Always lots of talk about if someone gets caught reneging etc. Wondering how individuals on this forum in IB would respond if they find out an intern/FT reneged for their firm or found out where a student reneged to and away from their firm. Would you keep it to yourself? Would you tell HR or a friend? Would you tell the other firm?
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Pathetic if this is true
I don’t find it pathetic that he does this. It’s a small industry and reneging on a signed contract speaks volumes about integrity.
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I was going to write some long rant but I'll keep it simple: has your bank ever pulled an offer before at any level? I'll help you, they have at some point, somewhere. So does it make you a hypocrite to still work there? After all, you have to know who you can and cannot trust.
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Why does the reason matter? You made it very black and white about reneging - no room for compassion or legitimate reason. Just said you do it, you're not trustworthy. What about the kid from the midwest whose mom gets cancer and now wants to be closer to home where the bank doesn't have an office? Happened to my group when I was an An, you okay with him reneging? Or screw him, he's not trustworthy anymore, in the folder he goes! Reneging is not always some business decision (like the sponsors hitting their bids you mention below), we're talking about people's livelihoods, career paths, family life, location, etc. - things that frankly are more important than "keeping your word" (turns out at-will employment is in-fact two way, must be shocking to you I know) to a big bank that will fire you at the first sign of market turmoil.
Do some people handle reneging terribly? Of course, and go ahead and fault those people. But plenty of folks that do it have very legitimate personal, professional, and/or other reasons, and it is what it is, life goes on. Employers will lowball bonus you, not promote you, treat you terribly, work you to death, fire you, step over you as soon as it benefits them, and you should act accordingly. If you have to renege b/c it's the best thing for you to do, you do it. We all owe a duty to ourselves and our families (and a higher power if you so believe, I do not) - beyond that is pure theater.
You're a clown if this isnt a troll post lmao. Look man our jobs arent that serious, first of all. Secondly, reneging on an offer when organizations pull offers all the time is nothing. One's reputation is not going to be destroyed if they've politely reneged.
I remember why avoid logging in to this forum, its because so many clowns like you with such self-importance.
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I promise these banks do not care about you
loyalty is a two way street
Agreed. Cheat on your girls not your curls
Last year, two of our interns shopped our return offer to get offers from better banks. I don’t know that I could tell you their names or which bank they reneged us for. As long as you don’t do something so completely disrespectful or underhanded that your story is infamous (which a simple reneg is not) id imagine the jilted bank’s reaction will be similar to mine.
How do you feel about reneging an internship offer for another internship offer 3 months later?
This is a job where everyone from analyst to MD can and does quit at any time. It’s also a notoriously cuthroat industry where employers have absolutely zero loyalty to their employees. I don’t really fault anyone for quitting when they think it’s in their best interest. This ain’t indentured servitude
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While I see your point, I wanted to ask you why you see it in a bad light.
I completely agree that it is a bit insulting / disrespectful when a kid shops the offer around to get another offer at another bank (and then renege), but wouldn’t you say that its better to get rid of the uncommitted kids? The way I see it is that someone who does that would already be looking to exit sooner or later, thus you would be better off getting rid of him/her and at least having a chance to get a more committed candidate.
Not going against what you said at all, I just see some silver lining in the ugly situation.
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