Reneging 2021
How do top boutiques (LAZ/PJT) react if a MM calls them to say you reneged to be there? If you have already accepted the eb offer?
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yikes
is it that bad
Not the end of the world. Most companies are going to want the top talent either way. Why they'd call is a waste of everyone time tbh
I thought so too but I have seen so many horror stories about HR calling other banks and this bank sounded really mad
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why is it less likely for non-target, just curious
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What about a reneging a bank like HSBC/BNP/Stifel for Lazard/PJT/JPM/GS? would that be considered a risk as well?
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Both are gonna work u 100+ hour weeks, so who cares if it’s at Lizard, Pirelli or Moles?
It's not a question of whether its fair or not (it isn't fair), but the true answer is no one knows how any bank will react unless they have recently reneged to that bank. Maybe they shrug and are happy they got the best talent. Maybe an MD plays golf with an MD at the other bank and pulls the offer because his friendship is more important than some random intern. Maybe HR has a blanket rule that candidates who renege lose their offers. No one knows. It probably isn't worth it if its a good MM, but if it's a no-name MM than reneging is probably the best option.
It depends on the context but you could lose both of your offers. They usually also notify your school.
There were people from my school that lost both offers (the original signed one and the new one) because they reneged and the bank found out. My BB has a policy of pulling offers if they find out that the student had signed another offer already. People joke about integrity in the industry but it is very serious.
Most of them say “ok” and hang up. The whole point of recruiting is to gazump the other banks for the best talent.
Also, remember, that first bank would fire you in 2 seconds if they found someone better.
I reneged a corpfin FDP offer to take a consulting role. They wouldn’t call me back and didn’t answer my emails so I literally called and made sure a recruiter heard me. It was so awkward in hindsight
I was just apologetic, thankful and they were fairly understanding. At the end of the day they’re not gonna care about losing some 22 year old in the current climate
Why would the MM find out? Can’t you just keep it off linkedin for a while?
The recruiter and unhappy MDs may try to find out by reaching out to companies (that's what I have seen people warn about on wso and everyone keeps saying the ib world is small)
If they have no clue where you’re going, that’s a lot of phone calls to make.
what if they know it's an M&A role
M&A doesn't narrow the field much.
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