Dealmaking is Now an “Existential” Reality, Networking No-Nos – Weekly IB Recruiting Brief

"Sometimes I'll start a sentence and I don't even know where it's going. I just hope I find it along the way. Like an improv conversation." — Michael Scott

Good Afternoon,

• Across the five biggest US banks, revenues in equities and fixed income were unspectacular year on year (up 6% and down 3% respectively) but investment banking was up almost 29%, according to consultancy Oliver Wyman. (WSJ)
• This week, MS’ CEO Ted Pick, claimed that companies are feeling an "existential" itch to make deals, and that's helping kick-start a comeback for investment banking. But it doesn't look like regular companies scrambling to overhaul their supply chains are fueling this so-called "existential" dealmaking frenzy. Nah, it's more about PE seeking to revamp their liquidity positions and returns projections. (FT)
• PE firms like Blackstone are counting on lower interest rates to spur deals that allow them to exit $3 trillion in unsold private company investments. This would let them return cash to overexposed pension funds pulling back from private markets. However, strong U.S. economic data and Middle East tensions have pushed back expected Fed rate cuts. Fed Chair Powell said inflation may take "longer than expected" to reach levels allowing rate reductions, potentially delaying private equity's exit plans and cash distributions. (FT)
• The U.S. leveraged loan market, which has so far withstood the shift towards higher interest rates for a longer period, may soon experience the pain felt in other asset classes. These floating-rate investments, often held by highly leveraged private equity-owned companies, have delivered returns of 2.69% this year. However, demand for these loans may cool as forecasts for a Fed rate cut are pushed further into the future, as affirmed by New York Fed President John Williams. (Bloomberg)
• Attention all 2025 and extraordinary 2026?graduates, Prospect Rock Partners is excited to offer an 7-week Sales & Recruiting Summer internship! We are looking for eager individuals who are passionate about exploring the world of investment banking staffing and recruiting. (Apply Here)

RECRUITING UPDATE

Last week PRP picked up 4 new jobs and 2 offers went out. 3 qualified candidates withdrew from model tests/superdays due to exploding offers at other firms. We are seeing hiring pick up in Healthcare, Tech, Renewables and RX at the mid-levels (Associate 2/3-VP 1/2s) at boutiques and middle-market shops. Elites are back in the hiring market; most of them are going direct i.e. not using recruiters. That may change as it gets harder for them to source the "perfect" candidate. Given 1Q performance, I would expect the bulge bracket banks to start picking up talent soon. The people being picked up by Elites are 1) employed 2) at another EB or BB 3) A2As or Associates with 4+ closed deals. If you are a hiring manager (especially at a middle market shop or a smaller boutique) and you like a candidate, I suggest that you move forward quickly. Your competition is not the elite boutiques but other players in your space. Time horizons to offer on qualified candidates has shortened considerably.?

Once again, candidates should be aware that technical interviews remain brutally rigorous, banks are still highly selective, favoring those with CLOSED deal experience and minimal employment gaps (less than 3-4 months).??

If you are "on the beach", do not hold out for the "perfect offer". Be flexible on title and brand. NO ONE IS UPTIERING IN THIS MARKET. If you have been out of work over 6-months, take a job, any job. If you have not closed any deals, be flexible on title and leave your firm. If you were passed over for promotion, do not expect to jump ship at the higher level.?

If you are a hiring manager and would like to chat about how PRP can help fill an open role please contact me at [email protected].

ONE-ON-ONE COACHING

We are currently offering customized one-on-one coaching sessions focused on targeted support, including:

• Resume & Narrative Support
• Company Targeting and Advanced Networking Strategies
• Interview Preparation
• Financial Modeling and Technical Interview Support
• Breaking into Investment Banking/Private Equity
• Securing a Summer Internship
• Negotiating a Raise/Offer
• Customized Tailored Sessions

Our individualized approach and real-world expertise equip you with the confidence and skills to succeed in any upcoming banking or private equity assessment.

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RESOURCE CENTER

Networking Mistakes in Investment Banking: How to Avoid Alienating Potential Contacts

In the world of investment banking, networking is not merely a buzzword, but a necessary skill set. It’s an important aspect of building and maintaining professional relationships that can be pivotal for your career progression. However, like all skills, networking can be challenging to master, and one can easily fall into certain pitfalls. Below are some common networking mistakes that you might make in investment banking, alongside some handy tips on how to avoid them.

READ MORE

Navigating the Job Hopper Stigma

You’ve built an impressive and varied resume by moving across multiple roles and companies in a short timeframe. But in today’s job market, frequent job changes can sometimes be viewed negatively by recruiters and hiring managers. So how do you tell your career story in a way that highlights your versatility and skills rather than raising red flags?

READ MORE

HOT JOBS 4/23

Please PM me on linkedin or shoot me an email if you want to learn more about a specific role. Must have at least 1-year prior IB M&A experience. Visas (H1Bs, Stem, L1s, TNs) are tough in this market. No Recent Grads. Lateral hires only.

Can't find the job you're looking for? Please submit your resume to be added to our database to be considered for future opportunities.

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??OPEN MANDATES??

Investment Banking ECM Associate (Healthcare)

New York, NY, United States

• Apply

Associate 2/3, Technology (Software) Middle-Market

Boston, MA, United States

• Apply

Investment Banking Tech M&A Associate 1/2 (Software)

San Francisco, CA, United States

• Apply

Investment Banking Technology M&A VP 1/2 (Software)

Boston, MA, United States

• Apply

Investment Banking Analyst 2/3, Technology M&A (Software)

New York, NY, United States

• Apply

Investment Banking Analyst 3/A2A, Technology M&A

Austin, TX, United States

• Apply

Investment Banking Analyst 2/3, Technology M&A (Software)

San Francisco, CA, United States

• Apply

Investment Banking Associate 2/3 Healthcare Services M&A

New York, NY, United States

• Apply

Investment Banking Analyst 2/3, Healthcare M&A

New York, NY, United States

• Apply

Associate 1/2 Fintech Investment Banking (Boutique)

New York, NY, United States

• Apply

Investment Banking Restructuring Associate 1/2 (Elite Boutique) (NYC)

New York, NY, United States

• Apply

Investment Banking, Associate 1/2, Technology M&A (Middle-Market)

San Francisco, CA, United States

• Apply

Investment Banking Tech M&A Associate 1/2 (Prestigious Boutique)

Boston, MA, United States

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