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This is about the best sophomore gig you could get, even not being in NY. From your post I'm pretty sure I can guess the firm and city, if I am right it's a great group and location.
Keep in touch with your contacts towards junior summer, but would not try to wiggle out into a new group for sophomore year, you risk seeming uninterested in the job and with a big name already, not worth trying to move to NY, too much downside. You're also underestimating your school, if you're at UMich that's a top target, UT is a solid semi-target, no idea on Notre Dame but good school as well. If you have OCR or apply early, you will be recruiting before your sophomore year ends, so you need to consider if you want to stay at this bank next year too.
I think he’s joking about “very non targets”. Very non targets is more like Univeristy of Alabama or Grand Canyon University. I don’t think those even come close to VERY non-targets.
Apologies for my lack of precision in wording! I try to clarify what I meant below. I will upgrade my school's rating to non-target :)
I agree with elo. Your school is probably at least a semi target. Very non-target would be like Seton Hall
I wouldn't say seton hall is a "very non target"...its just a "non target".. I personally go there and have a SA offer from JPM, and there is a pretty decent amount of kids I know who place in BBs on the street. BAML, GS, CS, JPM, MS,Barcap, etc. I would consider "very non target" as being a deal breaker school that automatically will ding you/ hurt your chances of getting a job. I understand my school isn't the best out there but that is a bit harsh. There's too many kids who actually make it on the street to call SHU a "very non target".
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I have no experience with any of this, so my advice isn't worth much. If I was you I would take the better offer, firms are used to candidates always switching up, it doesn't hurt them that one of their targets went back on his offer, they will just call the next guy on the list and forget about it. At the end of the day I don't think you would be burning any bridges, so put yourself first.
If you're at HL Restructuring stay put. Also are you sure your BB recruitment isn't for summer 2020?
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What city?
HL Restructuring is in DC
Banks are usually pretty flexible with internal moves. Especially if you haven't hit the desk as a full time analyst yet. No need to burn bridges with your current group, this should be a discussion between you and HR (unless you are comfortable asking a trusted mentor within your group). If you come across as open-minded instead of aggressive, and lay out where you'd like to see yourself in the next few years I think HR will be straightforward with you in how realistic your suggestions are. If they aren't hiring for NYC, maybe time to leverage your network/experience to try and lateral. Just my opinion so take with a grain of salt
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This is an amazing internship for a sophomore. Restructuring will give you some solid skills if you get staffed on live deals so I would say just stick with this one, go and kill it, then recruit for your top choices junior year. You're going to have a great shot at the top RX groups in New York.
What I would definitely NOT do right now is to tell anyone from the firm you are signed to that you want to be in New York, not even HR. Regional offices don't like when people "use" them as leverage for NYC from what I've seen. The right time to have this conversation would be at the end of the summer, after you killed it and made powerful allies in the office.
You'll need to craft some sort of story as to why you want to be in New York. Family nearby, exposure to different deals, etc. If you have those allies at the regional office, they'll be much more open to that idea since you're just a sophomore at the end of the day. Worst comes to worst, you get a return offer from that bank and recruit for your other top choices come junior year. Best of luck!
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