Jobs, Jamie and Jumbo Credit Markets

"It's all about the narrative. Whoever has the best story wins." - Shiv Roy, Succession, HBO

Good Morning,

• If you are looking to hire, please contact me [email protected] .
• Investment banks, forced to take big writedowns on risky m&a loans after a global surge in interest rates, are now jumping back into leveraged buyouts.?(Bloomberg )
• Good news on jobs means you can say goodbye for now to your dreams of continued aggressive rate cuts from the?Federal Reserve . The Fed may have?adjusted rates ?by a supersized 50bps in September, but strong?employment data ?released Friday morning put on ice the possibility that it would do so again anytime soon.
• Blackstone?expects the private credit market to balloon to $30 trillion in size, fueled by lending for infrastructure projects and greater participation from pension funds. (Bloomberg )
• Questions hang over who will succeed JPMorgan Chase CEO Jamie Dimon and when, but analysts and investors say one thing is almost certain: the bank's stock will slump when he eventually departs. JPMorgan shares reflect a so-called "Jamie premium" of 10% to 15% that could evaporate when the longest-running chief of a major Wall Street bank decides to leave. (Short and Street )
• Despite progress in the workplace over the past decade, parity for all women is almost 50 years away, according to McKinsey’s?Women in the Workplace 2024: The 10th anniversary report, developed in partnership with LeanIn.Org. At the current pace, it will take 22 years for white women to achieve leadership parity—and more than twice as long for women of color.
• JPMorgan and Wells Fargo are kicking off earnings season on Friday.

Resource Center

Top 50 Global Investment Banks with Leveraged Finance Groups

The Top 50 Leveraged Finance Groups on Wall Street

This comprehensive roster represents the crème de la crème of global financial institutions renowned for their leveraged finance operations. Spanning across the United States, Europe, Japan, and Canada, these banks and financial services firms are at the forefront of providing sophisticated financing solutions for leveraged buyouts, mergers and acquisitions, recapitalizations, and other complex corporate transactions.

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Recruiting Update

If you are looking to hire, please contact me [email protected] .

• The lending landscape is experiencing a significant transformation, with debt pricing dropping 75-100 basis points as a result of Fed policy shifts and fierce competition between private credit providers and revitalized bank syndicates.
• Although overall transaction activity has slowed, there's a notable uptick in refinancing for broadly syndicated loans, with investors showing increased appetite for lower-rated credits. The private equity sector is flush with capital, boasting an unprecedented $2 trillion in dry powder globally, which is anticipated to fuel a surge in demand for acquisition financing over the near term.
• Concurrently, private credit funds, overseeing approximately $1.5 trillion in assets, are making aggressive plays for family- and founder-owned enterprises, offering buyout and growth capital packages typically ranging from $50 million to north of $1 billion.
• As deal flow continues to increase, particularly in large-scale U.S. M&A transactions and the burgeoning private credit market, banks are likely to face mounting pressure to expand their teams.
• The challenge for financial institutions will be to balance their current lean operations with the need to effectively manage escalating workloads and evolving market demands. This situation may soon catalyze a more active hiring phase in the investment banking sector.
• The outcome of bonus seasons at Canadian banks and Raymond James, given their September 30 fiscal year-end and earlier bonus payouts, may provide early indicators of broader industry trends in compensation and talent retention strategies.

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