Reneging if Job Offer Changes

How frowned upon / bad for my reputation would it be for me to renege from an offer, given a situation where: significant personnel changes were made shortly after I accepted my offer, and the position that I was slated to take up may not exist anymore?

I interned there last summer and committed to return before I heard about this major shake-up. Though I've been assured that my internship would be in the front office regardless of how the restructuring ends up, I'm just worried about being pushed into an unknown (crappy) role.

If all else were equal (i.e. I had not accepted the offer), I would jump ship for another offer.

The employer in question is a boutique i-bank in Chicago, but has some senior guys who were ex-BB / New York-heavy.

What do you guys think? Are my concerns a legitimate excuse? Would reneging hurt my future career outlook?

 

Firstly, do you have another job? If you don't, I would say start looking for work. If you do have another job standing, I think you should explain the situation to the other company very thoroughly. It's not fair to you, and the other company should be sympathetic.

But don't take my word, I need someone else to back me up on this.

--Death, lighter than a feather; duty, heavier than a mountain
 
brokencircle13:
Firstly, do you have another job? If you don't, I would say start looking for work. If you do have another job standing, I think you should explain the situation to the other company very thoroughly. It's not fair to you, and the other company should be sympathetic.

But don't take my word, I need someone else to back me up on this.

I'm in the process of going through a few second rounds, which is why this thought came up. If my prior commitment were a non-issue, I would take any of them over my current accepted offer.

 

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