Renege your IB SA offer for GS IBD offer?
Just curious where people would be willing to renege their offer for GS IBD:
* IB MM?
* M&A EB?
* RX EB?
* another BB?
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Honestly I wouldn't renege any of those. A bird in the hand is worth more then two in the bush and you have no idea whether that GS SA offer will even convert to FT (chances are low due to the competitive nature). Also you don't know what the future holds and simply burning bridges with a bunch of connections that could help you later down the road is a terrible way to start.
why is reneging your offer so bad? Especially, when firms like EBs give you such a short time frame to accept.
Because it reflects extremely poorly on you, your school, and the alumni network. Senior bankers who are alumni of your school put in a lot of time assisting with recruiting and networking to bring in junior talent. When you give them your word, either verbally or on paper, it is a pretty big fuck you to them when you reneg. Not to mention, wall street is very small, interconnected, and you're going to piss off influential people with long memories.
Watch what's happening now in NBA Free Agency. No one cares about loyalty or respect for the organization that gave them the opportunity. Just renege if you get a better offer than the one you've got after accepting the new offer.
Lol - you're not actually comparing an SA to an multi-yr NBA free agent are you? I think you are.
Call me old fashioned but my view is you owe the bank the same commitment they made to you.
They would only pull your offer in unusual circumstances (like the firm is going under or something). And just the same, they would be understanding if you had unusual circumstances that forced you to change plans (health, family etc).
They would never pull your offer just because someone better came along.
But it's your future, right? I don't buy it. Check the Forbes 400 list and tell me how many people wouldn't have made it if their mid-college internship was replaced with a less prestigious employer in the same field.
This only holds true until a Bank decides to lay-off employees en masse, and you're picked as one of the unfortunate few.
I respectfully disagree with you here; while it's a privilege to receive a job offer (and something that you should be grateful for), the bottom line is that employer and employee alignment is not symmetrical. At the end of the day, Banks (and employers in general) hold their own self interests higher than that of their employees. Loyalty, in my mind, is a romantic but impractical notion.
I'd agree if I thought it was realistic that entry-level employees get cut less than a year into the job.
Outside of maybe '08, I'm not aware of that happening. I've been through a few rounds of layoffs, the new class was always spared even when frankly there were a few who could already be identified as not having a future with the firm anyway.
But I don't think our views are that different. I'm saying make the same commitment they make to you. If a particular bank had a particular reputation for making a weak commitment to new hires, cutting them early etc., I would then say the candidate owes less of a commitment in return. In this case, it's a summer internship offer.
is it considered reneging if you accept an offer with a firm for next year but then you decide you want to accept a return offer from your current firm for next year?
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Renege non-BB corporate banking FO role in a top finance city (NYC/London), or keep BB IB role in an EM city? Appreciate any thoughts.
renege
Keep BB IB
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