“One important key to success is self-confidence. An important key to self-confidence is preparation.” - Arthur Ashe, American tennis player
- Attention is focused on the upcoming U.S. inflation report, due to be released on Wednesday. All?eyes are on the Fed
, and its upcoming Sept. 18 rate decision. Policymakers’?immediate choice is?whether to start easing gradually or to front-load rate cuts. Differences in view on whether to cut by 25 or 50 basis points have become apparent. Buckle up, it's going to be a bumpy September.
- There have been several notable appointments in the banking industry. Citi has brought on Achintya Mangla to head financing for investment banking, a newly created position reporting directly to Viswas Raghavan, the head of banking. At JPM, Andrew Castaldo and Andrew Martin have been appointed as co-heads of the mid-cap mergers and acquisitions unit.
- The U.S. banking sector reported increased profits for the second quarter. However, the FDIC has identified ongoing areas of concern, particularly in commercial real estate and credit cards. These issues warrant continued monitoring as the industry navigates economic uncertainties.
Truly Bizarre Networking Mistakes and Common Slip-ups
On-campus bank presentations and cocktail parties have historically been the?#1 place for students to network with investment bankers. Assuming you go to a?target school, your first?investment banking
?networking experience will probably be on-campus. When I was a first-year MBA student at NYU...
- If you are looking to hire, please contact me [email protected]
.
- The gradual recovery in the M&A market and the continued recruitment of analysts to the buyside is having a nuanced impact on investment banking recruitment. Over the past 2-weeks, I have seen a burst in hiring, particularly at the junior levels. Senior Analyst 2/3s and Associate positions are in demand, reflecting banks' need to bolster their execution capabilities as deal flow continues to increase.
- Elite boutiques and bulge brackets have accelerated hiring across all sectors, primarily focusing on backfilling vacancies. This targeted strategy suggests that while EBs and BBs are cautious about overstaffing, they're keen to maintain their expertise and capacity in key areas.
- Most banks are still showing a strong preference for A2As, brand and closed deal experience. Technical interviews and screens remain BRUTAL. Deal experience trumps brand 9 times out of ten. Those who are technical rockstars with 4-5 closed M&A deals may have an opportunity to uptier.
- Timelines have been accelerated, with banks moving quickly to secure qualified candidates.
- Unfortunately most EBs and BBs still don't like stories; most will not consider candidates who have been impacted by a RIF.
- If you've been out of work for longer than 6-months it may be time to reevaluate your job search strategy.
- Despite these positive signs, the M&A market still faces uncertainties related to unemployment numbers, interest rate volatility, and the potential impact of upcoming elections. These factors contribute to a somewhat cautious approach in overall hiring strategies.
- Recruitment strategies are likely to remain fluid, adapting to the changing deal landscape and economic conditions.
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