Goldman Reneging
How do you think Goldman Sachs would react if they found out that you reneged on an offer at another bank to accept an offer with them? Is there any historical precedence (I am sure it is common)? Both NY and SF.
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You're not supposed to renege on anyone - it reflects poorly on your character and I'm sure they wouldn't be happy about it. However, I can't guess what Goldman's reaction would be. Why did you accept a position somewhere else in the first place? They should have given you more time to decide.
And there I was thinking it was a topic about Goldman reneging on offers they made, but instead, I find myself in yet another bullshit topic about Goldman.
Goldman wouldn't renege, they would rescind :P
They'd probably give you a high five...
they behave just like a teenage girl who is happy that her bf dumped another girl to go out with her.
in 2005, goldman posted about the respective reneging analyst class on their myspace page in 2006, goldman posted about it on facebook in 2007, goldman tweeted about it
so they are happy about it and encourage it.
I'm making it up as I go along.
Best lesson I've ever learned: "The person you disrespect today might be the ass you have to kiss tomorrow." Be civil (give an explanation and two week notice) to the bank you are leaving behind. Don't forget it's not uncommon for management to switch banks. I would hate for you to not give your MD a decent explanation and he ends up being your new MD at Goldman....hello pinkslip
why the heck would an MD care if they themselves were trying to jump ship to GS? (that's frowned way more than for analysts to reneg - trust me) Let's be real people, there's a higher chance you'll be hit by a car then get screwed reneging.
Reneging top BB S&T for Goldman S&T? (Originally Posted: 02/25/2011)
Is it worth reneging a verbal acceptance for SA in S&T at a top BB for a position in Goldman S&T? I'm concerned about the relatively low conversion rate in addition to burning potentially valuable bridges in the future at the BB. What factors should I consider in this decision? How should I make my final decision?
Reneging SA for SA at another top firm? Not worth it.
I assume the offer is for JPM. I honestly don't think it is worth it, but if you keep in contact with the people from Goldman you maybe able to get an interview for FT should things not work out during the Summer.
No. Tell Goldman you've already signed elsewhere and they will fast track you for FT recruiting. It's much easier to get an offer at GS through FT fast track recruiting than from the summer internship (where conversion ratios are always terrible). Good luck young chap.
^^
bingo bango.
congrats on achieving gunnerhood.
WTF? This shouldn't about which bank. It should be about which desk you want.
What I can never understand is why it matters what it says on your business card? as long as the bank is within the same tier which it is. Why does it matter if your business card says GS or JPM, it isn't going to help you get girls or give you preferential treatment so I can't understand why it matters. If you already verbally accepted it means that you could see yourself spending ALOT of your team with with people that you are going to be working with so why would you give that up? UNLESS the fit at GS is better... that is the only reason I would be able to understand reneging...
At the end of the day, you have to weigh the risk of reneging. That being said, my suggestion is do not reneg... wall street is a much smaller world than you'd think, especially across top-tier S&T desks.
Also, great point earlier about the conversion rate for SA at GS. (assuming you have a JPM offer) JPM's approach, at least for S&T, is to place you in one group for the Summer. They typically hire as many interns as they anticipate there are FT slots, vs. GS where I've heard conversation rates in the 30%-40% range (could be different now). You seem pretty set on GS, but if your offer is for JPM, I'm not really sure that's justified at all. JPM S&T (specifically anything FICC) is very, very strong... arguably the strongest on the street these past few years.
So, really, here are your choices: 1) You reneg, hope there aren't any negative consequences of that, go to GS, hope to get a FT offer (for most, that is not the case) or 2) you go to JPM, work on a desk for the Summer and (hopefully) get a FT offer, either take that offer or leverage it and go back to GS for full-time recruiting. They have an "accelerated" (or whatever its now called) fulltime hiring program at the very start of your senior year, usually for those that have FT offers at other top-tier banks. They try to fill positions with talent that has proven themselves at other banks, as demonstrated by their FT offer. If you properly communicate to GS that you have already signed with another bank for SA, but definitely want to talk at the end of the summer, you could likely get a look in that accelerated program. Best of luck.
Renege on EB for Top GS/MS Group? (Originally Posted: 04/23/2015)
I'm currently working in an MM in Chicago and accepted an offer for an EB in NY. A few days ago I quit my MM job and during my month off I got pinged by a contact in HR at a BB who said there was a spot open in their top group (think GS TMT/MS M&A). I'm expected to start shortly but is there any advantage in interviewing / trying to get the gig? My initial thought is that there is more downside than upside here but wanted to confirm with you guys.
Are you doing M&A at the EB? And you're an analyst? If so, then I think the upside is going to be pretty minimal. I think a GS TMT/MS M&A group is maybe only a marginal amount better or just as good as a EVR/GHL/BX/CV (personal decision: I would take one of those EB over any BB group but I get that's different for everyone) and maybe a bit better than like a Lazard or Moelis. In any case, you are going to have to do a third year to get decent exits since a lot of buyside stuff has ended. And the placement difference between the aforementioned firms is minimal (like if you can make it at any one of those firms, you can make it at any others).
If it helps the EB is PWP/Moelis/Roths level (which I would consider a notch below EVR/CV/BX). Yeah I'll be a first year analyst and yes I'm doing M&A. I don't mind doing a third year anywhere I just want to make sure I'm getting the best experience / exit opps possible.
Well, if it's Moelis, you're going to place just as well, the hours kinda just suck. Yea I understand why you might think of moving now. I still think the upside is minimal. I don't know this firsthand also but PWP has a pretty conservative culture and might actually get mad at reneges. Publicly fired their restructuring team for wanting to leave.
I wouldn't do it. I would entertain the idea of reneging if you already had the offer in hand for GS/MS before starting at the EB, but it doesn't sound like this is the case (correct me if I'm wrong). Presumably you will have to interview while you are in your first couple of weeks at the EB. It would be pretty weird/bad to a) quit your new job only a couple weeks in and b) you would have to lie to GS/MS as I doubt they would take you if they knew you had just started a new job.
Yeah I don't have an offer yet, its a (potential) first round interview. I have 2 weeks off before I start at the EB so I was considering fitting the recruiting in there. You're right though, the biggest problem is that I already quit my previous MM job so I have to lie about that and my current EB offer.
My philosophy is that interviewing never hurts. You can meet some people and make some contacts even if you don't take/get the job. Declining an offer from the GS/MS bank if you choose to wouldn't be so bad as long as you're respectful. The real trick is just what to tell them about your job status give that you've already quit you MM job.
Go to GS/MS over Roth for sure
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