I assume you mean the background check your new employer would conduct to verify your employment history at your summer employer.
It really depends. Worst case, your new employer finds out and you lose your offer because they don't want anyone who has a history of reneging. Remember that this is an extremely trust-based industry.
I want to renege a full-time offer converted from my summer internship. But worried about the background check from my summer employer. Do they really call my manager to check? Will they be able to find out I reneged?
I'm pretty junior but have heard first hand from two top executives in finance that nothing is more important than respecting your own words. Both of these were regarding a commitment I made and an amazing career change opportunity I was presented with.
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