Worth reneging on S&T offer?
I have a London Deutche/Barclays offer for S&T Summer 2027. What markets related internships are worth reneging on this for. I'm aware there are better places, but in terms of expected value i.e. (Probability that firm won't find out and pull offer) x (How "good" the opportunity is). which would be worth it? Quant shops yes I assume. S&T for Goldman? JPM? Thoughts appreciated.
Reneging on an offer is always a risky move, and it’s crucial to weigh the potential upside against the reputational damage and the probability of the original firm finding out. Based on the most helpful WSO content, here’s how you might approach this:
Quantitative Trading Firms: Reneging for top-tier quant shops like Two Sigma, Citadel, AQR, or Jump Trading could be worth it if you’re aiming for a highly quantitative role. These firms often offer significantly higher compensation and career growth opportunities compared to traditional S&T roles. However, keep in mind that these firms recruit from a very specific pool of candidates, often with strong STEM backgrounds.
Top-Tier S&T Desks: If you’re considering reneging for S&T at Goldman Sachs or JPMorgan, it could make sense if these desks are known for being stronger in the specific markets or products you’re interested in. For example, GS and JPM often have a reputation for leading in certain areas of fixed income or equities trading.
Expected Value Calculation: The decision should factor in:
Reputation Risk: Reneging can burn bridges, not just with the firm you’re reneging on but also within the broader industry. If the firm finds out, it could impact your future opportunities, especially in London where firms often communicate.
Alternatives: If you’re unsure about reneging, consider leveraging your current offer to network and explore lateral opportunities post-internship. Many candidates successfully transition to other firms after proving themselves during their first role.
Ultimately, reneging should only be considered for a significantly better opportunity that aligns with your career goals and offers a clear advantage. If you do decide to renege, handle it professionally and be prepared for potential fallout.
Sources: Accepting TWO offers (one SA, one FT) during same year; date clash! Help!, Best internships for Quant Trading?, Reneging BB SA Offer?, Should I accept tier 2 BB summer 2020 offer and renege later?, Getting an S&T Return Offer - A Survival Guide for Future Interns
For a BB I really wouldn’t. Depends on what desk u end up at more than what bank you end up at.
RBC?
You're asking on the probability that the second firm would pull the offer?
How would that even happen?
Not sure why this even needs to be a Q until you have a second offer.
The 2nd firm may find out one way or another and together with the original firm pull both offers. It's happened before, esp in the US, not too sure how the culture differs in London
Literally never heard of this.
Not even sure how the other firm would find out if you don't run your mouth. Or tbh why firm 2 would care that much.
I worked in 2 BBs, US based and never heard of this. Why would banks even fcking care about intern reneging the offer for other bank.I can't imagine this happening. Unless there were other reasons
bump
Reneging will matter at the higher levels but not right now so you're good
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