Happy Fed Day, RIP Choco Taco - Weekly IB Recruiting Brief

“Every loser gotta win and every winner gotta lose someday” – J. Cole

Markets

• Retail malaise, and general anxiety around economic growth, helped send the market lower yesterday.
• Happy Fed Day to all who celebrate. Most analysts expect Chair Jerome Powell to announce an interest rate hike of?75 basis points?this afternoon, equivalent to its rate increase from last month. Investors will also be paying close attention to Powell’s comments on the future path of interest rates. (Washington Post)
• ?General Motors’ Income Tumbles 40% on China Loss, Parts Shortages?(WSJ)

Insights

• Barclays' debt-market blunder was larger than previously thought, revealing an additional $2.4B of unregistered notes to its original $15.2B (WSJ)
• CSFB announced plans for a “comprehensive” review of its businesses that would scale back its investment bank. Ulrich Koerner to be CEO starting next week. The changes announced Wednesday came alongside second-quarter results that were much worse than analysts expected. The bank posted a net loss of around $1.65 billion, its third quarterly net loss in a row. Revenue sank 29% from second-quarter 2021, driven by a 43% fall at the investment bank. It said it marked down its $5.9 billion leveraged-finance portfolio by $245 million. (WSJ)
• DB beat market expectations to post an eighth straight quarter of profit on Wednesday, recording a second-quarter net income of 1.046 billion euros ($1.06 billion). (CBNC)

Inside Scoop

• There will be winners and losers in this market. Banks (mainly MMs/Global banks) are still selectively hiring for in-demand roles, but they are also increasingly allowing positions to go unfilled if workers leave. Cuts are expected at EBs and BBs in Sept/Oct. At this point it is tough to say how deep those cuts will be. If you are not working on any live deals or your group is not busy it is not a good sign. Regardless of cuts, we are still expecting bonuses to be largely down this year. On a positive note, most folks are expecting this market downturn to be short. Banks are still very fearful of over culling and being caught in an upward trending market with no talent.
• There are still jobs out there for qualified lateral hires (especially coming from brand name shops with M&A experience). Many wonderful MM and global banks did not wildly over hire and they still have strong deal flow.?Tech, HC and M&A are still looking at Associate 1/2 to MD level (HC services and Fintech). Some banks are taking a wait and see approach stringing candidates along as they track expected deal flow. Others banks are making quick hires.

The rumors are true: The Choco Taco is?being discontinued.?(Washington Post)

Hot Jobs 7/27

Please PM me or shoot me an email at?[email protected]?and let me know which role you might be interested in. Must have at least 1-year prior IB M&A experience. Visas as noted below.

***URGENT MANDATES***?Prestigious MM Bank looking to fill the following roles. Must come from IBD with M&A and ECM experience. No visas at this time. PM me or shoot me an email?[email protected]

MD, HC SERVICES, Miami (perfect for an MD who has a pipeline and wants to relocate to Miami)

MD, Fintech, NYC

Associate 2/3, HC Services NYC (must come from HC must be able to train juniors)

VP Level M&A Execution NYC

Renewables and EV Tech

We are looking for an associate and a VP to do renewables, sustainable technology and green technology M&A. The role is with a global, full service bank in NY

Corp Dev Associate / Manager, Digital Acquisitions - Global Acquisitions Team

Global sustainability consultancy is seeking a motivated and dynamic?Associate / Manager, Digital Acquisitions?to join its expanding Global Acquisitions team, focusing primarily on technology and digital acquisitions. The Global Acquisitions team is a high-impact group that is responsible for the origination, evaluation, negotiation, and execution of acquisitions that align with the company's growth priorities. Digital acquisitions will be a key focus area for the Global Acquisitions team going forward, as the company looks to help clients manage their sustainability challenges through tech-enabled innovation and digital solutions. The company is recognized leader in the environmental and sustainability marketplace that is highly acquisitive as M&A has historically been and remains a key strategic and growth lever for the firm. Over the last 12 months, the team has successfully closed 12 transactions across Europe and North America. PM me for details. Role is 75% remote/based in NYC.?[email protected]?Best for an A2-Associate 1 with M&A.

