Should I renege on my current offer ?
Hello everyone, currently I am a senior at a non-target school and after a bunch of networking and grinding, I was able to secure an IB offer to start full time in the summer of 2021 with one of the three megabanks in Japan. They have offices all over Asia and currently are expanding their NYC footprint so that they can capture more of the US market. The offer that I accepted is for their New York M&A team. However, during my recruiting process, I also networked with BB banks (Citi, JPM, etc), and recently the BB recruiter in the SF office reached out and asked if I was still interested in the "IB SF Technology Analyst 2021" position and wants to interview me.
I want to ask everyone what you would do if you were in my situation? Would you interview and renege on the NYC role if the BB bank gave you an offer, or would you not interview for the BB bank and stick with the current offer you already accepted.
When looking at the reasons for interviewing with the BB bank vs not pursuing this BB bank opportunity, I made the following list.
Reasons to interview
- bulge bracket brand name on my resume
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work on bigger deals
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BB bank is an established brand vs the Japanese bank is more well known in Asia as opposed to the US so exit ops might be harder to land coming from a newer brand
Reasons not to interview
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compensation is the exact same
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IB is IB so the work is the same
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I clicked well with the NYC team and I will be learning from ex MS, GS, Moelis, Barclays
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I prefer to start my banking career in NYC rather than SF for my personal preference of living in the big apple.
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Working for a Japanese bank allows for me to travel to Asia during my career as opposed to typical BB banks where that is less likely
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Since the NYC team is growing, I would handle more responsibly at a junior level as opposed to joining a BB bank where I would be another body within a sea of analyst
Bump
not interview for the BB bank and stick with the current offer you already accepted. also nyc > sf and yea would be sick to be able to work in japan if thats a possibility.
You have 1 offer and 1 interview.
Why not do the interview? You'll then either have 2 offers to sort out, or just be back to your original offer.
If someone gives you a free option, why not take it?
I already accepted the offer for the New York role. So if I were to interview and get the offer for the SF office, I would have to renege on my NYC offer.
And if you interviewed and didn't get the offer....
You only have 1 offer in hand, there's no harm to take other interview.
There are so many variables here. You may rock the interview and fit in so well w/ the team that you feel compelled to reneg... OR you may not fit in at all, so there is no decision. Perhaps you connect w/ the team, and a few years down the road reconnect. It's a free option to explore this opportunity, there's no downside to do the interview.
The exit opps from a Japanese bank that isn't Nomura and a BB are different enough to warrant further investigation. As of today, the only duty you have is to set yourself up as best as you can.
You dont have to renege to interview, I would just interview and then decide if given the offer.
What Telemachus said, take the interview and if you were really given the offer then decide. IMO really comes down to what you want to do with your career later, do you want to do PE or staying in banking. If PE I would say take the BB in SF as it will give you better exit opps but if you see yourself in banking longterm, you can always lateral from one of the Japanese banks.
Was in the exact same spot and had all kinds of thoughts just like you. My advice is to take the interview, see how it goes, and then think about it. You might not even get an offer. Or maybe you will interview and not like the culture/fit.
Start thinking about a decision once you actually have 2 offers in hand, if not, your problem will solve itself.
Are you a US citizen or are you from Asia
I am a US citizen
Bump
I'd suggest taking the interview and having fun with it. For once you can do an interview while being relaxed and actually trying to enjoy the experience, instead of frantically worrying about technicals and studying countless behaviorals that won't come up. Worst case scenario - you get solid interview experience. If you do end up getting the offer, then re-evaluate from there.
How bout get the other offer then weigh your options
Take the interview and if it turns out you get the other offer and like the group in SF then renege. It may be a small inconvenience for the bank in NY but they'll move on. You need to do what's best for you.
Personally, I would say that SF in general is in decline though.
Was in a similar boat, and I am surprised to see everyone telling you to take the interview. Would the firm you already accepted find out by any chance? I did not take another interview because of this.
Finance world is very small. I'd say take your current offer and there will be plenty of opportunities to lateral in the future to a BB or EB if you really want to.
I was in a similar position. I signed a SA offer from a healthcare boutique in SF and reneged because I interviewed and landed an offer at a BB tech team in SF. I did it mainly because I prefer tech coverage over healthcare coverage.
Any repercussions out of curiosity? Did they phone anyone in your new office?
I was worried at first because I thought the healthcare boutique would call the BB and let them know I reneged and I would essentially end up without an offer at all. I ended up calling a director from the BB who interviewed me and explained the situation I was in, he gave me some awesome advice and said the BB really wanted me and wouldn’t see me in a different light if I reneged. By talking to the BB director, I essentially figured out if the BB would rescind their offer or take me in, I signed the offer with the BB the next day. I then had the unpleasant task of talking with the people who hired me and let them know I was leaving for another firm.
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