Renege? - Signed an offer with a MM

Nothing, do what is best for you. Unless the MM is in a town outside of NY where you may want to work one day, I would not worry about it and even then, I would still consider reneging. You have very little leverage as an undergrad applying to jobs, and really the option to do this is your right -- the contracts are "at will" and banks have the same right to renege on you, which they exercise when shit hits the fan for them (think internet bubble and credit crisis). -- Oh, and be totally up front with HR and everyone you interviewed with, tell them what is going on -- be honest.

Search this site. There are already a lot of threads on what can happen, what will happen, and how to do it.

You may want to talk to HR, and with someone at the bank if you are close to one, and tell them the situation. I would have a list of reasons that make the situation sound understandable and let the news on them lightly but highlight that you made the decision to switch quickly allowing for them to choose another person that they dinged.

Lets say if I renege, is there any chance that the MM call up the BB and the BB rescind my oofer?

Is it a monetary issue or a better firm issue? If it is a monetary issue I would say that at this point in your career, or burgeoning career as the case may be, nobody is going to make you an offer that significantly changes your life. It can be a difference of 10k, 20k or 30k it doesn't really matter....none of those amounts are going to make or break you over the long term. Choose the role that you feel is best for your career and be confident in the choice.

It's clearly a better firm issue... that's why he stated mm vs bb. Go BB and dont look back.

Renege.

BigShort:

I signed an offer with a MM a few days ago and got an offer from a BB today. What would happen if I renege my offer from the MM and go to the BB?

Thanks,

the world will end

what goes around, comes around. that's all i have to say about reneging..think carefully about your decision and do not take it lightly.

They would renege on you if they needed to. These firms are not your friends, just places that will work you to the bone in exchange for some money. Do whats best for you. Don't tell the MM where you are going, just renege and never look back. It's highly doubtful that you would ever be going from your BB to the MM, so it's not really an important bridge that youre burning.

They would renege on you if they needed to. These firms are not your friends, just places that will work you to the bone in exchange for some money. Do whats best for you. Don't tell the MM where you are going, just renege and never look back. It's highly doubtful that you would ever be going from your BB to the MM, so it's not really an important bridge that youre burning.

I accepted an offer at a municipal MM IB out of college but had an interview set up for the next day at another IB (boutique). I went to the interview and mentioned in passing that I had another offer that I had "kind of accepted" and they immediately stopped the interview and asked me to leave. My best guess is that it's a bad idea to tip your hand to anyone. If you renege, keep it quiet to your firm. I see no upside in telling the BB that you have another offer. None. Zero. They may react well or they may not want anything to do with you.

The idea behind letting them know the situation you are in, is, should the middle market bank actually call the bluge (which is not likely + they would have to figure out which bank it is), then the BB will already know, so there will be no surprise.

If for some crazy reason the middle market bank calls the BB, and the BB actually gives a shit, then they will drop you regardless if you have accepted the offer, vs. if you told them already, you won't have anything to worry about because you will not have dumped the MM before seeing the BB's reaction -- which again the bank will probably be happy to steal another bank's hire -- you don't tell them you are going to drop the MM, just that you like them, had a gun put to your head by the MM and that would like to time to consider, ask them what they think, it will be obvious how they feel about it from that point.

Again, I am talking from experience and the opinion of bankers working at BBs, MMs and boutiques. I was in a very similar situation that I will tell you more about if you PM me. Obviously this is not the gospel, just my experience, which, in my opinion is better than speculation.

As for Gekko, despite his king kong status, he is, from what I can tell, going into his senior year and as such has not had to cross this bridge yet.

Regarding yellowpunch's statement, this is not about dignity, there is nothing to feel bad about, they will do it to you in a second -- the idea here is covering your ass so you have the best position available.

Wtf, at no point tell the BB that you are reneging, as Gekko said, you lucked out that it worked out for you.

You are not important enough for HR to call up every BB and try to find out if you signed an offer with them. You can even say you got an offer in another industry.

Grads overestimate the impact they have on the company, you are the most replacable piece, and you have to look out for numero uno.

BBA, but keep in mind there are a dozen or so bulge brackets with multiple groups each, of which each has multiple decision makers. You'll likely find some people who care and others who don't (some see it as an integrity issue and some don't--I personally don't and would have no problem with my recruit reneging on another firm).

x

Don't take BBA's advice on working it out with the banker and BB. It will just reflect badly of you. Just accept the BB offer like Geko21 said and once everything is confirmed, notify the MM that you are reneging. Look at it like this: either firm won't be calling you to check in if your fine with them pulling your offer if they had to. Do what is best for you! So take the BB offer and call up the MM after you signed everything and tell them nicely unfortunately you got an offer. I am sure HR would understand as they have probably seen this more then enough times.