Reneging FT Return Offer
Hi WSO community, here is the situation. I interned at and received a return offer from company A in NYC (a large well known hf) this past summer in a MO/pseudo FO role. I have a great reputation with them, but hated the work I was doing and was looking for a way out. They initially gave me 2 months to respond, but then I asked for another 6 week extension which they gave. I then received an offer from company B (a small trading firm) in CHI, but the offer was low and I am currently negotiating with them. Unfortunately the 6 week deadline with company A expired recently, and I decided to sign the company A offer letter before it expired rather than run the risk of not having anything in case company B retracts their offer. I also have upcoming interviews with companies C and D this week and next in CHI, and if I get offers for those places they are unquestionably better opportunities than company A.
I am worried about the potential consequences of reneging for company B, C, or D. I did not receive my internship with company A through OCR, but rather through my father's close friend who works there as both of them have been in the space for a very long time. My father is ok with me potentially reneging, although he acknowledges it will be an extremely awkward discussion. I performed very well this summer, and have a great reputation with the people at company A, and my manager even emailed me saying he's excited for me to join this summer. The thing is I absolutely hated the work I did this summer and NYC, and would much rather take company C or D, and possibly the offer with B if the compensation is revised. Is it wise to renege? Company C is a direct competitor, and company B and D are in the same general space somewhat. I'm also worried because if I get an offer and a background check is needed, they will contact company A. Do I tell companies B,C, and D that I already accepted A, or do I pretend that I did not accept. Companies B, C, and D already know that I had a deadline with company A that just expired, but don't know anything other than that (i.e. don't know if I accepted it, got the deadline moved, etc.)
Sorry for the long wall of text and thank you in advance. I realize that reneging is in extremely bad faith, but I couldn't stand the work I was doing and due to personal family reasons I would much rather be in CHI.
Put yourself first. The firm will show you no loyalty. Plenty of people with offers and contracts in hand have been screwed by downturns.
Thanks for the advice, I was leaning in that direction as well. But what do I say if the companies I am interviewing at ask if I have any other offers? And in the chance that I get an offer, do I tell the companies about the situation or first renege company A and don't tell the other companies anything and accept the other offer? Worried because since I interned there it is going to be on the background check and they will undoubtedly contact company A.
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