GS/MS/JPM vs DB/UBS

Prospect in IB - Gen

Hello everyone, I know the title sounds like a meme but this is my situation:

I come from a non-target/semi-target for some banks; decent GPA and good internships. I was lucky enough to land multiple offers at BB firms. After receiving offers in early July, I decided to sign with UBS/DB IBD, and then this week I was able to get an offer for GS/MS/JPM IBD. Do you suggest reneging DB/UBS for signing with GS/MS/JPM?

GS/MS/JPM was my #1 bank since the beginning, but due to different timelines I didn't want to risk it by not signing the other offer. If you guys suggest reneging, what steps would you recommend taking? Also, any ideas how GS/MS/JPM feels about students reneging for them? Should I bring it up? Any insights would be appreciated. Thanks a lot in advance.

Comments (20)

Aug 1, 2020

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  • Intern in IB-M&A
Aug 1, 2020

Not sure the exact steps you should take, but I would 100% renege UBS/DB. Especially if GS/MS/JPM is your number one, I feel like that's an easy decision.

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  • Analyst 1 in IB-M&A
Aug 1, 2020

yes bro UBS and DB are ass, just renege

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  • Intern in IB - Gen
Aug 1, 2020

When is the deadline to sign for GS/MS/JPM?

  • Intern in IB-M&A
Aug 1, 2020

interested

  • Prospect in IB - Ind
Aug 1, 2020

I also recommend reneging; but how do you renege?

  • Analyst 1 in IB - Gen
Aug 2, 2020

I would suggest doing what you already planned to do, which is reneging. The sooner the better. I would let them know that you decided that you don't think the culture is something you would fit into. You can say you spoke to some analysts (lie) and you don't think the division is one where you would thrive in long term.
Thank them for their offer and apologize for reneging.

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  • Prospect in IB-M&A
Aug 2, 2020

When reneging, is it advised to call the recruiter or just send an email?

  • Prospect in Other
Aug 2, 2020

interested

Most Helpful
Aug 2, 2020

I would recommend calling the recruiter if you think you can have a positive conversation. If recruiter is HR, odds are you can make it a positive one. If recruiter is part of a team, I'd email as the conversation will most likely get emotional/confrontational.

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  • Prospect in IB - Ind
Aug 2, 2020

Do you recommend telling GS that you reneged for them?

  • Analyst 1 in IB - Gen
Aug 2, 2020

Doing that will just make them worried that in a year you will leave for PE or something. I would just keep your mouth shut on this one so it dies down.

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  • Associate 2 in PE - LBOs
Aug 2, 2020

I am generally not for reneging if the jump isn't too big (don't renege Barc / BAML / Citi / CS for a top-tier or EB) but I think the jump from DB / UBS to GS can be worth it. To be clear, there is always risk when reneging (pissing off the wrong person who just happens to go out of the way, some chance meeting when they somehow find out etc.). However, to minimize this risk, do the following:
1. Do not mention it to GS / MS / JPM. Don't lie if they ask, but it is very unlikely they ask
2. First sign the offer with your firm, then renege
3. Do not mention which firm you're going to when talking to HR and your contacts at DB / UBS. Actually, don't even have to say you're going to say in financial services -- just be as vague as possible (I decided that another role would be a better fit career and personality wise...). In fact, I would try and imply that you are not doing IB (without outright saying it). Never say what firm you're going to to DB / UBS -- they will be pissed, and probably inform your school at the very least, but it would be too much work to find out where else you're going
4. Don't update Linkedin, post this job anywhere on social media, etc. Pretty obvious but I've seen it happen. It is fine to update your Linkedin once you start the internship just don't do it before

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  • Prospect in IB - Ind
Aug 2, 2020

Thanks for your input. Is reneging common? Like does it happen every recruiting cycle?

  • Intern in IB - Ind
Aug 2, 2020

Make sure your school doesn't fuck you over too. My school has it as a codified honor code violation to renege.

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  • Analyst 1 in IB - Ind
Aug 2, 2020

If you renege DO NOT put the new firm on your LinkedIn for a while (no incoming posts/don't put it in your experience section)

Aug 2, 2020

Just don't do the "incoming" in general

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Aug 2, 2020
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