Need advice: Signed with "Less prestigious bank", now higher tier BB wants me to SD
Hey guys, so I recently signed it with a BB for SA23. But recently a higher tier BB reached out to me asking if I wanted to SD with them. Would it be bad if I entered another process even though I literally just signed a few days ago? Very much prefer to work for the BB that reached out to me (not just for the prestige but also because the conversations I had with them were better. The only reason I signed with the lower tier B with because of an exploding offer
Some are happy with any BB. Some are happy with a particular BB. It appears you already started to rationalize reneging on one BB in favor of another BB, so you may as well continue onto the next step, take the SD, and decide if you get an offer.
This is probably the most asked and controversial question on this website over the years. There are takes on both sides and both are right. Ultimately, it’s your life and you need to decide how you will professionally carry yourself and the decisions you will make.
Older people, and many more relationship focused individuals believe it is never ok to renege. You gave your word you would sign an offer and that means something. I am in this boat. Barring an extreme extraneous circumstance (death in the family where you need to move locations, health issue, leaving the industry entirely) you should try to work in that role and continuing to interview after you signed an offer is unethical no matter which way you split it. If I heard someone reneged I would view them as a scumbag and wouldn’t trust them in a professional context. The rest of my life I will not hire someone if I heard they reneged (someone who reneges is the same type of person who would double trade or renegotiate terms at the 11th hour, life is too short to deal with fuckwits like that and they present serious risk and blindsides in business). I don’t know how you can argue you aren’t a snake if you have reneged in your life. As warren buffet says, “it takes an entire life to build a reputation and one decision to ruin it”. I remember when I was younger in my career hearing about people reneging and thinking it wouldn’t catch up with them, at the age I am at now, I am certain it does. The people that renege or are sharp elbowed aren’t even aware of it, but they get cut out of deals, passed for references etc, and the people who are ethical gradually figure out who the snakes are and don’t work with them unless they have to—this also includes shops with good culture. If a firm has good culture it likely is because the seniors there value people and relationships and these are the places that will blackball you if they find out you ever reneged. The world is also so small and finance even smaller where at this stage of my life, I’m confident I could call someone at about every major financial institution/ bank discussed on this website. So this shit weirdly gets uncovered.
Now, the other side of the coin is people who think—hell, you are an incoming summer analyst, no one really gives a shit about you and they will be fine without you. Plus, banks are unethical for putting you in a situation where you have an exploding offer. Since they are behaving unethical, you have a right to. Further, the bank you work for can have long term implications for your life, so this is too important a decision to not end up at the best bank possible. You are a tool to the bank and they are a tool to you, don’t hate the player, hate the game.
My personal advice—this website loves to split hairs on banks, but in the long run it isn’t that important. A “lower tier” BB and an “upper tier” BB will both give you reps seeing very large transactions and becoming a polished professional. These two skills are in high demand and very few people have them. I have friends who went from large banks to lmm PE because they thought there was opportunity there. I have friends who went from mm banks to excellent VC firms. Many of my friends left the industry entirely and prestige of bank matters little when you work for a startup or are doing corp dev somewhere. Reneging is a short sighted decision and those that do it are never aware of how badly it is perceived by those who pride themselves on being ethical. Ask yourself, “Do I want to be someone who prides myself on being ethical and honest, or do you not care?” I think part of my problem with reneging is everyone knows it’s a questionable move and those that continue interviewing post getting an offer are able to rationalize an unethical move as ok somehow. People that do that it’s never the last time—it’s a pattern of behavior that shows up in many other areas of life.
Best of luck with the decision.
what about reneging a MM or a small boutique for a brand name firm whether it be lower tier or top tier EB/BB? Is that more justified since you are coming from a place with no brand equity to a bank with a strong reputation/presence?
It has nothing to do with prestige it’s an honesty thing lol. Don’t interview for firms you don’t intend on taking the offer for—problem solved. Alternatively, tell the other firm you need an extension on their offer timeline. Others might say it’s more justifiable/ understandable, but in order to get into the situation where a BB gives you an offer and you need to renege, you will have accepted an offer somewhere else and CONTINUED interviewing—this is unethical and avoidable. Just don’t accept the offer in the first place. You put yourself in that situation by accepting an offer and basically knowingly lying to both firms (one that you accepted their offer, the other that you are still in the job market) then going back on your word, it’s not rocket science.
Also and separately, MM’s aren’t worse than EB’s or BB’s. In fact, I would argue an experience at a good MM bank gives way better training than a BB. You can get great experience at like a Jeff, WB, Baird, HL, FT partners, etc. that will better prepare you as a professional and teach you more than a BB analyst role in a shit group with mad red-tape and shit deal flow. Brand name isn’t everything especially the older you get and more you actually need to actually execute.
HOW DARE YOU PUT THE ALMIGHTY FT PARTNERS WITH THOSE PLEBIANS, THEY ARE THE MOST ELITE EB
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