Reneging -What do I say
many people say be ambiguous and idk what to say -- don't want to make family excuses and want to say something real that makes sense but doesn't make them hatr me
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here for the comment section, popcorn ready
Economy : Fucked, millions unemployed, protests and a chance of a second wave WSO hardo : Brb gonna reengage so I can get external validation and risk losing my offer in the midst of potentially one of the worst job markets ever.
>want to say something real that makes sense but doesn't make them hate me
yeah, good luck with that. they're going to hate you and you have to accept that if you want to renege.
just be vague so that they can't find out where you work and sever your relationship with that bank
any suggestions what to say
depends on your timeline, this year or next
next
Not a huge problem, just send over a sincere email explanation. they can always fill in the position as they get time.
just say due to covid and racial tensions you decided best to volunteer indefinitely instead
Tell them you decided it’s best you pursue a career in a different industry or some shit
What bank, lol I'm still trying to find a spot
I think it's best to be as honest as possible and try to make it personal. Last year, I said: Thank you so much for the opportunity blabla bla, However, at this moment in my life, I don't think it's the right fit for me. I am very sorry, I really appreciate all the effort you put into the recruitment and everyone I met at ... was incredibly nice and helpful. Thank you again ...
just curious what was their response?
Thanks for letting us know, best of luck and they asked me which bank I was going to - didn’t reply lol. I think it’s best to tell them ASAP, to make sure other candidates can get offers
what kind of/size IB was this?
Both BBs
Bumpirinho
Friend got his 2020 summer offer pulled 6 months after he reneged on an MM, he still has no idea how anyone found out.
Wow, did he post on LinkedIn or did a bunch of people at his school know? What did the BB/EB say when they found out?
he never posted on linkedin or told anyone except 2-3 friends
which MM
One of WB/blair/HL/Jeff/baird, sorry I can't go into detail
lB is a surprisingly small world
Always a risk with luck involved. You never know when someone at the new bank is friends with someone at the old bank that's upset with you.
i've heard similar stories. people forget that investment banking is not a huge industry. have a family friend who is an MD at a BB, and he told me a story once about when a kid reneged to his bank and an MD from the bank he reneged from told him on the golf course and asked BB to pull his offer. MD told HR. Kid's offer disappeared. MD does not care at all about some incoming intern compared to his friends/anyone else he has a working relationship with- you can bet your ass if anyone at the bank you are reneging from wants to ruin your career, they can easily do it. I'm not saying every bank/team will go out of their way to ruin some college kid over reneging, but there definitely are some who are petty enough to do it.
Isn’t this grounds for a lawsuit though? How is this legal?
I will echo this statement. I have friends who had similar experiences. Most of the people in this site are under 25, you will learn. Finance is a small world! Especially when your focused 5+ years on one asset class or investment strategy. People talk across the street. Your reputation matters.
Why would reneging on an offer from one firm cause another firm to cut the person loose? I don’t see how this is legal or ethical.
Why keep a disloyal person that has betrayed/pissed off your friends at another bank in the name of "prestige"?
No because in the agreements it says your employment can be terminated at any time,
Could that be the same for full-time?
Like if he started full-time already I cannot imagine a bank firing him cause he reneged other offer.
I'd imagine the risk in reneging full time is higher since that's when headcount actually matters for each firm. But I've also never seen anyone renege for FT before, so not sure of any instances someone got their FT offer pulled..
I've known a FT offered to be pulled for reneging, bank HR at MM/BB/EB are pretty close with one another. Probably reneging on a boutique with one office would be fine.
be honest or say nothing.
Just do 2 virtual internships
hahaha, now is the only time this is even remotely possible.
I think pulling off such a feat could quite possibly be the biggest power move in summer analyst history, and such a person ought to go down a legend even if blacklisted from literally every single bank
"Secured two full-time offers by utilizing Indian virtual assistants to streamline the workflows"
I'd see an MD potential in this.
Minus the legalities, this is the real deal lmao
This is ridiculous - as someone who's been involved in summer analyst recruiting for a few years I can tell you there's a very, very high chance that nobody will even remember who you are after a couple of weeks.
Sure, banking is a small world and it is possible to track you down if somebody really sets their mind (and time) to it, but at summer analyst / analyst level you are very replaceable and frankly nobody cares enough...
The only few potential exceptions I can think of are: - You were being a dick about the reneging ("I got an offer at bank XYZ - why should I join you guys? Can you guarantee FT conversion? Higher signing?"); or - At or above associate level
The conversation will be a difficult one to have though - just be mature about it and you'd be fine
Yes I am very sceptical about all these I withdrew my application and 10 years later a bounty hunter ninja cyborg from a bank I let down was sent from the future to destroy my career anecdotes. Be super polite, let them know asap and just explain that an unforseen change of circumstances means you won't be able to take advantage of this amazing opportunity. Post nothing on LinkedIn or Social Media and go into full stealth mode until you are in post with a full time contract.
Do you mind elaborating why at the Associate level?
Because you are (relatively) less replaceable, especially if the team is looking for an A-to-A promoted associates
Coming from a guy who has reneged and had it go very positively, if you've taken the time to really think about this and decided that it is holistically what will be best for you, then the best course of action is to be fully transparent and honest. Being shady is the worst thing you can do and, truthfully, nobody will be vindictive enough to come for you unless you're a dick about it.
If you're just now starting your career, you've decided that the firm you're moving to is the best environment for you develop and learn. Nobody can argue with you about that because it's your choice. Maybe you'll burn some bridges, but that's part of the pros and cons that you've already weighed if you want to renege. No need to hide which firm you're going to; Wall Street is a small world, people can find out pretty easily anyway. Just be transparent, be direct, be polite about it. Call them up and let them know that you're grateful for the opportunity they gave you, you're carving out a different path because xyz, and you will be proactive in unloading from their firm cooperatively (so that they don't have to do any legwork and get pissed at you about it).
Congrats on the new offer.
Where did you renege from/to and what was the timeline like for you?
also as someone who has done this- be honest and make the reasons about you and not them/ things that appear to be their fault- ie after more reflection it wasn’t the best fit, etc. And be polite and apologetic even when pushed. You don’t have to tell them where you’re going- a simple “I’m not sure yet” could be sufficient. But do be prepared for them to ask if you plan to go to another bank or hop to a different industry. Up to you how you handle this one...
Guys I am not from the US/UK. At which stage is something considered renegging?
Once you commit to interviewing? Before signing the offer? After signing the offer?
after signing offer
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