I accepted an offer from a lower middle market regional bank (think Truist or KeyBanc)
I also have an offer from a mid tier BB think (BofA or Citi)
I come from a non target and am wondering to renege or not for the better offer.
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Yes, renege. These banks don't give a shit about you anyway.
How do I go about it?
I am really scared of losing both opportunities.
Should I accept the BB offer first then call MM about how I appreciate all their time but I found a new opportunity I couldn't pass up on?
Nah. Accept the BB offer any time (ASAP). When you call the MM don’t mention anything at all about a different opportunity or why you can’t do the internship. Just say hey I wanted to let you know my personal circumstances have changed and I can’t participate in the internship this summer. That’s it, they won’t press but if they do stick to the line that you were really excited about it but you can’t participate anymore for personal reasons. They will give your seat to another kid and it’ll be the best day of his life.
Renege, big difference between the two.
Accept the offer from BofA/Citi and then ghost the lower middle market regional bank. KeyBanc prints out douche bags on a yearly basis who can't tell the difference between preferred stock and live stock
Renege but 100% do not mention to the other banks that you reneged an offer (I'm sure you wouldn't but just in case). For BofA at least, they'll rescind your offer if they find out you reneged. But 100% you MUST renege.
not a bank
that is the question.
I would renege. Like others said your new BB does not need to know you reneged, so don’t say anything to them. And be careful what you say when reneging the MM bank. Say something like “unfortunately I am no longer able to participate in the internship. Thank you for the opportunity and I apologize for the inconvenience.” Then don’t update your LinkedIn at all until after you start your BB internship. Realistically your MM won’t care and some kid recruiting late might get to do it in your place.
This happens every year. We had a couple guys who didn’t show up to my SA and a couple who didn’t show up when we started full time. Very common and everyone understood. One guy stuck with his startup, another upgraded banks, and others went to other jobs like PE and asset mgmt.
Best of luck. It matters more what you don’t say than what you do say with these things. Obviously don’t make it a habit but it’s especially forgivable when you’re in college and recruiting happens this early haha.
I reneged a complete no name bank for one of the BBs mentioned and nothing happened to me. Awkward phone call with HR and that was the end of it. Gotta do what u gotta do
Leverage both offers for FT Partners
Go ahead and renege. Your interest is the ONLY thing that matters.
You can go an extra mile by shopping for more offers from low tier banks so you can renege as many bank as possible.
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