How bad would it be
...to accept a position at a lesser MM in another city and renege a month later if a great opportunity came up in NYC?
Contract signed, no bonus received, both positions to work in debt cap mkts
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that a firm could fire you during your first day on the job, if they chose. An employment contract is completely meaningless to both parties, you and the firm.
In other words, if you got a better offer, go for it.
anyone else? i'm in a similar situation with having signed with a lesser mm in a different city and potentially having a much better offer coming up in nyc. what do you guys think about reneging?
its been done before and the banks cant really do much to 'punish' you...they will find someone else to replace you so do what you gotta do to better yourself the most
Yeah, I may have the same situation come up. A friend of mine who is an Associate said it's part of business. They have lots of people that can easily fill in if you decide to reneg. So maximize your gains.
It's all about the money. Do what you have to do.
would the situation change if it was a BB and you reneged to work at another BB? I know the street is very small...
you are just an analyst...you are a dime a dozen and they really dont care...
Just take the better offer.
Is this thread really this long? Wasn't the question sufficiently answered in the second post?
Listen to Rickets. that's great advice.
Take the better offer, hands down.
so besides getting blacklisted at the firm you reneged on, it wont affect your reputation negatively with other firms at all? people have told me that the banking circle is small and everyone talks...?
You do have to be very careful when reneging on an offer. In general, it's something you really never want to do. Moreover, most 2nd tier MMs will purposefully recruit well after the BBs, knowing that the kids they will get were not accepted by the BBs they apply to, and thus very few will find themselves in this situation.
However, if you do somehow find yourself in this situation (perhaps you kept in touch with a BB recruiter and for whatever reason a spot with them opened up), the 2nd tier MM will not have the clout to make any of the big boys pay attention to their plight. Thus, you will most likely not face any backlash other than being blacklisted by the firm you passed up on. This would not always apply if you wanted to renege on a BB or top boutique - especially at a regional office where analyst classes are small enough for the firm to care and all the bankers talk across companies.
"people have told me that the banking circle is small and everyone talks...?"
oh come one, you think people really care for 5 seconds about what happens to analysts/what they do. i made this mistake once; don't make it yourself.
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