Reneging return offer with new NYC background check law

Looking for some advice.

Got an offer from FT recruiting. Currently signed with a different bank through a return offer. I've been keeping things on the DL to both parties, but now it seems that the NYC job offer law changed: now it's verbal offer --> professional background check --> offer letter + signing --> criminal background check. So in other words my original bank will get a background check call from my new bank before I sign. Do you think I should tell my original bank that I'm reneging before I sign my new offer or continue to keep it on the DL (i.e. gamble that my connections there won't find out) until I sign the offer letter? Does anyone know about the background check process and how it unfolds? 

Comments (5)

  • Research Analyst in HF - Other
Oct 2, 2021 - 8:26am

This is actually a great fucking question I'm surprised I've never thought about this situation before. At some level this is an issue for all folks who reneg on their summer internship offers at banks where they worked. I'm sure this has happened a "decent amount" and there's precedent for somewhere.

Someone who has navigated this before please chime in for this fellow! What a conundrum

  • Associate 3 in IB-M&A
Oct 2, 2021 - 8:57am

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