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Career Resources
JPM has rescinded offers due to reneging
https://careers.jpmorgan.com/us/en/advice/faqs#accordion-1588272760193-…
cool, but doesn't change what I said as it literally happened to a very close friend
delete
He's right. If you're thinking about reneging, though, you need to go about it very carefully because if your bank finds out they'll rescind your offer. In my case (top 3 BB) I've communicated directly with HR that a candidate is already signed and they don't mind interviewing them anyway.
I would reserve reneging for big jumps, i.e. DB or UBS to top BB, not for JP to GS. Not worth the risk/reward at that point.
Whats your take on a BAMLrenege to GS/JP/MS/EVR/PJT?
Can anyone site actual bank policy from JPM/MS/etc that they don't care about reneging? I totally believe there are specific teams/individuals that have poached people that already signed elsewhere, but I am almost positive that the firm-wide HR policy is that they will rescind your offer if you renege. I know someone who had an MS offer pulled after he reneged.
edit: surprised to see that JPM link above, but what I said is true for MS and I believe nearly all other banks
Exactly. You don't go to jail for murder. You go to jail for being caught for murder. JPM/MS for sure and probably GS will absolutely pull your offer if they found out you reneged. Even if you make it to the SA they can pull your return offer.
Obviously any bank that finds out you're still recruiting will rescind your offer.
I think they're asking if GS/MS/JP will still interview you if they know you've already signed and would have to renege on someone else. The answer is yes, they will. They don't care.
I work at GS/MS/JP and made this account to say that we have pulled offers of candidates who reneged on other banks for us. Either turn down your first offer or take the risk, can't have it both ways.
No I meant what I said, if you renege on lets say DB to sign MS/JPM, MS/JPM will pull your offer if they find out. Not sure about GS.
This isn't true. Kid at my school signed with an EB. Got offer from one of GS/MS/JPM and did not tell them he was reneging. Accepted offer, told EB he wasn't joining them, didn't say why. Somehow someone at EB found out, MD at EB calls MD friend at GS/MS/JPM. Offer gets revoked. Kid went from having two great offers to 0, now he works in PWM. People need to really think about the risks of this, and a bunch of idiots on here saying all the top banks don't care if you renege are just wrong.
Maybe if he was upfront and told GS/MS/JPM that he had already signed it would have been different, but I find that very unlikely.
MS Menlo Park has reached out to undergrads who were already signed to other banks to interview them for additional SA spots that opened up. At least 2 of their incoming FT analysts reneged on other banks last summer, and MS knew about it.
Source: These 2 students go to my college
I think the lesson then is that these banks are not consistent, or at least different offices have different outlooks. This thread is a bunch of people with anecdotes showing completely different things, and I think it just goes to show that these banks are not very consistent in their policies.
Yeah this whole list is dumb. People should ignore.
I work at one of these banks, seriously hope nobody thinks this list is accurate as we will pull offers with no remorse. OP should take this down.
There are nuances to this kind of thing. Going back on verbal offers and commitments don't count as reneging. Going back on a signed offer is officially reneging
Would going back on a verbal acceptance be considered reneging? Lets say you accepted immediately or shortly after receiving a verbal offer. There is a delay before receiving the offer letter / signing it. During this time, is it fair game to continue interviewing or accept / sign a different offer?
Fair game, although it's frowned upon. The consequences wouldn't be a pulled offer though. It would just be a bad rap
Risks are way overstated. Every year there are people who renege (some even tell HR where they're going to) and I've never seen anything happen. You're completely fine - it's your life, don't live with any regret
My friend lost his offer due to reneging and ended up at a 10 person boutique lol, i guess its the persons choice at the end of the day
Top BB to Top BB?
thanks for the insight. Definitely thinking about it, dont want to live with regrets. Also at HYP so I'd think i have an ok shot at other banks.
Don't know why I got MS. I'm just sharing what I've seen. I work at a mid-tier BB and kids have reneged and gone to top BB / EBs and there has never been retaliation.
Just as a friendly warning though you should never discount the unpredictability of the recruitment process. I go to a target in a similar tier and the bird in hand saying is still applicable
Losing both offers due to reneging is even more likely for HYP kids (alumni talk)
does anyone know about this for smaller boutiques, like dyal co, glc advisors, ducera, piper sandler, etc?
If you get caught reneging you will most likely lose your offer and the bank that you reneged on will also notify the school. Just know that there is a risk and its usually not worth it especially when its not a meaningful jump.
A buddy of mine from my class reneged a a FT offer from a large MM bank to go to GS NYC. The MM bank told the school but not GS so he was super lucky. He easily could have lost both offers.
Appreciate the insight!
How long after the reneging would a bank stop caring? For example if it has been 1 months, 2 months, 6 months after reneging... or if you have already completed the internship with the firm, when would you be de-risked?
Well the longer you wait between accepting an offer and reneging the worse situation it puts the bank you're reneging in because they have less time to fill your spot. If someone accepted an offer and reneged the next day, I wouldn't consider it a big deal. If they renege six months later, then I'd be pissed.
I wonder when that school will invite him back to do career services events lol
You know, I wondered that too. My school has a strong pipeline to a few banks and even OCR from GS. What if I were to renege for Goldman... I wouldn't have access to Handshake, but I almost guarantee the school would want me to come back to present during OCR events
just a data point, but for my SA offer, I signed a lower tier offer but receieved superdays at top groups later. Was pushed by people at the top banks to accept their offers over the lower bank (if I got through the superday). In my case, HR, my new interviewers, and the old bank all know. Ended up summering at one of the top BBs. Just my experience and maybe I got lucky, but my view is that most of the time they probably aren't going to go out of their way to fuck you over, but guess it depends on the individual.
True in my exp as well.
How is Citi with reneging?
Firsthand knowledge:
Some firms this cycle have explicitly said they would look at candidates regardless of status at other firms.
Any insight as to which?
Wont say for anonymity but BB/EB
Will it look bad if I renege on an offer?
According to the Ivy Research Council, 47% of students who had exploding offers had fewer than two weeks to accept the offer. While companies should expect you to make a timely decision, we think that is far more reasonable during the traditional fall recruiting season when you can consider all your options. If an employer is enforcing a deadline that makes you uncomfortable, consider whether that company's culture is truly a fit for you.
Got the same feedback. Does this mean they wont care if we renege?
.
No sorry man you’ll have to keep everything a secret until the grave
In HF not IB, but I would imagine if you keep your mouth shut about it and not post about it on linkedin than it would be ok. With everything there's a risk, it's up to you to determine if it's worth the payout.
How do banks like Evercore/Lazard/PJT react to reneging elsewhere to be there?
I can see it in the news next month: Evercore will now pay $5,000 to have people recruit somewhere else.
anybody have a serious opinion on this?
..//
> if they do they will 99% pull your offer.
Any source on this? I know someone personally that let the EB know and they were fine with it, and another who didnt have to but asked and they said they wouldnt ask and didnt really care. Im sure the EB varies and it depends on what you reneged from, but saying they will pull the offer for sure sounds like youre speculating/talking out of your ass
What about reneging a FT return offer after doing a summer internship at a MM for a FT offer at a BB both in NYC?
..///
Anyone know what BAML thinks about reneging on other banks for them?
they will withdraw you if they find out
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