rescinding from Summer BB

kamilbas:

Rescinding from summer BB for another BB. Is this big trouble? Blacklists?

I mean rescinding from summer analyst BB full-time offer for full time offer at another BB.

Look at the thread titled "Reneging On An Offer" on the first page.

w/e

I don't think you can rescind an offer, the bank can rescind an offer but you can't rescind an offer. You can do two other R-words, reject or renege, or but I don't quite think you are in the position to rescind.

very true, your thread should be titled renege rather than rescind - are you an esl or just dumb?

you shouldn't get blacklisted - people sign and renege all the time. its unprofessional but when banks give out exploding offers its bound to happen. one girl who is going to ms even told them she was going to renege on another offer from another BB during the interviewing process with ms if they gave her an offer.

When I read your original post I thought you had a SA offer.

If you did a summer gig and then took the banks FT offer, then don’t renege on them for another bank in the same league. It is offensive to the bank, that’s what my HR contact told me.

Offensive to the bank? Give me a break. Are you going to steer your career away from a firm you want to work for, so as not to "offend" some other firm?

This is your life, and it's all about you.

that’s what my HR contact told me.

Of course this is what HR will say, they obviously don't want anyone to renege.

yea but finance is a small community, and people have long memories

This is the exact situation: I interned at a BB last summer , got the full-time offer, accepted, now got another offer from another BB. I want to renege, but I am worried that the summer internship bank will give me bad recommendations etc. in my background checks.

A background check does not consist of calling former employers and asking what they think about you. It's only about verifying the firms and dates on your resume.

If the other bank doesn't like you afterward, too bad for them.

yea but finance is a small community, and people have long memories

Honestly, at the analyst level, no one will remember your name six months down the road.

there is definetly a difference--- any more opinions?

Its possible word gets out during background checks and you could get fired. Unlikely but possible, but more importantly, when you renege after being a summer, you have a huge bullseye sitting on your head for at least the next 5+ years or more. Unlike someone who just interviewed, you worked with people for months and they will remember you. Picture a couple hypothetical situations:

1. You are working on a deal, and one of the VPs in the group you reneged on sees your name on a working group list. A month later, after management presentations, he is sitting in the airport lounge with his counterpart from the other side having a beer and conversation shifts to their respective deal teams and he says about you, "that f*cker reneged on our offer"

2. You survive two years as an analyst and are interviewing for buyout jobs (or go to b-school). The VP who you worked with over the summer moved over to the buyout firm which represents your dream, You won't even get an interview because "that f*cker reneged on our offer"

Why take that risk? Wall Street is a really small place, and I come across people who I met last three/four years ago all the time, and we catch up. You can get branded as a bad apple quickly.

Wow, you really didn't get the point of his post...

Typically, if firms find out you've reneged on another firm's offer, they will fire you.

And its your risk to take - feel free. My only advice to you is that people talk, Wall Street is a pretty small place and your reputation is your most important asset. I've seen both of the above scenarios happen and people's lives get seriously f8cked. Why take that chance?

investment banks like people who play by the rules, and one of the rules is that analysts and associates don't renege on an offer to go to a competitor. In a bull market, the rules are relaxed a bit, and you may be ok, but it has happened before.

I would be upfront and see how they react.

First, isn't it kindof late to be receiving a full-time offer? Like six months too late?

But regardless, I don't think there's really a set in stone answer to this question. You will not get fired from the new job for having previously rescinded on the other offer, and the bank will probably never even find out. At the same time, I think you have to weigh the difference between the new offer and the old offer against the possibility (however remote) that one of the people you worked with previously at the old bank will be in a position down the line to hurt you career-wise. One post above mentions a couple of possibilities regarding that. In my opinion, if you're rescinding on a bank of similar quality to another bank, it's probably not worth it. I.e. I don't think the gain you'd get from moving from ML to Lehman or whatever is enough to rescind. At the same time, I'd say if you're upgrading from a Tier 2 BB to a Tier 1 (GS, Lazard, MS, etc.), probably just do it. It's unlikely it'll come back to haunt you down the line.

Sales and trading and ibanking are two pretty distinct career paths. It's highly unlikely that you'd cross paths with anyone from your S&T group down the line (though I guess not impossible). It's not like you're leaving one bank's M&A group for another bank's. Honestly I think especially since you're changing divisions, if you have a very strong preference for ibanking over S&T, I would just do it. Otherwise you're gonna get pretty narrowly defined within your S&T role and will likely be locked in doing that for the next few years of your life at least. Will the group you're reneging on be pissed? Yea, probably, but who's to say that your product wouldn't enter a downturn right as you're joining and they're forced to fire all their analysts? Banks always make the best decision from their own personal perspective, you should too...

i dont really understand what all the hoopla is about reneging on an offer. like someone pointed out, its an employment at will. and if you are good enough to be hired by them, why would they care if you denied another job.

I dont know if any of you know this, but leaving firms for another firm is part of wallst. traders/bankers leave all the time, and take whole teams with them at the upper levels? who the hell cares about an analyst reneging?

i knew someone who took a job at a bank, reneged on the offer, took another job in another industry, reneged on that, and came back to the original job at the bank. after reneging, the bank had continued to talk to him to try to get him back (they weren't offended). also, i reneged on one investment management group to go to another. ive never heard anything from the old firm, and they were pissed (or at least sounded like that), but nothing they could do. I might be literally 1000x better off because i made the move.

lesson: do whats best for you.