Reneging BB Ops for MM FO - Advice needed!! thanks!!
I received a return offer in Middle Office Operations in a BB (CS/ Barcap/ UBS) after finishing the summer internship. I signed and sent back the contract soon in Sept.
However, 2 days ago I got a offer for IBD Leveraged Finance in a MM (BNP/ Soc Gen/ Macquarie)
I have always wanted to do IBD and I took the Ops internship only because I didnt get any IBD offer after ACs. I would like to revenge my BB Ops position.
I know obviously my BB has a better name, but IBD is all i want to do. Is it worth going to a MM? Will there be any bad consequences? And how should I do so politely and effectively?
I am quite worried..
advice needed!! thanks!!!
x
Just be honest with the BB that you are really more interested in working closer to the deals and believe this opportunity is more alligned with your future goals. They will understand because it is a different position entirely, if they were willing to give you a shot in IB then they would have a different attitude.
I think it's worth making the jump. I've met a person who took an Ops position at BB, and left in about a year. (so did everybody else in the same program) Now he still works in Ops at a different place
I don't view Ops as a bad job. But I think you will have less opportunity down the road comparing to IB, and it may be hard for your to make transition to other positions, especially if IB is what you really want to do.
Thanks a lot for your replies!!
Do I need to tell them that I'm going to IBD?
What if they ask about the name of the other company? dont mention that, right?
I'm worried about the bad consequences as I have read lots of posts here saying that some banks will circulate names and the 2nd bank may renege your offer after finding out that you reneged the previous one..
What is the chance of moving back to BB from a MM? How is MM experience valued?
Thanks a lot!
And, should I call the BB before or after I sign the IBD contract?
How should I tell this news to my summer internship team MD/ D/ VP etc, politely and without offending anyone? They were very nice and taught me a lot during my time at the firm, and they expected me to go back as Full Time. How should I deal with this?
sorry for having so many questions!! thanks for your help!!!
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