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Comments (16)

Oct 13, 2021 - 9:53pm

This is something you are able to do, but I would be very careful and realize the implications of doing this. 

If your current bank finds out, you'll likely find yourself without any offers. I would be very thoughtful of how you continue in your recruiting process so that you do not get burned if you are intent on continuing to recruit. 

Lastly, if you are able to sign another offer, make sure to communicate kindly to the bank you are currently signed to about not being able to do the internship. Also, do this in a timely manner, ideally a period of months before beginning the internship. 

Overall, I wouldn't be worried about offending/hurting feelings with respect to the company, but realize you might find yourself on a black list or having burned bridges fairly early in your career (which is not a good time for such things). Continue with caution

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Most Helpful
Oct 14, 2021 - 5:27am

If you ask your university careers services they'll go ballistic on you.

If I were in your shoes, I wouldn't try to reneg. You signed an offer. It would've been different if it was a verbal acceptance, but that is still very tricky.

You have an internship lined up, no need to continue recruiting. It's just an internship (10 weeks), it's not going to define your career or even your first job. Just apply for full time positions and focus on securing a return. This SA stint will make you more marketable for full time recruiting.

idk what banks you're looking at, but take into consideration at least two factors (1) how big of a jump are you making from your signed offer to prospective bank, (2) where are you in the stage of the prospective bank.

Regarding the first consideration, it better be a huge fucking jump to be worth it (like no name to top BB/EB). That's just the degree for me, determine your own. But don't try to switch from a low bb to a "top" bb or even MM to bb, that's just marginal. This is all relatively high risk, at best medium reward.

Regarding the second consideration, it would be one thing to have signed or gave a verbal offer and be holding onto a second offer. But that's not the case by a long shot. You're looking at positions that just opened. You're really gonna try to go through the whole process again? Idk what the second bank will think if you tell them you already have an offer, but at the very least it makes you look sus for going back on ur written word. Or, let's say you lie to the second bank. Now you'd be lying to two banks because you're definitely not gonna tell the first one that you're still recruiting (instant rescind). It's gonna be tough keeping up two false narratives and who knows who knows who. You can get yourself caught in white the web.

You signed an offer stick with it. It sounds kind of like you're having "the grass is greener on the other side" kinda thoughts or whatever. Or staring at other girls when you're with your gf. You'll get over it. Be grateful and go celebrate your success. Enjoy your time before work begins and when work does start, prioritize securing a return offer before re-recruiting for ft, because that is your main objective for SA.

  • Intern in IB - Gen
Oct 14, 2021 - 5:12pm

Following this topic. I'm currently due to begin an internship at a MM next week, would it be recommended that I apply for FTs elsewhere? I'm in London so the recruitment cycle is slightly different to US. Not entirely sure if this could backfire on me (if anyone who reviews my app decides to inform my current bank) as I put in incoming intern when i applied to these places a few weeks ago

Oct 18, 2021 - 4:40pm

I would strongly advise against this for a few reasons.

  1. It sets a bad precedent very early in your career. Bankers talk a lot, and if you look to move later in a year because you didn't like group / culture / etc., it will make a move much harder
  1. You're an intern. The brutal truth is that Bankers don't care that much if an intern is a great add to the team, but they will care a lot if you're a detriment. Basically, rescinding will make much more noise than being a great intern elsewhere
  1. Interns move all the time. Committing to an internship does not mean you're committing to go FT with that bank. If anything, get a return offer at your current bank and use that as a 'badge' when negotiating with more desired banks for a FT position
  • VP in IB - Gen
Oct 18, 2021 - 7:50pm

Honestly, don't do this. The industry is pretty small, and you don't want to end up on someone's "persona non grata" Outlook archive.

If you have a spot at a decent place, accept it and move on. If you decide at the end of the internship that that's not the place to be, then you have experience / support to go somewhere else. The labor market is tight so you shouldn't have much trouble switching it up. 

  • Associate 1 in VC
Oct 20, 2021 - 10:38am

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