Reneging BB for EB?

Recently accepted an offer at a BB (CS/Barc/BAML/Citi), but just got a callback from a boutique that never got back to me before (EVR/Moelis/Laz/CVP type) and said that I am off the waitlist and can receive an offer. Should I tell them I already took an offer, but if they are OK with me reneging, that I will take it? How do I approach this?

 
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If the start date is pretty far out, it is probably not that big of a deal to withdraw from the BB. Especially if you recently accepted, as they might be able to just roll over the offer to someone else in line.

It is a delicate situation though. Just be sure you have the EB if you accept, as after you withdraw from the BB, there is probably no going back.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

I have already signed the BB offer, and am getting the offer letter soon. But the EB can revoke at any time for any reason, so I want them to know for sure that I have accepted and are OK with it

 

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