Hi,
I have already signed a contract for an IBD off-cycle in a mid market bank in London and I than got a second offer for a better bank. For the first off-cycle I have already done the background screening and met the full team for drinks. Do you think that they will ban me from the bank if I tell them I want to go with the other bank? If not, what do you think will be the consequences?
Thank you if you can help!
Pick the better bank.
In the last 6 months, you have seen banks firing a lot of people and you have to realise that frankly none of them actually cares about you. Therefore, prioritise yourself and pick the option that is best for you.
The only consequence is going to be that you most likely will not be able to be interviewed for that specific team for the coming 1-2 years, but who really cares?
Thank youso much, this is super helpful :)
The only thing I would potentially think about is conversion. Does the MM guarantee conversion whilst the better bank does not? Then maybe you should consider that. Besides that, pick the better bank.
No internship guarantees conversion but the staffer of the MM told me that their goal is to retain all the off-cycles, and in case of no headcount they try to still keep them within the bank in other coverage teams. The BB have a c.60% retention rate depending on the team
Would go for the BB
Seconding the comments above. Memories are short in this industry, and in all likelihood the team will have changed or forgotten about you. As another poster commented, the coming 1 or 2 years won't see you going there, but beyond that things should be more smoothed over. There's certainly no formal system of "banning" people that I'm aware of
EDIT: It would be a nice gesture to write to the person / people you met to apologise and explain that you won't be joining the team, and thank them for their time.
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