Bank of America Trims Investment Banking Roles - Who is Next?
Meridith Dennes
Talent Acquisition (Lateral Hires) | Executive Search | Investment Banking | Private Equity | Corporate Development | Training & Development
“So. Monday. We meet again. We will never be friends—but maybe we can move past our mutual enmity toward a more-positive partnership.” - Julio Alexi Genao
Good Morning,
Investment Banking Compensation Survey
The 2024 Investment Banking Compensation Report from Prospect Rock Partners is now available for download. This year's report includes a full analysis and a breakdown by title, bank type, geography and structural elements.
The protected password has been sent to participants who completed the survey in good faith. The report is also available for purchase via the link below.
If you are a hiring manager and would like to have a conversation about current compensation trends, please click here to contact me via email. The full report is now available to participants.
Investment Banking Recruiting Shows Mixed Signals Amid Economic Headwinds
The investment banking recruitment landscape is showing complex signals, with some positive trends offset by broader economic concerns. While there has been a gradual shift in power dynamics from institutions to individual bankers, recent developments suggest caution.
Financial institutions continue to face challenges sourcing qualified candidates, particularly at the mid-ranks. Even banks that had suspended their use of external recruiters are now returning to these services due to vacancies at the associate and VP levels. Last week Prospect Rock Partners added multiple NEW JOBS, though this growth may face headwinds from economic uncertainty.
As industry insiders anticipated, the busy period of November 2024 resulted in a significant exodus of bankers following bonus payouts, leaving many institutions scrambling to fill critical positions. However, with economists at major banks like Morgan Stanley and Goldman Sachs revising down their 2025 US growth forecasts to 1.5% and 1.7% respectively due to anticipated higher tariffs, the projected talent war may be more subdued than previously expected.
The recruitment timeline remains relatively quick, with the period between initial interview and offer shorter than historical norms. Some candidates still have multiple opportunities, though there's growing concern that escalating trade tensions—like the new Chinese tariffs of up to 15% hitting US agricultural goods and the pending 25% US levies on steel and aluminum imports—could impact deal flow in certain sectors.
Compensation at bulge bracket banks was relatively modest this year compared to elite boutiques. Despite this disparity, bankers with strong track records in sell-side M&A transactions remain selective about their next moves. The transition period acknowledged by the Trump administration, with its focus on tax cuts, deregulation, and expanded energy production, creates both uncertainty and potential opportunity in the financial services sector.
Meanwhile, Canada's political landscape shift, with former central bank governor Mark Carney becoming the Liberal Party's new leader and the nation's next prime minister, adds another variable to North American financial markets that recruiters and candidates alike are watching closely.
Resource Center
How to Save Your Investment Banking Interview When It’s Going Down in Flames
Investment banking?interviews?are notoriously brutal. Whether you’re blanking on a DCF question, said something inappropriate to the MD, or just realized your suit has a coffee stain, we’ve got the insider tips to help you recover.
How to Crush Your Investment Banking Interview: 6 Strategies to Improve Your Likeability
In 2023, Goldman Sachs received over 20,000 applications for approximately 500?investment banking?analyst positions—a 2.5% acceptance rate more selective than Harvard. With most candidates possessing similar technical qualifications, the deciding factor often comes down to one critical element: likeability.
Hot Jobs
If you're looking to hire, please click here to contact me via email.
Please review the detailed job listings and desired qualifications by clicking HERE. All my jobs are listed on site. I don't have any secret jobs.
Please CLICK HERE to follow PRP on Linkedin.
?San Francisco, California, United States
?New York, New York, United States
?New York, New York, United States
?San Francisco, California, United States
?Boston, Massachusetts, United States
?Boston, Massachusetts, United States
?New York, New York, United States
?New York, New York, United States
?Boston, Massachusetts, United States
?San Francisco, California, United States
?New York, New York, United States
?New York, New York, United States
?New York, New York, United States
?San Francisco, California, United States
?Charlotte, North Carolina, United States
?New York, New York, United States
?New York, New York, United States
?Nashville, Tennessee, United States
?New York, New York, United States
?New York, New York, United States
Prospect Rock Academy
How to Land a Summer Internship in Investment Banking
Prospect Rock Academy introduces a cutting-edge course tailored for the next generation of investment banking leaders. This program equips ambitious undergraduates and MBA students with the strategic acumen necessary to secure a summer internship in investment banking.
How to Break into Investment Banking
How to Break into Investment Banking is a comprehensive course designed to equip career changers with the skills and resources needed to secure full-time investment banking roles. This program covers essential networking strategies and provides a planning roadmap, a comprehensive target bank list, networking and interview trackers and a recruiting contact list. It also includes industry-standard templates for every step of the recruitment process.
Helping Investment Bankers get promoted to senior roles and increase their earnings potential by building a high-value personal brand & network | 10+ Years Investment Banking | DM me "Vault" to learn more
13 小时前Do people see this as spreading to other banks?