Weekly IB Recruiting Brief

About Weekly IB Recruiting Brief

Deep thoughts on the investment banking recruiting market.

Publisher

Meridith Dennes

Category

business · news

Language

en

Explicit

No

First episode

16 Jul 2024

Latest episode

27 Oct 2024

Latest episodes

13 episodes in the feed.

1. 

   27 Oct 2024

   MBA Applications Surge, Private Credit Is Overvalued, What is Recruiting Season (and did I just miss it)?

   In this week's IB Recruiting Brief, hosted by Meridith Dennes, key topics include the substantial increase in MBA applications for 2024, with notable growth at top institutions due to economic uncertainties affecting the white-collar employment sector. Pimco's CIO highlights concerns in private credit markets, and Wells Fargo's CEO discusses potential losses in commercial real estate. The recruiting landscape is dynamic, with a surge in demand for specialized roles in Energy Transition, Healthcare M&A, and Financial Institutions. Observations on compensation trends and technical modeling capabilities underscore the selective nature of today's market. Customized coaching sessions by Prospect Rock Partners are available for targeted career support. 00:00 Introduction and Economic Climate Impact 00:18 MBA Applications Surge in 2024 01:14 Private Credit Market Concerns 01:44 Commercial Real Estate and Housing Market Update 02:02 Recruiting Update and Trends 03:09 Compensation and Hiring Dynamics 04:18 Coaching Services and Conclusion

2. 

   12 Oct 2024

   Investment Banking Bonuses: What to Expect in 2024

   Meridith Dennes discusses the current economic climate and its impact on investment banking recruiting. The episode covers potential bonuses for 2024 influenced by JP Morgan's positive economic performance, despite macroeconomic risks highlighted by Jamie Dimon. There is a surge in corporate M&A for VC-backed enterprise software firms. Hiring in healthcare, M&A, and elite boutiques is increasing, with a focus on candidates with strong technical skills and closed M&A deal experience. Although Wall Street bonuses are projected to rise, disparities may exist, with high-level executives receiving larger shares. Listeners are encouraged to connect with Prospect Rock Partners for networking and career support. 00:00 Introduction and Economic Climate Overview 00:18 Investment Banking Bonuses and 2024 Expectations 00:26 Current Economic Indicators and M&A Activity 01:35 Job Listings and Hiring Trends 02:38 Compensation Projections and Disparities 03:41 Closing Remarks and Networking Tips

3. 

   6 Oct 2024

   Jobs, Jamie and Jumbo Credit Markets

   In this week's IB Recruiting Brief, Meridith Dennes discusses the impact of the current economic climate on investment banking recruitment, focusing on the resurgence of leveraged buyouts as interest rates stabilize due to recent Fed policy changes. The video covers positive employment data affecting future interest rate adjustments, Blackstone's growth forecast for the private credit market to $30 trillion, and JP Morgan's leadership concerns. Additionally, the video highlights gender parity challenges in investment banking and anticipates that the upcoming earnings reports from major banks will be key indicators of the sector's health. With private equity's substantial capital available and private credit funds aggressively expanding, there's potential for increased hiring within investment banks to manage new market dynamics and growing transaction volumes. 00:00 Introduction: Economic Climate and Investment Banking 00:20 Leveraged Buyouts and Market Confidence 00:57 Economic Indicators and Interest Rates 01:25 Private Credit Market Growth 01:56 Leadership Changes and Market Impact 02:16 Gender Parity in the Workplace 02:44 Upcoming Earnings Reports and Banking Health 03:03 Lending Landscape and Private Equity 04:28 Conclusion: Navigating the Future of Investment Banking

4. 

   21 Sept 2024

   September's Hiring Plot Twist, Understanding On-Cycle vs Off-Cycle PE Recruiting

   In this week's IB recruiting brief, Meridith Dennes discusses the impact of the current economic climate on investment banking recruitment. With a quote from Ben Franklin emphasizing the importance of actions over words, she delves into how the volatile job market, marked by a rising U.S. unemployment rate, is affecting hiring practices. There are notable changes in managing junior bankers at top firms like JP Morgan and Lazard, shifts in senior lateral hiring, and the high demand for candidates with quantitative skills and deal experience. Challenges persist for laid-off industry professionals, and sector-specific expertise remains critical. The recent interest rate cut may boost the job market in the long term. The episode also highlights new courses offered by Prospect Rock Academy to aid undergraduates, MBAs, recent graduates, and lateral hires in their career pursuits. 00:00 Introduction and Economic Overview 00:32 Current Trends in Investment Banking 00:59 Managing Junior Bankers 01:41 Recruiting Landscape Shifts 02:27 Challenges and Opportunities 03:02 Sector-Specific Insights 03:29 Conclusion and Additional Resources

5. 

