Reneging BB for EB?

Recently accepted an offer at a BB (CS/Barc/BAML/Citi), but just got a callback from a boutique that never got back to me before (EVR/Moelis/Laz/CVP type) and said that I am off the waitlist and can receive an offer. Should I tell them I already took an offer, but if they are OK with me reneging, that I will take it? How do I approach this?

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If the start date is pretty far out, it is probably not that big of a deal to withdraw from the BB. Especially if you recently accepted, as they might be able to just roll over the offer to someone else in line.

It is a delicate situation though. Just be sure you have the EB if you accept, as after you withdraw from the BB, there is probably no going back.

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