Does Barclays care about reneging?
Does Barclays care if you renege another bank for them? Have you seen offers pulled in the past?
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It's complicated. I don't think the receiving bank (in this case Barclays) would care too much. The one getting reneged might make an angry phone call, though, so just don't tell them what you're doing.
Would you renege on a WF/RBC for Barclays or just wait 6 months and lateral?
Lateral for sure, market will be hot for a long time
I'm very biased but I see Barc/CS/Citi/BAML tier of banks as a material step up from WF/RBC. RBC at least views investment banking as somewhat core to its business strategy. WF absolutely does not. Again this is one data point and you could lateral, depending on group placement and your performance. However you never really know what the future holds.
Also, your PE recruiting will be over in 6 months for many people, so you would have to do it before lateraling, which defeats the purpose in my opinion...
are you doing this as an associate or 1st year analyst?
You have both offers in hand? And is this for summer associate or FT associate?
It's for ft. I have an offer to interview but not sure if I should even go through with it. I don't want to take someone's spot if I am not interested.
I'm a year behind you in this circumstance (1st year MBA) so take this for what you will. I took the first summer offer that was given to me out of undergrad for sales and trading and declined further interviews as well as FT interviews. Looking back, I really wish I didn't. They were "better" firms which may have yielded better results with b school applications. I know you're at a later point though. This year I had an offer at a BB that refused to give me more time to decide which sucked because I had an EB super coming up that I was confident about. I verbally accepted the BB and reneged when I got the EB offer. The junior people at the BB I know totally understood, some of the seniors probably hate me but will forget my name if they haven't already.
I am a small data point and certainly not an expert on this. I just didn't want to be left wondering again like I was out of undergrad. BB gave me ~3 days to accept in late Dec since they knew EB was coming up for us the first week of Jan. There is also something to be said about enjoying the people that you work with and fitting in. I wasn't really concerned about that since I haven't even started yet.
If you want to go to Barclays, go. Unlikely Barclays will care that you reneged. The other bank will likely care, but unlikely they will do much about it. I've seen MDs in charge of hiring shrug when someone renegs for another bank. They don't always get pissed off/take it personally. Definitely don't say where you are going when you reneg and wait until you start to write the bloviated LinkedIn post about your new career.
They won't care and they also don't have to know. Just don't tell the other bank where you're going.
I worry it would get back to the other bank somehow. Maybe people know each other since it would be the same industry group. Does that happen?
Yes that could happen even if it were different groups. It's a surprisingly small world but chances are this will happen later - after you join officially - so you won't be at risk of losing the offer.
Yes renege. Sure, there's always a risk, but I don't have any regrets. Do what's best for you and only you
When they ask you if you have an offer and/or accepted what do you say?
Just curious. I think good answers to explain it away are valid personally, but is it better to just say you didntaccept an offer?
repeat this phrase whenever asked about other firms
"i'm going thru the interview process with other firms...but that's all i'll say on the subject"
this is like pleading the 5th...either you fully plead the 5th, or you waive the right to plead the 5th....you can't "partially" plead the 5th. So, its better if you never provide any detail about interviewing with other firms...never say who gave you an offer.etc...because then you may be asked to asnwer a question you don't want to.
this is called "thinking ahead"
Won’t they ask if you got an offer from your internship last year?
Maybe goes without saying, but if you do this don't update your linked
Doesn't seem worth it to renege in your case as an incoming FT associate. Finance really is a small world. Better to wait out 6~12 months and lateral.
WF is not a core IB institution. Think about it - will you get more PE looks from Barclays or WF? The answer is super easy. Just dont update your linkedin if you're that paranoid.
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