Death of the M&A Alpha Banker, Yikes, Looks Like Another Bad Bonus Year - Weekly IB Recruiting Brief

The chances are we've gone too far / You took my time and you took my money / Now I fear you've left me standing / In a world that's so demanding - True Faith / New Order

Good morning,

• I rebranded. Getting the Offer is now?Prospect Rock Partners. ?When I typed the name into my fancy new AI logo maker it determined the standard rock salute (index finger up, middle fingers down, pinky up, thumb in) icon was suitable - so for the time being, I'm going with that.
• What used to be first-year MD pay of $1.5mm is now more likely to be $800,000. That is still a lot of money but not quite what it was when M&A bankers were the alpha males of Wall Street.?(FT )
• Investment bankers working on mergers, acquisitions or equity offerings are expected to have their bonuses cut by the biggest proportion on Wall Street this year, compensation consultants Johnson Associates said in a report on Tuesday. As deals dry up, bonuses for investment bankers are forecast to shrink 10% to 20%, the report predicted, without elaborating on average values for the bonuses. (Johnson Associates )
• Earlier this week,?Bloomberg News? reported that at least eight senior Credit Suisse bankers, including mergers and acquisitions chief Steve Geller, were leaving to join Spain’s Banco Santander SA.
• Evercore Hires Media and Telecom Bankers From CSFB?(Bloomberg )

Recruiting Update?

The recruiting market remains sluggish as banks continue to cut execution bankers. At this point, lots of good folks are on the beach. Once you hit second and third rounds of layoffs, RIFs tend not to be performance-related. The best way to differentiate yourself in a bad market is to showcase your deal experience. Poor performers are not staffed. I can tell from the number of deals you worked on whether you were a top performer or not. Once you receive notice that your position has been eliminated, the bank has listed your termination date on your?U5 . This is true even if your “last day at the firm” is 2-3 weeks later. FYI, if you are being paid severance you are also no longer employed at the firm. You cannot hide the fact that you have been let go. It is always best to be truthful.

If you need help crafting your story, we offer one on one hour long sessions on how to handle a termination event in a tough job market. Net, net we can help with what you should say/focus on while networking, what you should say to an hr manager/recruiter and how to handle the question if it comes up during an interview. Email?me ?if you want to learn more. SEE BELOW!

??How Prospect Rock Partners Can Help???

This is not the market to have a meh, outdated resume. A well-crafted resume can help you control the narrative and target the "story" you want to tell during the interview process. If fixing up your resume seems overwhelming and you don’t know where to start, I can help. Email me at?[email protected] ?with questions. Happy to hop on a call to discuss further.

• Getting the Offer Services
• Clean-up, reformat and retarget your resume so that you can secure more interviews
• Linkedin profile analysis
• Sample mock interview questions
• Sample technical interview questions
• How to Break into Banking Networking Tips and Tricks
• Target Company recommendations
• Target Company Prep Exercises
• Mock-interviews
• Develop a customized networking strategy
• General guidance and support

We know the banks and know what they are looking for. With our guidance and support we will help you navigate this ultra-competitive job market. Email me at?[email protected]? or check out?Prospect Rock Partners ?for more details.

CLICK HERE TO LEARN MORE

Hot Jobs 5/15

Please PM me on?linkedin ?or shoot me an?email ?and let me know which role you might be interested in. Make sure to include a resume or a brief intro.?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.?

HOT GIGS

??Immediate Hire Opportunities??

1. EB RX Associate 1-2 NYC. Must be from BB or EB. Must have RX or LevFin (structuring). Will consider Visas.
2. MUST FILL ASAP - NEW MANDATE CORPORATE DEVELOPMENT ASSOCIATE RENEWABLE ENERGY*** Looking for an investment banking analyst 2/3 to join a fully integrated, nationwide leader in the production and distribution of low-carbon intensity renewable natural gas (RNG). Role is based right outside of NYC. This is a pre-MBA role. No visas. Must have energy, oil and gas, power, infrastructure or renewables experience.?
3. PE Water Infrastructure Firm - Analyst 2 or 3 from IB M&A. 1 year of PE looking to jump ok.?
4. Director of Admin (CAO) for a Middle Market Investment Bank. He/she will be overseeing a team of 15 or so admins, managing expenses, helping with banker prehire process and onboarding, amongst other administrative responsibilities.?Will report to the COO.?
5. Vice President to focus on Semis, Industrial Tech, Hardware - We are engaged by a global, full service Investment and Corporate Bank to fill a Vice President role within their TMT Groups.?The ideal candidate will come from a bulge bracket. Must have IB M&A, semi conductor experience a plus, tech experience needed. Image to catch attention and because it made me laugh out loud this morning.
6. Fintech Boutique looking for a Fintech Associate 2/3. Role will be based in NYC. Must have M&A & Fintech. Will consider Visas.
7. Associate ESG, Sustainable Tech and Industrials Tech - San Francisco
8. Associate Biotech - EB NYC
9. EB Software M&A Associate 2/3 NYC/SF- Must be from BB or EB. Software experience preferred. M&A a must. Will consider Visas.
10. MM Software Associate 2/3 Boston/SF/DC - Must be from BB or EB. Software experience preferred. M&A/Tech a must. Will consider Visas.
11. Managing Director - Healthcare - Location can be NYC, Los Angeles or Chicago - Can be any vertical within healthcare except Healthcare Services.
12. Managing Director - Software and Services - Location is Menlo Park
13. Managing Director - Restaurants - Location can be LA, NYC or Chicago
14. Managing Director - Industrials (open to any subsectors within Industrials) This is an opportunistic hire but can be LA, NYC, Chicago or Menlo Park

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