Reneging FT offer for elite boutique
I was at a BB this summer in IBD, signed on early b/c it was pretty much an exploding offer from Credit Suisse,I also recently got an offer from one of the elite boutiques (think Lazard, Blackstone). I have a pretty solid relationship with some of the people there, but i eventually want to move into PE and the exit opps seem too much better to not consider. at the same time I don't want to tarnish my reputation with the people I know at CS or the people at the firm i'm going to. I can imagine it looks pretty bad on my part to renege, but at the same time, the culture at this firm is much more compatible with mine, the exit opps are better, and i honestly don't want to work at a huge place. Any thoughts on how I should approach this?
that's a tough situation. i'm only a senior too but this is the way i think about it: if you plan on going to the buy-side and not being a banker for life you should renege. yes, you'll burn the bridge with cs but would you ever need to work there (or need those contacts) if you're going to buy-side after 2-3 years?
Reneging is VERY BAD practice and from what I hear, bankers don't forget things like this. Of course, it may not effect you at all, but there is definitely tremendous downside. The banking/PE/HF industry seems to be extremely incestual and you never know how it could come back to bit you in the ass.
It's not like you're comparing a no name bank to GS. You're comparing a top top BB to an elite boutique. I know many people who would take CS over Lazard, especially if were in a strong group at CS.
I would stick with CS, unless you really didn't like it there.
PS - I have a friend in the exact same position as you and he is way too scared to renege.
can we hear from bankers working in the industry vs college students thanks
I think reneging is very tricky and can have meaningful negative consequences down the road. I generally think it's a really, really bad idea unless the second offer is so obviously better that no one would question the move. Your second offer is not clearly better than CS in my opinion. That said, if you are convinced you'll be a better fit at the second firm and your exit ops will be stronger (not sure I'd agree there), then perhaps you should renege. If you're not a good fit, you won't be successful and you'll be looking for a new job in 18 months or sooner.
Here are some other perspectives on your issue. There's no real consensus, but maybe you'll be swayed by some of the arguments others are making. http://bit.ly/IVsHg
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cs will forget about you pretty quickly if you are polite about it
Nobody cares about summer analysts reneging, do it.
Just my 2c.
Reneging MO function at a BB for IBD at a specialist boutique (Originally Posted: 11/16/2014)
I received a return offer from a BB, but I didn't like the work I was doing in middle office and always wanted to do more. So, I decided to recruit for IBD earlier in the fall. I got a few superdays, but I wasn't able to secure a solid offer before my deadline came up.
A few weeks ago, I got an IBD offer from a small specialist firm. I'm debating reneging the BB to accept this small boutique. Although, this new offer is investment banking, something that I want to do, the brand name of the firm doesn't compare to the BB. Also, I am not interested in moving into PE. I'd rather get my MBA or do something in social impact.
The deadline to accept or reject the boutique is tomorrow, so I would really appreciate any advice I can get! Thank you.
Reneg and avoid a life of "what if..." regrets.
Unless you're the guy coming to work for me (ie the one who bought me the powerdrill). If so, don't reneg.
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