   16 Sept 2024

   The First Cut is the Deepest? Nepo Babies & ESG Greenwashing, Celebrating 80-Hours Work Weeks

   In this week's IB recruiting brief, Meridith Dennes discusses the impact of the current economic climate on investment banking recruitment. The conversation covers mixed economic indicators, such as potential interest rate cuts and market dichotomies, and their effects on hiring trends. There's a focus on 'quiet layoffs' impacting mid-level bankers, promotion bottlenecks and senior originator hirings. The episode also highlights new policies by major banks to combat junior banker burnout and sector-specific activity levels, emphasizing the importance of recognizing talent at all levels. 00:00 Introduction and Economic Overview 00:29 Market Trends and Developments 00:56 Impact of Media on Wall Street 01:19 Quiet Layoffs and Recruitment Trends 02:14 Cultural Shifts in Investment Banking 02:35 Sector Activity and Career Challenges 03:06 Conclusion and Final Thoughts

6. 

   8 Sept 2024

   Buckle up! Fed Moves, Hiring Sprees, Networking Fails

   In this episode of the Weekly IB Recruiting Brief, Meridith Dennes discusses the effects of the current economic climate on investment banking recruitment. Key topics include the U.S. inflation report, the Fed's upcoming rate decision, and their implications for the sector. She highlights a notable uptick in recruitment, especially for Junior Analyst and Associate positions, emphasizing the importance of preparation, brand name experience, and closed deal records. The episode concludes with advice for job seekers and a promotion for new courses on Prospect Rock Academy. 00:00 Introduction and Economic Climate Overview 00:30 Key Economic Updates 01:09 Recruiting Update 02:00 Recruitment Strategies and Tips 02:26 Conclusion and Additional Resources

7. 

   2 Sept 2024

   Goldman Slashes Jobs, VCs on the Struggle Bus, PE Slowly Rebounds

   Goldman Slashes Jobs, VCs on the Struggle Bus, PE Slowly Rebounds In this episode of the Weekly IB Recruiting Brief, host Meridith Dennes discusses the impact of the current economic climate on investment banking recruiting. Highlights include post-Labor Day activity on Wall Street, uncertainty in job markets, and significant job cuts at Goldman Sachs. The venture capital industry is expected to see a steep decline in fundraising, while the U.S. private equity market shows some signs of life. The episode also explores the phenomenon of 'ghost jobs' and resilient M&A activity, with emphasis on strategic hires. 00:00 Introduction and Economic Climate Overview 00:39 Wall Street's Post-Labor Day Outlook 01:12 Goldman Sachs Job Cuts and Workforce Trends 01:34 Venture Capital Industry Challenges 02:00 Private Equity Market Insights 02:24 The Rise of Ghost Jobs 02:41 Global M&A Activity and Trends 03:09 Implications for IB Recruiting 03:27 Conclusion and Additional Resources

8. 

   11 Aug 2024

   JPM Tightens Policy on Analyst Retention, Return Offers are Out, Early Bonus Intel

   Weekly IB Recruiting Brief: Bonus Predictions and Career Advice In this week's IB recruiting brief, Meredith Dennis discusses the impact of the current economic climate on investment banking recruiting, including substantial bonus increases predicted by Johnson Associates for 2024 and the Fed's potential rate cuts. Additionally, the episode covers JP Morgan's steps to curb aggressive recruitment by private equity firms and provides valuable advice from Andrea Benson on handling a no-offer situation after an internship. Meredith also announces new courses at Prospect Rock Academy targeting undergrads, MBAs, recent grads, and laterals, offering insider networking tips and tricks with a special discount code. 00:00 Introduction and Economic Climate Impact 00:27 Exciting Bonus Predictions for 2024 01:07 FedWatch: Rate Cut Predictions 01:33 JP Morgan's Recruitment Strategy 02:00 Handling a No Offer Situation 02:32 Conclusion and Career Advice 03:01 Prospect Rock Academy Courses

9. 

   6 Aug 2024

   Navigating the Aftermath: A Comprehensive Guide to Handling a No-Offer Situation After Your Investment Banking Internship

   In this episode, Meridith Dennes, Managing Partner of Prospect Rock Partners, and Andrea Benson, Managing Director at the firm, discuss critical strategies for investment banking interns who did not receive a full-time offer post-internship. Andrea shares insights from her 15 years on Wall Street, including 11 years in campus recruiting, on how to professionally handle the disappointment, utilize reflection and feedback, and develop a plan to reenter the industry. The discussion includes practical tips on networking, securing recommendations, skill development, and crafting a narrative for future job applications. The session concludes with the importance of staying positive and casting a wide net in job searches, emphasizing that setbacks can be stepping stones to eventual success in the competitive world of investment banking. 00:00 Introduction and Guest Background 00:58 Handling No Offer Situations 02:19 Seeking Feedback and Recommendations 05:50 Networking and Reapplying 08:54 Skill Development and Staying Competitive 09:56 Final Advice and Moving Forward 11:15 Realistic Expectations and Next Steps 12:02 Resources and Conclusion

10. 

