I've interned at JPM Chase, and have signed a contract as a grad software eng for 2 years. Recently, I've been contacted by a recruiter from one of the 3 companies I want to eventually end up working for (non-FAANG). Obviously, I'd still have to pass their very tough interviews, but if I do I'd be offered a job with 2.5x the salary of my upcoming job, which I would be very inclined to accept. Would it be possible? I don't have access to my current contract, but I assume it's pretty standard where if I quit I just pay back the signing/relocation bonus. The tough bit is my new job starts in September so if I do get the other offer, I'd probably have to quit this job before even starting it. If so, how is it traditionally done? Just email the company and say "Hey, I have accepted a different offer and will quit"?
If it is a smart contract then you are toasted, but otherwise just say hey I got a different offer for such and such numbers and it makes sense for me to take it
If this is your first job out of college, try talking to your JPMC hiring manager first. "My cohort peers are getting offers of $X but I'm at $Y, what can you do?". If they aren't willing to pay market rate, do your own math and figure if staying or leaving is the better option. You won't be burning a bridge if you give them a chance to make it right.
JPMC pays very well for my location and fresh out of undergrad, and I make more than most of my cohort or at least comparable. The other job is Two Sigma though.
At the end it's whatever is best for you, optimize on TC if Two Sigma is a better fit for you. Having an honest conversation with your manager will keep from burning bridges.
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First get that second conract executed then quit.
do people generally do this, or would I be a special kind of asshole?
You have no obligation to start a job even after you sign it. If they get angry with you then they don't understand how offers work.