Reject an already accepted internship for a better one
Hi guys, long time lurker here. First of all, thanks to the resources I have been able to access through this website and the knowledge I have gained, I have been able to secure a Risk Management internship with GS, a Corporate Finance internship with JPM, and an interview with JPM for other programs in August. However, I was able to go to a BAML event my sophomore year and I enjoyed the vibe of BAML more than I enjoyed the vibe of any other firm. I felt as though I fit in with the people at BAML and I would be happy regardless of the job as long as I was in BAML. I have networked my ass off and multiple recruiters have told me that BAML will not have Super days until August for ER and IBD in the locations I want. This is my problem. I need to accept my JPM and GS offers in August but BAML will not let me know if I got into ER or IBD until after that date. I do not want to say no to JPM and then not get an offer from BAML, but I also do not know how to tell JPM that I am going back on my word and going with another firm in the case that I do get a BAML offer. I feel as though if I accept and then back out, they will eventually find out I went with BAML and call an MD or recruiter and get me kicked. What should I do?? I was thinking about accepting the JPM offer, and if I do get a BAML offer, calling the JPM recruiter and apologize and try to be honest with them about my situation. Whats the move people?? Help me out
I would highly suggest against reneging on a large BB like JPM. It's probably best to try and take what you have to other banks you've spoken to (not BAML) and secure an IB internship. As of know you don't exactly have an "IB" position to bargain with.
Once you have an IB internship you can then go back to BAML to get an IB internship.
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BAML has 200k employees, their jobs and people are VERY different across divisions, especially IBD vs risk. The shine wears off quickly - enthusiasm is great, but focus on the group and division rather than the handful of people at one event.
Have you told BAML about your two outstanding offers? If you're a top candidate, they will probably fast-track your interviews. Their diversity process has apparently been giving out offers for a few weeks/months, maybe you can move your superday to within the next 6 weeks.
If it comes to the end of August and you have nothing, JPM offer is probably your best choice. What else are you recruiting for with them? You could go back and ask for an extension there. Say that you are considering all of your options, including additional opportunities within the firm, and remain very interested in the position but want to make a well-informed choice. I would not renege once you have eventually accepted an offer, especially since you have so long to accept the JPM role.
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Have you tried reaching out to JPM about potentially extending your consideration time? If you really want this BAML position I would also consider going to your school's career services to see if they can pull some strings with JPM to help you extend your response deadline.
However, I strongly agree with the other commenters on not reneging on an offer after accepting. Just to provide an anecdote, a particular student at my school reneged on a BB IB FT position after accepting it, and that particular BB was so upset they stopped recruiting with my university for 4 years (2010 to 2014). I'm not saying this will happen to you, but it's obviously seen as a very negative thing to do that may potentially affect more than just you.
All in all, if you're really serious about wanting to work with BAML, just try to communicate with any possible resource to try and get your offer extended. But never renege on an offer you've accepted
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In support of what everyone else has said - Do not renege on a BB offer that you have already accepted.
You say its an internship which means you can just apply next year for an FT role using the contacts that you've gained in BAML. JPM would be a great addition to your CV let alone the contacts you will make whilst there. It's rare that someone lands perfectly in a role or a company that they want to work in right from the off.
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