Should I accept tier 2 BB summer 2020 offer and renege later?

Hey everyone. I received an offer for summer 2020 from a tier 2 BB (think Citi/BAML/CS), but was hoping on applying to GS and JPM when those apps open later on during the summer. I was originally given 2 weeks to decide, but I got a one month extension to give me more time to think. However, the time window will end before I get to interview for GS or JPM.

I feel confident that I will receive an interview for GS/JPM since I'm a top target and have networked with many people there, but there's no guarantee I'll get the offer. Should I accept this tier 2 BB offer and just renege later if I get a GS/JPM offer? Also, GS/JPM will likely ask me if I currently have any other offers -- is it okay to lie about this to preserve my chances?

I hate recruiting so much lol.

Comments (22)

Apr 14, 2019

It's Citi lol. I'd take it and run, aside from burning bridges, you're already in a better position than 99% of others don't be greedy. Also maybe see if you can leverage it at JPM or GS but don't bet on it. Good luck

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Apr 14, 2019

You're saying take it and don't even apply to GS/JPM? I know I'm lucky to have a BB offer but Goldman TMT is especially alluring.

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Apr 14, 2019

Do you have GS TMT connections? That is one of the hardest groups to get into. You are obviously qualified if you already have an offer, but the upper tier groups (same for MS M&A, etc) are just that much more difficult to recruit to.

I agree with the above, take it and run. If you have a strong network, you have a month to get them to accelerate. Try and avoid reneging here... skipping out on one BB for a different BB in the same city could have consequences.

Apr 14, 2019

If you've been networking, let your contacts know you have an exploding offer and see what they can do re: accelerating the timeline

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Apr 14, 2019

Hmm, this is interesting, I never thought of doing this. Gonna try this carefully, thanks for the tips!

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Apr 16, 2019

Eh I wouldn't count on it. I had offers throughout the SA process and very few banks could accelerate given the very structured way in which recruiting goes through HR (esp. in BBs). I've heard of certain boutiques saying they'd accelerate if certain other peer boutiques had given out offers, but have never actually seen this done in practice.

Apr 15, 2019

This is what I would recommend as well. I was always told that interviews start at X but we accelerate if students have offers. Its a no brainer for them to at least take a look at your if their comp has given you the piece of paper.

Apr 16, 2019

agreed--i think it's ok to email hr or whoever you know at the group that you have an exploding offer and see what they can do about it. But def do not recommend straight up reneging, especially since this is for a SA position, and not a FT. If your "worst case scenario" is taking the offer, then I would say to take the current BB offer you have, work your ass off during the summer to get the FT offer, continue networking with any ppl you know at GS TMT, and then reach out to them about any potential FT roles, saying that you have a FT return offer from the SA (aka leverage that ish)

Funniest
Apr 14, 2019

if you renege, you are a cuck

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Apr 16, 2019

You shouldn't be afraid to turn them down. They would renege their offer if they had a chance to get superstar or market went all the way down. I'm not saying you are not or we're gonna get another Fannie Mae. But bank doesn't really give a s*** about you. Be real. I got a chance to do summer program because of so called hookups and I got invited again for the next summer. But I pursued consulting instead. I know if I apply again they will let me in. Don't worry about it too much. IB isn't as competitive if you have the right credentials

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Apr 17, 2019

This is so inaccurate it hurts. Banks literally never renege offers based on a "better" candidate coming along. Sorry your recruiting didn't work out but don't mislead university students.

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Most Helpful
Apr 16, 2019

Citi and BAML are not "tier 2" just like others aren't tier 1. What matters is the desk you're on, period. You can be tier 1 at SocGen in equity derivs, or tier 1 at Citi in Munis, or tier 1 at JPM in credit. It differs.

Take the offer and run. All of those banks are elite and if you are good, all of your so-called "tier 1" banks will offer to poach you down the road. Also, if it's Citi, they offer FT like 90%+ of their interns and their rotational program is awesome, so take it.

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Apr 17, 2019

Was in the same situation last year, take the offer, don't be dumb. I've heard of a couple of people who gambled and ended up at no name boutiques....

Apr 17, 2019

You're planning to renege based on prestige alone to people who are excited about hiring you, and even thinking about lying to a bank that you want to work at even more? Take a step back and evaluate this by yourself. Is this the right thing to do - is it how you want to make decisions? When you are the one hiring university students a couple years from now, is that how you want candidates to act?

EDIT: Ah, you're the "is Harvard enough?" guy. Look this isn't undergrad admissions where kids just pick the most prestigious name if cross admitted. You should think a lot more carefully about your career trajectory and personal brand now that you're growing up.

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Apr 17, 2019

Reneging is not something I want to do at all, but recruiting practices have really narrowed my options. I hate that I have to act so quickly without having access to all possible options. My plan now is to try and see if the other places I'm in contact with can accelerate things. If they can't, I'll just take my offer. Don't get me wrong, I'm very excited about it, and I understand prestige isn't everything, but I don't think it's unreasonable to have preferences for these banks based partly on prestige. I appreciate your comment though.

Apr 17, 2019

Don't talk about whether reneging is ethical or not. Maybe you all should talk about how unethical it is for some banks to recruit earlier than others and poach top candidates before they get the opportunity to apply to places like GS and JPM.

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Apr 17, 2019

Keep in mind that banking is a very small world, bankers between banks talk ALL the time and that your reputation still needs to carry you through the next 30+ years of your career. Don't be surprised if you renege and it comes back to bite you down the road.

Also, I think you should reconsider your motives for banking. It seems you are basing this decision based on prestige, when what really matters is your DEAL experience and how well you learn to execute on the job. Any top-10 bank will provide ample opportunity for deal flow.

Hope that helps.

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Apr 18, 2019

I don't want to insult you, but how are any of those BBs a 'tier 2'?
Agree with above comments on group placement and it depends big time on your future and exits.
Those 'tier 2s' have plenty of groups that are globally recognized as the best in the business. You should really rethink how you perceive banks.

To answer your question, you should do what makes you happy. If you want to work at a certain bank, I would pursue that bank. You can take an offer and renege later, but if you are confident, you shouldn't burn bridges. Reneging shouldn't ruin your chances with interviewing at other banks, they don't communicate with each other on this. The smart decision is to find your desired group and what will position you best for exiting and pursue that. Hopefully this is helpful and the last time you ever use the term 'tier 2 BB'

Apr 18, 2019
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