I'm currently a junior at a non-target and have accepted a corporate finance internship for the upcoming summer where I will not be expected to work more than the typical 40 hours a week. I accepted this in October not really sure what opportunities would be out there in banking for someone in my position. The company I will be working for has a very solid internship program and is well respected throughout the finance field. It is not what I want to do full-time however; that would be banking.
My question is how is reneging looked at by professionals on Wall Street? What if I were to start interviewing for banking positions and land a gig, after which I would cancel on my original offer? From talking to some advisers and mentors at school, they have clearly told me that this is not acceptable. I realize it may not be the most "moral" move, but drastic times call for drastic measures. Some guys I have talked to in NY and Chicago say this is extremely commmon in banking, so it may not be a terrible idea. Regarding any bridges I might burn... I really don't expect to come in contact again with people from the internship I currently have accepted again so I don't think that would be a huge factor for me. Just looking for any thoughts you might have.
In the words of Wacko Jacko... no one has to know.
First land an offer, then worry about how it looks.
agreed. if you have the option, you can renege, just don't tell anybody at the old firm where you're going or anybody else that you reneged.
as far as "morality" goes, i don't even think this is that bad. it's just business. it's not like the company won't lay you off if they need to...
if you do decide to renege, just manage it as best you can. tell the company that you're not going to be able to join them as soon as you know, be very polite etc.
Just to give you a little perspective...
When I was working at a BB, there was a period when we were really getting killed. On his best day my VP came in before 7 and left after 8, many days were worse. On top of that everyone was pretty unhappy with the way the MDs were treating everyone, and as a result, my VP found another gig and gave his notice. Sure he would have been a stand-up guy if he hung around another 3 or 4 weeks until the craziness subsided, but whatever. Anyway, as a result of him declining mgt's request to take one for the team and stick around longer the MDs and the SR VPs above him, vocally start bad mouthing him(FYI, they didnt make him a counter-offer to retain him)... saying basically that he's leaving because he couldn't handle the hard work and bashing him saying that he's not loyal.
Fast forward 8 months. The entire department is being moved to some middle of no where satellite office. By being moved, I mean their jobs are being moved, they are not being moved nor were they given the option to relocate to Bummble-fuck and keep their jobs.
Of course those "loyal" MDs and SR VPs are keeping their jobs and will be hop scotching between NY and Bumble-fuck.
Moral of the story is reneg if you've verbally accepted, reneg if you've contractually accepted, reneg if you've already started, and reneg if you've got another gig but they really really need you for a little longer than 2 weeks.
Worry later..
On a side note.. I have seen ppl done it but rarely hear any bad story about them.. one thing for sure is that you are not going to be hired by teh company you reneged..
Ling~
dont tell the company the real reason you're reneging. come up with some excuse for why you can't work during the summer.
especially during internships, you still have senior year full time recruiting to go through.We're about to enter a Great Depression. Don't you want a president who's already dressed for it?
Start interviewing for positions. If you can get can offer, renege on your previous one and never look back.
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