So I'm about to be applying for summer 2023 internships and I realized that if I get an offer at BoA (for example) I will have to give a decision before the application for GS even comes out. Can I accept an offer from a bank and continue to apply to other banks? Do the top candidates even end up going GS and JPMC because those applications open up after you have to decide on offers from other banks?
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A few things to consider.General rule of thumb is you shouldn't be applying to other firms after accepting a SA offer. If you are caught it is a terrible look. However, if you were to accept an offer from BOA in July and GS interviews you in August and then offers you have the option of reneging. Will you ever get looks at BOA again? Probably not. However, if you have an offer at Goldman I would take it over BOA (Dependent on group and industry). The one thing you really need to consider is what relationships / bridges will you burn by reneging? Did 5 people vouch for you to get into BOA? If so is it worth burning those bridges to go to a more "prestigious firm"? You're already at a BB. If you got into BOA without help I wouldnt be comfortable reneging if I had another offer on the table. However, I would leave if I networked 5 people who really worked hard to give me good recommendations / push me through. This is a personal decision but could have some ramifications in the future. These situations are really based on context / situational info.Hope this helped.
are you also saying that i shouldn't be trying to have people at different firms vouch for me? i feel like reaching out to alumni at a variety of banks is really commonplace and only trying to have people vouch for you at one bank is pretty foolish (putting all your eggs into one basket)
You can renege, but don't expect to ever work for that company again. Also, Wall Street is a very small place. If you renege and somehow your recruiter from Bank A finds out you're going over to Bank B, you bet they can call up the recruiters there and you very likely will have both your offers rescinded. Not saying this to scare you but these are legal contracts and it's important you play the game right.
That’s untrue. It’s “at will employment”. Nothing is binding. You can opt out any SA for “personal reasons”.
You can legally. There are no legal repercussions but that doesn’t mean people won’t get butthurt and screw you over.
Just as you can renege at any time, the new bank can rescind your offer at any time
Pretty sure GS has a policy where they look the other way it you have to renege on another offer to accept their’s because they know they run their process late.
Don’t risk getting blacklisted. It’s not worth it…
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