JPM Tightens Policy on Analyst Retention, Return Offers are Out, Early Bonus Intel - Weekly IB Recruiting Brief

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• According to a recent report by Johnson Associates, a Wall Street compensation analysis firm, investment bankers are poised for substantial bonus increases in 2024. The report indicates that those working on debt underwriting could see their bonuses rise by 25% to 35%, while bankers handling initial public offerings (IPOs) may experience a 20% to 30% jump. These increases are attributed to strong growth in debt issuance and a notable uptick in IPO activity, with 2024 already surpassing the total funds raised in 2023. While the report acknowledges that investment banking revenues have not yet returned to peak levels, it emphasizes that activity in the sector is showing significant improvement, signaling a positive trend for compensation in the industry. (Johnson Associates)
• Nearly 4/5th of economists surveyed by Bloomberg predict the Fed will trim rates to a range of 5% to 5.25% at its September meeting. ?That's at odds with calls from some large Wall Street banks for a jumbo cut at the next meeting. (Bloomberg)
• In this week's podcast, "Navigating the Aftermath: A Comprehensive Guide to Handling a No-Offer Situation After Your Investment Banking Internship" Meridith Dennes interviews Andrea Benson to discuss critical strategies for investment banking interns who did not receive a full-time offer post-internship. Andrea shares insights from her 15 years on Wall Street, including 11 years in campus recruiting at BAML and BS, on how to professionally handle the disappointment, utilize reflection and feedback, and develop a plan to reenter the industry.?

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JPMorgan Chase Tightens Policy on Analyst Retention and Conflicts of Interest

JPMorgan Chase & Co. (JPM) is taking decisive action to address the increasingly aggressive recruitment of its investment banking analysts by private equity firms, as revealed in offer letters to its 2025 analyst class. This move comes in response to the latest “on-cycle recruiting” frenzy in the private equity sector, which kicked off earlier than ever this year.

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The Ultimate Guide to Bouncing Back from No-Return Offer

Meridith Dennes, Managing Partner of Prospect Rock Partners, and Andrea Benson, Managing Director at the firm, discuss critical strategies for investment banking interns who did not receive a full-time offer post-internship. Andrea shares insights from her 15 years on Wall Street, including 11 years in campus recruiting, on how to professionally handle the disappointment, utilize reflection and feedback, and develop a plan to reenter the industry. The discussion includes practical tips on networking, securing recommendations, skill development, and crafting a narrative for future job applications. The course concludes with the importance of staying positive and casting a wide net in job searches, emphasizing that setbacks can be stepping stones to eventual success in the competitive world of investment banking.

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The Investment Banking Networking Toolkit is a comprehensive course designed to equip?recent grads and?professionals with the skills and resources needed to secure full-time investment banking roles. This program covers essential networking strategies and provides industry-standard templates for every step of the process.?

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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.

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