Reneging on Full Time BB Offer
Hi All,
Incoming AN1 at a BB here. I would love to know everyone's thoughts on the possible consequences of reneging on my FT offer. For context:
1. My mother has a serious illness that was diagnosed during my SA stint and I'd like to stay close to her / spend less time at work to be with her, as my FT position is across the country and is obviously not ideal WLB-wise.
2. With the above point on WLB, I would be completely switching industries and doing a corp strategy/strategic finance role. I want to essentially maximize the amount of time I can spend at home without sacrificing my career trajectory too much or being unable to financially support myself.
3. I would not tell my current firm where I'm going next and would not post it on my LinkedIn / otherwise make it searchable.
I'm scared that my group will retaliate and somehow find out where I'm working to have them pull my offer (as I would likely be recruiting for a role at a company in the vertical my group covers, so some members of the group might have connections they can leverage). But I'm unsure if I'm just being paranoid. I find it hard to think that a BB group already working 80-100 hours a week would waste time trying to get back at me.
Additionally, spending time with my mother is non-negotiable to me, seeing as there's a possibility her health deteriorates further. I hope this is something that my group can understand, but I'm unsure how these types of situations are typically handled. With my group's hours, I'm not sure I could physically (or financially) handle flying cost-to-cost as often as I'd like.
I would really appreciate any insight - thank you very much!
Based on the most helpful WSO content, here are some insights on the possible consequences and considerations of reneging on a full-time offer at a BB (Bulge Bracket) bank:
Consequences of Reneging:
Professional Reputation:
Retaliation:
Career Services and Academic Institutions:
Considerations:
Personal Circumstances:
Work-Life Balance (WLB):
Discretion:
Advice:
Communication:
Legal and Contractual Obligations:
Support Systems:
Final Thoughts:
Reneging on an offer is a serious decision with potential long-term consequences. Balancing personal needs with professional responsibilities is challenging, but clear communication and understanding the risks involved can help you navigate this situation more effectively.
Sources: Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, Full-Time Dilemma - 2 Offers, 7 Tips on Reneging, Reneging BB SA Offer?
Just be transparent and honest with your employer. Don't try to hide in another city. Tell them you want WFH or you can't do the job. If that doesn't work, just go on Flex jobs for 100% WFH or find a job in your city.
I'd just be honest with them about your situation man. Maybe just ask to join the following year's class and either take the year off or work in your other role in the meantime
Be honest but direct.
With a return offer in banking, you clearly have drive and intellect. I think I would avoid the regret later in life of not being near your mom vs potentially starting your career in an adjacent industry.
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