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Career Resources
Based on the most helpful WSO content, here's what you need to know:
Legal Action: Generally, employment contracts for internships are "at-will," meaning either party can terminate the agreement at any time for any reason. This means it's highly unlikely that the MM bank would pursue legal action if you back out. However, always review the specific terms of your contract to ensure there are no unusual clauses.
Reputation Risks: While legal consequences are rare, the bigger concern is reputational damage. If you renege on the MM offer, the firm may blacklist you, and word could spread within the industry. Finance is a small world, and people move between firms, so this could come back to haunt you in the future.
How to Handle It: If you decide to continue recruiting while holding the MM offer:
Timing: Ideally, wait until you have a confirmed offer from a BB/EB before backing out. If possible, try to expedite the decision-making process with the BB/EB firms to avoid unnecessary delays.
Risk Assessment: Consider the potential upside of the BB/EB opportunity versus the downside of damaging your relationship with the MM bank. If the BB/EB role is a significant upgrade, it might be worth the risk, but proceed carefully.
Remember, reneging is not ideal and should be a last resort. If you do it, ensure you handle it with professionalism and tact to minimize any long-term repercussions.
Sources: Is Reneging Actually That Bad?, Backing out after accepting an offer, Bank withdrawing signed/accepted offer?, Offer rescinded what can I do now?, Current IBankers: What would you do if a summer candidate reneged another offer to sign with your firm?
Generally it’s frowned upon to renege an offer, but I get your position. They won’t take legal action or anything like that for an intern, but they may blacklist you from working at that specific office - maybe even that bank. In my opinion, sign your first offer and keep working toward the BB offer and just renege if the time comes.
It's not good form but you can absolutely renege. They cannot do anything. Good to be polite and apologetic about it but don't overthink
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