What do people think about rescinding a decision for lateral analyst hires? I was offer employment with a lower BB but, they only give me 48 hours to decide. I have 4 interview lined up for 4 different firms in the upcoming week that is much stronger. What’s the consequences for me, if I rescind my decision after 2 weeks. Luckily, I won’t have to start until late Feb after bonus is fully paid at my current firm. What are people’s thought?
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I'll trade you that offer for a dollar.
Ask the other firms to accelerate? And ask to get more time to accept and think about it from the other firms. Say you want to speak to a mentor that also works in finance that has also had to make a similar choice and thus you are keen on getting his views.
why are you lateralling?
You should ask a little bit more of time so you can schedule calls with 2-3 people on your allocated team, so you are fully secure of your decision and to make sure that you will fit in the culture.
This way you gain time as it may not be that easy to schedule those calls. On the other hand, call the rest of the firms, let them know that you already have offers and ask to have the interviews asap, just mention that you have a BB offer but you are mostly interested in their firm for XZY reasons
Very good shout actually, I have myself done that with SA recruiting before...
Same here, it usually works as whenever you try to schedule with some Associate / VP it usually takes some days, as they understand that you are already signing (so its not time sensitive), and HR does not really push so you always have that excuse
Thank you guys for all the advice. I have consider all the path that yall mention, but I really don’t think the lower BB will care. To provide some background, the offers that I have in hand is within DCM. And, my 4 upcoming interviews are all in M&A/Coverage for some top MM.
The group head / MD from lower BB call me and did a last round video call with me on a Sunday. I haven’t even received the actual offer from HR. The MD only provided me with a rough comp and isn’t even sure on the exact details. However, he’s pressuring me to accept offer verbally by Tuesday. I guess my question for everyone is what are the consequences of rescinding a verbal offer? And what about actual signed offer?
Say you’d like to have all the details laid out in a contract.
Do you think companies commit to anything without signed engagement letters? No. So why would you?
Don’t stress about this that much. It’s completely reasonable to not want to accept something that isn’t in writing.
The MD told me that he will have HR draft out the offer later today and will call me tomorrow night to check on my response. Therefore, I honestly think there’s no way around it. Which leaves me with no option but to rescind my decision if I get the better offer. Love to hear what people think about that and if it’s going to hurt my career down the road, since banking is a small world.
I mean this isn't ideal but not on the bright side you have multiple six figure job offers in the worst recession in nearly a century
This is going to be an unpopular opinion, but if you REALLY want to interview at the other places then take the offer and renege if needed. A little risky, I would try to make sure there are no connections between the two groups (alum etc). I hate when banks do this, I had an exploding offer and it cut me off a lot of other great processes. Even the people at the BB I joined said I should have kept rocking and reneged if I needed to.
I doubt that they know each other and I will avoid updating my linkedin until 6 months into the new job, so they can't figure out where I'm going. However, just wondering if there's been times where rescinding a offer caused any legal issue or other consequences down the road? For example, the group head / MD told a mutual business contact of ours, and whether that will cause any drama. I'm probably just overthinking it.
You will not have a problem. Contract should say at-will employment. So you can quit anytime you want. One of my fellow interns reneged a EB return offer. Was just told congrats and good luck with the new role.
Me personally, I would ask for an extension to think about it, the excuse of speaking to other people on the team is a good one too. If they're not flexible at all, I would walk away; mainly because its DCM and you seem to have no trouble getting interviews at other places. M&A/ Coverage is very different in regards to exit opps, technical skills etc, whereas DCM pigeonholes you quite a bit. If you are keen on DCM longterm then go for it
Out of curiosity, how did this turn out?
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