Tough Situation - In Desperate Need of Advice
I received a lateral offer from a large BS bank (call it "Bank A") and am slated to start in June. However, I've recently been getting interviews from top tier banks (BBs/EBs) and obviously if I got into a BB/EB I would strongly prefer that given the better quality deal experience, better exits, better pay, etc?
This puts me in a very difficult position because those interviews for the BBs/EBs will take a while and, by the time I get an offer from one of those places, I would have likely already started my job at Bank A.
Would greatly appreciate any advice on how to best position myself in this type of situation? Should I just go to Bank A first and then leave in a few weeks/1-2 months if I get the BB/EBs offer? If the BB/EB found out that I had started a new job with a different bank only to leave a few weeks/1-2 months for them, would they likely rescind their offer if I got it?
Thanks.
You missed the most important part of this... what do you do now? Are you in a lateral MM role where you can get those offers easily, or are you at some unknown LMM and Bank A was a miracle offer already?
I would strongly recommend against starting a job and then leaving immediately... IB is a very small industry and especially at two similar enough banks that is really burning a bridge for no reason. Either turn down Bank A and chance it to keep recruiting, or commit to bank A.
Currently at a decently known LMM/MM and the new job at Bank A actually pays 15k lower base and has relatively equal brand/ rep as my current firm so no upside really.
TBH, I only accepted the offer as my current firm/job is unstable with frequent restructurings, lower workflow given bloated team, and decent likelihood of junior layoffs coming soon (Global Group head hinted at it). If my current job was stable, I would definitely not have accepted the offer at bank A.
I’m sure the competition for the BB/EB will be extremely competitive so not sure how likely it will be that I get an offer at those places.
Would love to hear your advice on this given this additional context. Thanks.
How far along are you in BB/EB processes? Having superdays is a lot different than first round intro calls
Personally think it's fine to go to Bank A and do 6 months there and then look for BB/EB jobs, but you have to give them at least that time or it seems like something went REALLY wrong with your role there
Oof, this is a tough one, I can come up with 3 posible scenarios to your situation:
1. Be upfront with your intentions with Bank A, communication goes along way. Tell them your exact situation and don't be cheap on details that could interest them to acommodate your situation, tell them you're commited to Bank A if you don't receive an offer from a BB/EB. See if you can negotiate a slightly later start date with Bank A to allow more time for the BB/EB interviews.
2. Accept the opportunity from Bank A. But let them know you'll still continue interviewing for other opportunities. This might damage your relationship with Bank A which is why you need to explain that you'll only leave if you receive a significantly better offer from a BB/EB. Not recommending this approach, that's why I give you 2 other ones to chose from.
3. Decline the offer from Bank A, give thanks for sending an offer your way and communicate that you're focusing on the BB/EB interviews due to the potential for better career advancement. Remember to be politely decline it because you never know when you'll cross paths with them in the long run, best to leave on good terms
Hope this gave you some guidance, and you get your situation sorted.
Thanks for sharing. I’ve already accepted the offer at bank A for context. These interviews literally just recently came through even though I applied 1-2 months ago
How did it go? what do you think of the offer? Do you think you picked the right option? I'm curious
Most banks will pull an offer if you outright say they are your second choice.
At most you can say you "want to see all your processes through to weigh your offers" but it also sounds like OP has already accepted this job so really no dice on asking for an extension for other interviews
Is it possible flr you to push back the start date? I was in a similar situation (a bit different tho: i was doing an internship with a BB but was about to start for a MM bank, i had a feeling that i would get a return offer from the BB so i said that i was still on vacation to the MM bank and managed to push back the start date 3 weeks. then i reneged)
Would that increase the likelihood of my offer being rescinded though?
Yes it would, do you have a plan B (another bank) that you could fall back on? In my case, I had another internship lined up (gave me a sense of security) which I also reneged on. Would still try to ask to push back on the start date if its a matter of 1-3w overlap in your case
I might get fucked in the future because of bad karma but I think it was worth it
This is genuinly a hard situation, hope you solve this.
Take offer A and continue interviewing for BB/EB and accept once an offer is rendered. These banks literally dgaf about you.
Thanks for sharing your insight. That was the plan. However, by the time that I get the offer from the BB/EB, I would have most likely already started at Bank A and would basically have to leave only a few weeks on the job for the BB/EB. If the BB/EB found out that I had started a new job with a different bank only to leave a few weeks/1-2 months for them, would they likely rescind their offer if I got it?
You have good intentions but limiting yourself to please a corporation does nothing but damage your career. This stuff happens all the time, not just in banking. Every competitive role will interview backup candidates in case the 1st choice doesn't accept or gets another offer after starting. It won't be leaving them in a bad spot at all, just a minor inconvenience.
As far as the BB/EB finding out, this is why you should be very slow to update LinkedIn. Never tell anyone where you're going when you accept a new offer and should always update your profile a few months into the job once the relationship with your new employer is solidified.
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