to a recruiting freeze (spots still open according to my contacts). Should I let the other bank know that I still want to continue with their process (since they are my top choice) given that they know I've accepted a different offer? Will I just make myself look like a fool if I subtly hint that I would renege and sign the other offer on the spot if given? Thanks in advance!

  • Prospect in IB - Gen
Jul 28, 2022 - 10:14am

What other bank? Also in this situation

  • Intern in IB - Gen
Jul 28, 2022 - 3:52pm

Don't feel comfortable saying given the delicate nature of possibly needing to renege lol, but it's definitely a massive step up from wells and I have good contacts there even though I started recruiting late. How are you approaching the situation / breaking it to the other bank that you would be willing to renege for them?

  • Teller in Non-profit
Jul 28, 2022 - 8:05am

this is like having a second chance in choosing which school to go to. you'll regret not prioritizing yourself and what's best for you in the long run (barclays and tech/hc). it's a corporation not a person.

renege + go barclays, and keep yourself tight-lipped

  • Prospect in IB - PubFin
Jul 28, 2022 - 9:11am

I have yet to see a comment that says take Wells Fargo lmaooo

Jul 28, 2022 - 10:25am
unknownmonkey37, what's your opinion? Comment below:

It's a different story since you haven't been placed in a group yet. Trust me, no one at WF is going to care if you reneg. No one is going to even know your name. If you had been placed it would have been a different story.

100% reneg, as a former WF intern/FT that placement process is a fucking nightmare. Too much risk ending up in ABF - charlotte to me wasn't too big of a deal when I was your age, but ending up in a bad group is knowing that you are going to have to re-recruit before you even start.

For everyone shitting on WF, not a bad bank as an IB, however, you can literally end up in a non-IB group if you take the general offer, it's literally the dumbest thing and a disservice to young kids.

Jul 28, 2022 - 10:55am
nontargetftb, what's your opinion? Comment below:

wait what do you mean kids end up in non IB groups? What groups?

Jul 28, 2022 - 11:51am
unknownmonkey37, what's your opinion? Comment below:

Im guessing you care because you took the offer.

As PSA for all WF interns going into placement day - network like hell into the group you want. I would go with 1 or 2 and go hard in the paint. I wanted a specific group and ended up talking to 6 people and crafted a story on why I wanted to be there - ended up in that group.

Also, have a well crafted fun fact - you end up saying it 20 times on placement day.

Jul 28, 2022 - 11:23am
cactus_leaves, what's your opinion? Comment below:

OP here -- do you have any rough estimate about the percentages for how many WF interns end up in NYC vs Charlotte vs SF? Also any idea about how many interns actually got one of their top 3 choices in the placement process (maybe just from the people you talked to/word of mouth)? And how many non IB groups are there, is everything that is not industry coverage or M&A a non IB group? So is that like half the intern class, cuz about 40% to 50% of the groups seem to be non IB

Jul 28, 2022 - 11:38am
unknownmonkey37, what's your opinion? Comment below:

It's changed a lot since I was there so I'll give rough stats based on my knowledge, but will be stale.

1/3 NYC, 2/3 Charlotte.

I forget you have to super specific on WSO. What I meant by non-IB, is not normal corporate advisory roles that lend themselves to traditional buyside exits.

1) avoid like the plague: Asset Backed Finance / Corporate Finance group - probably 10% to 15% of placements. ABF is a huge profit center for WF but is essentially securitization of debt like car loans. Corporate Finance is like determining what's the right beta to use on your DCF lol

2) IB but bad exits: investment grade DCM - your pricing revolver and commercial paper 5%(?) - there are a couple others that I can't remember but I would throw that into another 5%

All in all, you have like a 25% chance of ending up in a group that you're going to regret.

  • Associate 1 in IB - Cov
Jul 29, 2022 - 7:48pm

Used to work there as well and this is all 100% accurate. Gets too much hate on here, I enjoyed my experience there but that's because I was placed directly into the group/location I wanted. Their placement process is not good, to say the least. 

  • Analyst 2 in IB - Cov
Jul 28, 2022 - 1:28pm

Renege and don't post about the BB on linkedin or anywhere until a couple weeks into the internship. Would also block your WF interviewers on linkedin 

  • Works at Morgan Stanley
Jul 29, 2022 - 7:18pm

Heard a story of someone who literally made up a story about why they had to renege (they had to go back home to care for their parents or something) and then posted on LinkedIn how excited they were to start an internship at a different company. Seriously, how dumb can someone be?

  • Works at Morgan Stanley
Jul 29, 2022 - 7:15pm

Food for thought, the finance world isn't as big as you think, people get furious when people reneg. It's getting more common and rubbing a lot of people the wrong way. Remember its not just HR, but your direct team + their MDs, who planned for you to start and invested time and resources now have to scramble. These people do have relationships inside & outside their company, and, they talk. A lot.

If you do it, it shouldn't be right before the start date (seriously, don't be the one who does this), and it shouldn't be an informal email. Be an adult, and get on the phone, explain the situation, and do it the right way. I cannot stress enough how important that is. In the end, dont be surprised if you're blacklisted. Do it the wrong way, and your name and situation will be the story that keeps being told across divisions (yes, this happens). 

  • Intern in IB - Gen
Jul 29, 2022 - 10:10pm

Appreciate the insight, I'm in a similar situation as OP and was hoping you'd be willing to give some advice. For context, we haven't gone through group placement at WF and I would know if I receive the other offer before placement day if that potentially makes reneging a little more bearable.

I accepted my offer at WF, tried to unsuccessfully leverage it into an accelerated process at another bank but was unable to due to a recruiting freeze (spots still open for a fall round according to my contacts). Should I let the other bank know that I still want to continue with their process (since they are my top choice) given that they can reasonably assume I've accepted a different offer? I've heard from others that honesty is the best way to go about this and I don't really want to lie to my first choice bank given they've recommended FT recruiting as well if 2023 summer doesn't work out. How would you recommend hinting to them that I would renege and sign their offer on the spot if given? Thanks in advance!

  • Investment Analyst in HF - Other
Jul 30, 2022 - 11:49am

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Jul 29, 2022 - 9:04pm
stressisthespiceoflife, what's your opinion? Comment below:

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Jul 29, 2022 - 11:36pm
sleekerman, what's your opinion? Comment below:

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