Looking to place a?VP Industrials?at a well-regarded middle market investment bank. The role will be based in CHICAGO. PM me for details ASAP. [email protected].

Industrials Tech Associate U.S., Elite, Middle Market Bank

We are looking for an Associate to do industrials including auto tech, EV, Clean Tech and Industrial Tech.

U.S. Bulge Bracket TMT Roles -NYC /SF

NYC based, Top 5 bulge bracket investment bank is looking to hire two Associates onto their Tech Team in NYC or San Francisco. They are also looking to hire a VP. The positions are within the Software vertical. The VP position requires a solid background in Software, but the Associate candidates can have a general Tech background. The firm is also looking to hire a VP for their Tech M&A Team.

We are working on an?M&A associate and analyst role with a U.S. bank in NY. The team consists of five bankers who have been together for ten years. They cover all industries with a recent emphasis on Fin Tech, Consumer and Real Estate. It is a great culture with interesting deals and top of the market compensation.

New HC Mandates

We are working on behalf of the Healthcare Team at a highly regarded, privately held, boutique investment bank in NYC to add at the Analyst, Associate and VP levels. The firm pays bulge bracket comp and can be very flexible on level. They are looking for star bankers and are looking to move quickly. Please IM or email me for more information.

Tech Banking Mandate - San Francisco - Software Coverage

We are working on behalf of a highly regarded global investment bank to find them find people?to join their Technology coverage team, focusing on Software. The group will hire an Associate 2, 3 or VP1. The role is based in San Francisco. Please PM or email for more information. They will hire bankers with non- tech backgrounds. The banks are focused on large cap, public M&A

Vice President, Middle Market Sponsors U.S. Prestigious Bank, Chicago

Premiere U.S. Bank is looking to add a first or second year VP to their middle market sponsor steam. The role will focus on sell side M&A and sponsors in the 1Bn dollar range. They are open to hiring a M&A banker who wants to transition to sponsor coverage. The comp is bulge bracket base and bonus.

Crypto and Digital Assets Investment Banking (NYC)

We are working on a Sr. Associate-VP role in NYC to do Crypto and Digital Assets investment banking. The role is with a well-known MM investment bank and is on their tech enabled services team. It is a 17-person team that does a lot of Software for Fin Tech companies. Over the past year they have been getting more into Digital Currency and have started a platform designed to transition their Investment Management client companies towards digital. They have a role focusing 100% on Crypto and another to do more Fin Tech.?

VP TMT, U.S. Bulge Bracket (NYC/SF)

Bulge Bracket firm looking to hire a VP- Media. The media team is part of TMT. The VP will focus on: Music, Online Gaming, Sports, Entertainment, Info Services and Wireless. They are large cap M&A focused. The team has 7 MDs including two group heads. 5 of the 7 MDs were promoted from analyst and associate. They also have 5 Directors and 7 VPs. The VPs are all 2nd?and 3rd?Year VPs. The group has very low turnover. This VP is in response to deal flow. The VP will be dealing with clients and leading drafting sessions with clients. They want to VPs to be client focused. The Directors are originating their own business, so VPs are being prepped for client origination. Technical skills are important.?

VP Tech Elite Boutique (Charlotte/ NYC)

We are looking for a VP to do tech in any or Charlotte. They can come from any industry group but need excellent sell side M&A skills.

Fin Tech M&A Associate with a Top Global Bank (NYC)

We are working on a Fin Tech M&A Associate with a global bank with a robust balance sheet. They are executing on buy and sell side M&A deals in the Fin Tech and Asset Management space. This role reports to the group head. The candidate can have a large impact on the group and progress into a senior member of the team.

Sponsor Coverage Great MM IB NYC

Looking for associates on the experienced side and VPs to do sponsors. Can be M&A or coverage bankers but need to understand sell side M&A

US Corporate Bank Sponsor / LevFin/Sponsor Finance (Boston/Santa Monica/Palo Alto/DC)

Associate II – Sponsor Finance, Technology?- Palo Alto, CA; Santa Monica, CA; or Boston, MA -?Hybrid Remote (30% in office) – Relocation assistance provided