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Based on previous WSO threads, here are some insights:

1. Reneging Risks:

   • Reneging on an offer can be risky. Banks do communicate, and there's a chance that reneging could impact your reputation and future opportunities.
   • Some users have mentioned that the consequences of reneging might be overblown, especially if done well in advance of the start date. However, this is not guaranteed.

2. Comparing Opportunities:

   • Citi: Generally considered a more prestigious bank with potentially better exit opportunities and a stronger alumni network.
   • Wells Fargo: While not as prestigious as Citi, it still offers solid opportunities, especially if you have a good relationship with the team and the location works for you.

3. Location Considerations:

   • The Wells Fargo offer is in Charlotte (CLT), which might have different lifestyle and cost-of-living implications compared to other locations.

4. Personal Preferences:

   • If your primary goal is to be in a seat where you can "punt on duration," you need to consider which bank and location will provide you with the best opportunities to achieve this.

5. Advice from WSO Users:

   • Some users suggest taking the risk if the potential rewards (better exit opportunities, more interesting work) outweigh the risks.
   • Others emphasize the importance of maintaining good relationships and not burning bridges, which could be crucial for future lateral moves or full-time recruitment.

Ultimately, the decision to renege should be carefully considered, weighing the potential benefits against the risks and your long-term career goals.

Sources: Should I renege this late?, Reneging a BB offer, Wells Fargo IBD 2019 SA Offer vs Citi Superday, Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?, Reneging on Bofa/Citi/Barclays/DB for GS/MS/JP/Megafund ?