Should I accept tier 2 BB summer 2020 offer and renege later?
Hey everyone. I received an offer for summer 2020 from a tier 2 BB (think Citi/BAML/CS), but was hoping on applying to GS and JPM when those apps open later on during the summer. I was originally given 2 weeks to decide, but I got a one month extension to give me more time to think. However, the time window will end before I get to interview for GS or JPM.
I feel confident that I will receive an interview for GS/JPM since I'm a top target and have networked with many people there, but there's no guarantee I'll get the offer. Should I accept this tier 2 BB offer and just renege later if I get a GS/JPM offer? Also, GS/JPM will likely ask me if I currently have any other offers -- is it okay to lie about this to preserve my chances?
I hate recruiting so much lol.
if you renege, you are a cuck
You shouldn't be afraid to turn them down. They would renege their offer if they had a chance to get superstar or market went all the way down. I'm not saying you are not or we're gonna get another Fannie Mae. But bank doesn't really give a s*** about you. Be real. I got a chance to do summer program because of so called hookups and I got invited again for the next summer. But I pursued consulting instead. I know if I apply again they will let me in. Don't worry about it too much. IB isn't as competitive if you have the right credentials
This is so inaccurate it hurts. Banks literally never renege offers based on a "better" candidate coming along. Sorry your recruiting didn't work out but don't mislead university students.
Citi and BAML are not "tier 2" just like others aren't tier 1. What matters is the desk you're on, period. You can be tier 1 at SocGen in equity derivs, or tier 1 at Citi in Munis, or tier 1 at JPM in credit. It differs.
Take the offer and run. All of those banks are elite and if you are good, all of your so-called "tier 1" banks will offer to poach you down the road. Also, if it's Citi, they offer FT like 90%+ of their interns and their rotational program is awesome, so take it.
You're planning to renege based on prestige alone to people who are excited about hiring you, and even thinking about lying to a bank that you want to work at even more? Take a step back and evaluate this by yourself. Is this the right thing to do - is it how you want to make decisions? When you are the one hiring university students a couple years from now, is that how you want candidates to act?
EDIT: Ah, you're the "is Harvard enough?" guy. Look this isn't undergrad admissions where kids just pick the most prestigious name if cross admitted. You should think a lot more carefully about your career trajectory and personal brand now that you're growing up.
Don't talk about whether reneging is ethical or not. Maybe you all should talk about how unethical it is for some banks to recruit earlier than others and poach top candidates before they get the opportunity to apply to places like GS and JPM.