Reneging Chaos - Advice Appreciated
Hi all,
I don't think there's much I can do here but I wanted to get any advice on my situation and if there is anything I should change about my approach going forward, as I'm sure other people have encountered this.
I'm a final-year student in the UK. I did a SA last year at a LMM M&A boutique which I converted and signed for FT. The start date for this was in Autumn of this year so I received an offer at a MM PE firm for an SA position which I signed as well (these contracts were sent to me a couple of months ago).
Nowadays, I have been actively recruiting for off-cycles and recently received an offer for an MM (Baird/WB/etc.) which I haven't signed yet but the offer led me to renege on both my upcoming SA and FT. My offer for this MM off-cycle expires in just over a week. I am currently in the late stages for an EB for which an offer may be made only AFTER my MM off-cycle contract expires.
All in all, this means if I get the EB (which I MUCH prefer over my MM offer in terms of culture, team, coverage, etc.) I will have reneged 3 offers in total (I have already reneged on 2), which honestly I hate and does not make me feel good.
Given this, should I sign my MM offer with the potential that I will have to renege a couple of weeks after? Should I withdraw from the EB process? What is the best approach here? There is no chance my EB process can get accelerated before my offer expires given there are still a couple of stages left. Hope that makes sense, thank you.
ask EB if they can accelerate for you
I don't think they can accelerate quick enough before my offer expires. Also really not sure if banks in the UK accelerate like they do in the US, but open to others' thoughts.
This guy is addicted to reneging
Fuck em. They wouldn’t hesitate to fire you in a second. Do what’s best for you.
Based
Facts. Wouldn't worry about it tbh. If you've got EB experience, the IBs will hire you down the road when their teams are turning over regardless (assuming you decide to stay in IB after a few years..)
I reneged twice in UK (MM and BB) and it felt sketchy but neither shop cared that much/ could do anything about it.
Don't think they would bad mouth you to your new firm (in the slight chance they even have connections) as it makes them look vindictive and they also have more important things to worry about than an An1 not joining.
This is helpful, appreciate it. Have signed the MM as of now
I’m sorry, I don’t have any advice on what you should do, but I reckon you should probably take the EB if you get it (even if it means reneging on the MM), as it’ll open numerous doors for you and it seems like you prefer it in terms of culture too.
I was wondering if you have any advice on recruiting for off cycles? I’ve applied to a couple over the past few weeks/months and haven’t had any traction, and I’m looking for some advice on general timelines and application?
Congrats on your offers, and I hope you’re able to figure it out!
Will dm you
Thank you, appreciate it!
I feel reneging is more common in UK than US as recruiting is less networking focused. I know people who have reneged FTs at top tier banks like a week before starting.
Top striker.
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