    3 Aug 2024

    Back on the Olympic Throne, Bill and the Terrible, Horrible, No Good, Very Bad Day - Weekly IB Recruiting Brief

    Key Points: US rowing team wins gold in men's four event at 2024 Paris Olympics, ending 64-year drought Economy and Federal Reserve: Fed signals potential interest rate cut in 7 weeks Chair Powell hints at September cut Possible end to 2-year inflation battle Timing before election season could impact economic sentiments and recruiting strategies July Employment Report: Shows cooling job market Slowing growth and rising unemployment Contradicts previous robust employment narratives Potential impact on hiring across sectors Market Reactions: Investors betting on September rate cut Some pushing for half-point reduction Markets pricing in up to 70 basis points of Fed easing by year-end Expectations may influence deal flow and M&A activities Bill Ackman's IPO Setback: Downsized Pershing Square USA IPO by 90% Forced to scrap IPO entirely Plans to return with new structure to attract investors Recruiting Tips: Summer holiday period ideal for resume and narrative improvement New Courses Announcement: Prospect Rock Academy launches new courses Track A: For undergrads and MBAs seeking summer internships Track B: For recent grads and laterals, focusing on insider networking tips Discount code: JOB25 for 25% off all courses Closing Quote: "Keep your face towards the sunshine, your skills sharp, and your network strong."

11. 

    28 Jul 2024

    Can Snoop Dogg Save the Olympics? Analyst Bonus Watch 2024 - Weekly IB Recruiting Brief

    Key Points: Economic Climate: Stocks gained on Friday after a volatile week New U.S. inflation data evaluated by investors Fed funds futures market anticipating rate cuts for September, November, and December Notable Events: Bill Ackman's Pershing Square closed-end fund IPO postponed Deal size reduced to $2.5-$4 billion range Pricing expected next week IB Recruiting Update: 25% of analysts received bonus figures (Japanese and Canadian banks, select independent advisors) 43% of bonus announcements expected in August (including Barclays, Goldman Sachs, Citi, Morgan Stanley) Initial reports: analyst bonuses flat to down 10-15% compared to last year Wider compensation bands, with top performers receiving higher payouts Advice: maintain professional discretion regarding bonus discussions Future Outlook: Another round of layoffs anticipated in October Gradual increase in mid-level hiring (Associate 2 to VP2) expected after Labor Day Hiring trend dependent on continued positive M&A activity

12. 

    20 Jul 2024

    Green Shoots Again? Why this Time is Real

    Green Shoots Again? Why this Time is Real IB Sector Performance: Q2 2024 was the strongest quarter since early 2022 Top five bulge bracket firms generated $8.2 billion in investment banking fees 40% increase year-over-year, potentially signaling an inflection point Industry Perspective: Characterized as "early innings" of a potential sustained recovery Caution due to previous false starts Ted Peck (CEO of MS) insights: Delayed recovery materializing, tempering inflation, normalizing rates Current Recruitment Landscape: Outlook: Cautiously optimistic Firms focusing on integrating recent hires rather than aggressive new recruitment PRP filled several roles in past 2 weeks, some urgent mandates remain Anticipation of gradual increase in mid-level hiring (Associate 2 to VP2) after Labor Day Hiring increase contingent on continued positive M&A trends PRP Strategy: Maintaining active dialogues with clients and high-caliber candidates Positioned to act swiftly as market conditions evolve Advice: Firms and candidates should stay prepared to move quickly when opportunities arise Future Outlook: Gradual increase in hiring expected Those ready to act will have a significant advantage as market accelerates

13. 

    16 Jul 2024

    IB is 'Sort of' Back, Recruiting is Slow (Unless You're an MD)

    IB is 'Sort of' Back, Recruiting is Slow (Unless You're an MD) – Weekly IB Recruiting Minute Economic climate impact on IB recruiting Q1 2024 revenue increases: JPMorgan Chase (46%), Citigroup (60%), Wells Fargo (38%) Growth across advisory fees, equity underwriting, and debt underwriting Recruitment scene remains subdued despite revenue surge Market uncertainty persists Banks integrating recent hires Seasonal factors (summer vacations) Compensation issues (reluctance to offer full-year bonuses for partial-year work) Economic factors affecting recruitment: EY Parthenon forecasts 20% increase in US corporate M&A activity for 2024 Potential headwinds: high interest rates, debt refinancing focus, IPO market concerns, geopolitical instability, reduced private equity activity Shifting recruitment trends: More selective and strategic hiring Focus on specialized expertise (e.g., software M&A, healthcare services, life sciences, restructuring) Emphasis on adaptability and diverse skill sets Advice for candidates: Develop diverse skills Stay attuned to evolving market needs Focus on adaptability

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