I received a summer internship offer from a financial firm (however, this was not my top choice) and signed the contract as it was my only possible offer and I have not been hearing back at all from any of the other places I interviewed with.
However, I just received a much better offer from another financial services firm that I know will be a better fit for me and has better pay. How do I properly renege on the initial summer internship offer (without damaging too many bridges/reputation) and should I mention a potential reason for it (i.e. family issues or situation, which would be pretty true as my situation has changed)? How much information should I reveal or provide?
P.S.: I am hoping, given the nature of recruiting this year and with the pandemic, the firm might be a little lenient about this than previous cycles.