Reneging
Hi all,
I have accepted an offer at a lower tier BB, UBS/DB/CS/Barclays, but was recently given an offer at a better firm for the products I'm interested in GS/JPM/MS/BAML. I would prefer to renege on my previous offer, but have heard stories of offers being rescinded after reneging.
Could anyone offer any advice of whether this phenomenon is common and worries are founded. The jump would be to a significantly better firm and I don't have any personal ties to the firm I have accepted an offer with.
Thanks
As someone who reneged, I would consider a few things before making your decision. If you are at CS/Barclays and your offer is at BAML, then I wouldn't renege regardless if the group is better etc, in my eyes its not worth the risk. Now, if you are at UBS/DB, the decision comes down to how you handle it and who your contacts are at your current firm.
For me, I had a very close contact at my first firm and decided that the best way to approach it was to give him a call and be honest. Yes, this could have backfired but I think 9/10 people in the industry appreciate honesty and straightforwardness rather than you just disappearing and fucking them over. At the end of the day, no one is really going to care about an intern who hasn't even worked a day at the firm leaving unless you do something that pisses them off.
What're your thoughts on reneging for firms in the same sector? As in for the REGAL team at one firm for the REGAL team at another firm?
Doesn't think it changes much, most likely the team you reneged on will have a higher chance of knowing where you're going but that shouldn't really matter.
I reneged on my first ever job offer out of college. Granted it wasn't within the same industry, but it isn't as rare as you may think. I got a better offer for a better job with a better company that had a much longer wait time before extending an offer than the other smaller company. I wasn't going to let an offer expire while waiting on the other company to get back to me so I accepted the offer holding off on it as long as I could (even border lining on being a bit rude as I waited until the absolute last day). I remember how stressed/anxious I was back then after being extended the other position and having to let the first company know, over what amounted to a non-event. Most normal people can understand why you would take a better offer and aren't going to fault you at all if you're just honest and don't act like a dick/ghost them. Business is Business, if they can't offer the same benefits as the other position then too bad for them. The company I reneged on said the position was always open for me if I changed my mind (I didn't) and wished me good luck. They wanted you for a reason and will probably be a little upset you're walking away but no normal person is going to go out of their way to sabotage your career over it as an entry level hire. Worst case they put you on a blacklist and never hire you again if you tried to go back.
Was in the same boat last year for SA. Just renege. Don't post anything on linkedin though. Just stay low until after everything is sorted through
Lot of factors here. But most importantly: 1) did you get these offers through campus recruiting and 2) is the offer you're wanting to take over the one you accepted for a different product entirely than the one you are currently signed up for?
If 1 is true, then definitely tread lightly as I've heard horror stories of campuses getting really pissed off at folks who reneg and ratting them out to those they choose to take an offer from. And 2 depends heavily on 1, but if 1 isn't true then you should consider the potential overlap in folks who may or not be involved in the products you are switching to and from. Not saying they'll talk about you as the likelihood and significance of your employment is actually super low, but consider the off chance that the two people who were involved in your hiring at each bank know and interact with eachother. If they get to chatting then that could be a potential risk
Funny that my "horror stories" line hyperlinks to EB hours lol..
With regard to your first point, I got the interview for the position I accepted without any networking or campus recruiting (just luck of the draw when I submitted my application). So I have very little connection with the firm. Now for your second point, my interviewers at the firm I accepted with were primarily equity derivatives while interviewers at the second bank were rates and commodities. I would say little overlap there. However, both positions are generalist and I assume specific desks will be decided later in the process. Given this information, I think its unlikely they know each other, but I'd like to hear your perspective.
Good to know and seems like the campus recruiting angle won't be a burn for you. At this point, if you're willing to risk it I'd go for it. Sounds like you're switching between equity and ficc groups so it's a pretty safe wager, relatively speaking. This doesn't guarantee you won't get blown but given this was a result of independent networking and such, you should be fine. Just go for the group you want.
I reneged on MS for GS. Nothing happened and no one cares. It’s only complicated if you have very strong relations with individuals that pulled for you throughout the process and/or through campus recruiting. But ultimately, back yourself on getting the return and go for it.
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