Renege BB PB Offer For MM IB?

joe_shmo's picture
Rank: Senior Chimp | 25

Hi monkeys,

I am a senior in undergrad at a non-target in a bit of a predicament. This past summer, I completed a PB summer analyst program at a BB (think B of A, Credit Suisse) and received a return offer. Although I want to move into IB full-time, I accepted the PB offer because it had exploded early and I figured there was a high probability that it would be the best offer I'd be able to receive. I had applied to quite a few IB firms before the PB offer had exploded. Long story short, a MM IB shop (think Arma Partners, Cain Brothers) reached out to me for an interview a few weeks after I signed the PB offer and I ended up getting the superday and ultimately a FT offer. Now I am stuck in a situation: Do I move forward with the BB PB signed offer or renege it for the MM IB offer? If the former, do you think this because of the potential consequences of reneging? Or do you think there is a legitimate shot that I can lateral into IB from PB? If the latter, how would reneging reflect on my reputation? Is there a considerable risk that reneging will damage my reputation and have serious ramifications - have you seen a move like this pulled before? I'd appreciate any feedback.

Comments (29)

Nov 25, 2019

I think the first question that you need to ask yourself, as well as answer, is this: Which area would you prefer to go into?

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Funniest
Nov 25, 2019

Because he would even be asking this question if he wanted to do PB.

Is this the talent level out there these days?

    • 3
Nov 25, 2019

I would prefer to go into IB. If I end up sticking with the PB offer, I plan on applying and lateraling into IB at some point after starting PB.

Nov 25, 2019

If you would prefer going into IB, then why waste your time with PB? Just take the IB offer and go for it. No need to waste time with PB.

Array

Nov 25, 2019

Because I would have to renege on the BB, which I am worried would hurt my reputation and/or have other negative consequences. Have you seen a move like this pulled before? This is all I am worried about.

Nov 25, 2019

PB = Private banking ?

If so take the IB offer, lateraling isn't guaranteed & you want to do IB.

    • 1
Nov 25, 2019

Correct, PB is private banking

Nov 25, 2019

Take the mm offer

Nov 25, 2019

Do IB. Arma is a solid shop, Cain brothers not so much but I have never seen anyone move from PB to IB except maybe at GS given that 1) they always need people due to people leaving 2) they are the most open about mobility compared to any other BB!

    • 1
    • 2
Nov 25, 2019

Do you still think this considering the potential harm to my reputation and the possibility of losing both offers if the IB firm hears of my reneging? That's what I am worried about

Nov 25, 2019

Do not say where you are going when reneging and explain that you are more interested in IB - please do reneg on the phone with you ex-manager/staffer not by email. Thank them for the opportunity and say that you loved the team. You should be fine

    • 2
  • Analyst 1 in IB - Ind
Nov 25, 2019

Cain Bros is a pretty solid healthcare shop...just as well known in the healthcare space as Arma is in the tech space if not better.

    • 1
Nov 25, 2019

Sorry, really not into healthcare, that's all. Maybe they are I just don't know. I have just seen people from arma at my BB so I know them.

    • 2
Dec 2, 2019
Analyst 1 in IB - Ind:

Cain Bros is a pretty solid healthcare shop...just as well known in the healthcare space as Arma is in the tech space if not better.

Agree - they are good for LMM/MM healthcare.

Most Helpful
Nov 25, 2019

One more vote to take the MM offer. Reneging should be very low risk since you are not taking another PB position at a competitor. To be safe, I'd tell them you have changed your mind about a career in PB and are pursuing another field, and then I wouldn't update your LinkedIn until after you've started your IB job, just to be even more certain.

    • 4
Nov 26, 2019

bump.

Nov 26, 2019

What does PB stand for? First time seeing this acronym...

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  • Prospect in Other
Nov 26, 2019

Pledge Bros

    • 2
Nov 27, 2019

PB = Private Banking

Nov 26, 2019

Go with the MM IB.

  • Analyst 2 in IB - Gen
Dec 3, 2019

Take MM IB role. The only relationship you will burn is with that specific bank.. thats it. Do it and dont speak, or try to limit your conversation, about it with anyone.

You have the rest of the universe open to you...

    • 1
Dec 3, 2019
Comment
  • Analyst 2 in IB - Gen
Dec 3, 2019