Should I reneg MOE/LAZ/PWP?
Recently signed at one of these shops, but want to recruit for a better group. I wasn't able to expedite deadlines for CVP/PJT SA. Should I still recruit for these other shops and reneg my offer? Don't have too many alumni, what are the chances of my bank finding out?
No that is a horrible, horrible idea. Those are three of the best EB's in the game. You are risking your reputation for moving to a brand name of a 9 to a 9.5. Every option has great pay, opps, and experience.
but what if I want to
to be honest my bank isn't as strong in a particular sector as I would like and PJT/CVP has better, built out teams that I think would be more tailored to my career goals
You may not realize but there are CVP guys who live with Laz guys, and so on. Not a good look to recruit with a signed internship. Do a full-time lateral later if you get a return offer. It isn't about what you want when other people dictate your final position, don't piss people off on the street.
Not worth the risk imo
This is SA. Not your whole career. You have a tier 1 shop brand name, just go for it. If you want to change banks, do it for full time. It is ridiculous to want to renege on those names.
isn't it much harder to recruit FT?
It is, but would rather try to lateral from MOE/LAZ than renege. Especially since they are already top shops.
Exactly. Also i'd assume group placement hasn't happened yet
Weird flex, but okay
.
Renege this post
.
yes
Offers can be pulled if you are dumb
how could I take advice from someone who posts tier lists
Because you come across as idiotic as they do. Seriously, If you try reneging I hope your offer gets pulled and I know a lot of bankers have a similar mindset as myself. Reeks of insecurity and privilege
Cause I have a job
You don't have to take advice, I don't care of you renege and lose it all lol
This is clearly a fake post, trying to instigate, throwing out a fairly outrageous proposition, and acting as if he/she doesn't understand what all the fuss is about.
actually not making this stuff up, I'm just more retarded than most
If you reneg prob you will have harder time recruiting in the streets as everybody knows each other. Just do the internship -> convert full-time -> and then lateral if it is that bad.
do you have experience with lateraling? what is the process like?
Similar to this post, recently signed with PWP/LAZ/MOE in a regional office but want to be in NYC for personal reasons (long term GF is going to be there and I don't want to do long distance), in this case would reneging be worth it/is there a lot of risk involved?
Yes
I don't know how this can't be a fake post -- it would be an arguably terrible move to renege even if you had an offer from one of these "better" banks, but I believe you say you haven't even initiated the interview process with these better banks? And if you were so gung-go on getting a job at the better bank, why then accept the offer from the "lesser" bank?
because I would be even more retarded if I rejected an offer from MOE/LAZ/PWP, fellow prospect
Don't wanna hijack this ridiculous post, but could anyone who has actually reneged talk about how you went about it and how you minimized risk? I'm not looking for stories about your friends lol, I'm looking for personal examples. I've read through the other older posts but thought I'd just bump this.
bump on this
Lol this is going to backfire so hard for you if you renege. it is so not worth it in this context. Banking is a very small world, especially with EBs.
do ur SA and stay connected for FT spots. CVP hires a few FT from my understanding. I personally traded up FT from mid tier BB to top tier BB, so I would honestly just summer where u’vd signed atm. The risk of trading up prior to SA isn’t worth it unless ur fine with burning the bridge at that shop.
Only person looking out for you is you. If you want to trade up, go ahead and try. But pick one or two groups. Don’t go wide. Chances that you’ll lose your internship are low. FT laterals are scarce, but you could try that in late July during your internship instead.
Thanks for your note. see below:
How would you recommend I go about doing so? Should I be honest and say I already signed but am realizing the shop isn't 100% tailored with my interests? Or just keep quiet
I would be honest that you accepted the offer. Would be a good piece of info to asses your caliber as a candidate
Ignore these people and renege. I'm at one of the shops you mentioned and have seen plenty of kids renege with no consequences over the years. Honestly most people at these banks just don't give enough shit to try and ruin a college kids chances at another bank
How would you recommend I go about doing so? Should I be honest and say I already signed but am realizing the shop isn't 100% tailored with my interests? Or just keep quiet
Renege? He hasn't even interviewed at the other places yet, let alone have an offer.
Lmao "don't renege or your career is over" Ignore those clowns. If you renege, don't tell your old bank where you're going, just say that you have decided not to pursue the opportunity and that you are grateful for having been considered for that role. If they send you a follow-up email just ignore them.
Send the HR person from the old bank an email as soon as you sign the offer letter for the new bank about reneging.
should I be honest with new banks I recruit with? tell them I already signed with a different bank?
Hell no. They don't need to know, and they won't ask. When I'm asked in interviews where else are you interviewing I circle around that question like a pro and only focus on the opportunity in front of me. The times I was transparent the HR person or banker would use psychology 101 and try to make me feel guilty for interviewing at multiple places.
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