Reneging on other Tier 1 for GS?
Hey folks,
I currently have a luxury problem here: I have verbally confirmed an offer with a Tier 1 bank for a SA IBD position, however, I received an offer for GS SA IBD literally the day after that. The other tier 1 bank forced my hand on the offer, since they did not want to extend the offer until the end of the week, although I told them that I am waiting for the feedback for another interview (and mentioned GS). The group for the other Tier1 is currently yet tbd, Goldman has a rotation which would place me in LevFin and a yet tbd M&A industry coverage group, which would be a pretty good rotation as well.
I would really like to join GS, however, I am wary of the consequences of reneging. This is for a regional office in EMEA, if that helps. GS have already signalled (both MD and HR) that they have no problems with me reneging the offer with the other Tier1. What would be the best course of action here?
Renege. Trust me. Was in your shoes a while back (not with GS) and I can tell you for a fact that there will not be any consequences for reneging. A lot of people on this site make it seem like if you renege the whole world will end. No. Do what you think is best for you and have no fear of the consequences. When I was in your position, my bank knew that I had already accepted an offer elsewhere even before interviewing me. They were okay with it. Also, people here say that reneging a BB for another BB is dumb because there is such huge risk. Not true. I've seen several people renege one BB for another and I can tell you that nothing, literally nothing, ever happened to them. People can go ahead and throw MS at me but I only speak the truth from a first hand experience.
That would be my intuition as well. I feel like a lot of the "Do not renege" brigade is U.S. based, where that might apply to a stronger extent due to alumni relations etc. Also, the risk in this case seems limited given that GS has no problem with him reneging...
I reneged from 1 tier 1 bank for another as I was granted my favourite group and there was no problem. And yes, this was in Paris, the problem seems to be in US, here in France I've never seen a problem
the infidelity must be a cultural thing :P sorry I couldn’t resist. but yes I think it’s a bigger risk you run in America. if GS is fine with it there’s absolutely no reason to not take GS. the US GS would be a little different though
it’s basically making a bet on yourself - if you get offered, no issue and you have the bank you want. if you don’t, there’s a bit more baggage for you during rerecruiting as you’ll be the kid who reneged and didn’t get offered, which alumni will know because they all talk.
edit: just realized this is an old thread- wonder what happened.
Low to high tier, yes. MS/JP to GS - no. You're splitting hairs and it's not worth the risk
It's verbal, are you really reneging anything? Just ghost them past the deadline on signing anything if you're scared of saying no.
If you don’t mind me asking is this for SA2021, bc I thought Goldman starts later in the summer or would this be some sort of accelerated process?
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