Off the Rails, The Fed’s Dilemma – Weekly IB Recruiting Brief

This is what I woke up to this morning in Vermont.

• The central bank’s decision on interest rates on Wednesday is shaping up to be the most consequential of the Jerome Powell era (NYT)
• UBS?is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of CS’?investment bank (FT )
• SVB Financial Group, which filed for bankruptcy protection on Friday, has formed a restructuring committee and tapped Centerview Partners as an adviser.? SVB Securities is not included in the Chapter 11 filing and continues to operate as normal. The Chapter 11 process will help SVB Financial evaluate "strategic alternatives" for SVB Securities and SVB Capital. A restructuring banker said Chapter 11 means SVB Financial could have a buyer who wants a clean acquisition that only a bankruptcy process can give. (IFR)
• SVB has made significant hires in the last couple of years, taking Jason Auerbach from UBS in 2021 as its global co-head of investment banking and global head of Tech IB. A number of others followed him out of UBS including Nathan Laverriere a senior managing director of tech investment banking. Matt Lytle joined in 2021 from Goldman Sachs, where he was global co-head of internet investment banking. (IFR)
• SVB Securities said last month it had more than 70 technology investment banking professionals. It has hired at least 10 senior people since the start of 2022 in investment banking, research and trading, including Scott Silverglate, who joined last month from Goldman, where he was global head of industrial software. Other hires last year came from JP Morgan, Barclays, Morgan Stanley, UBS and Credit Suisse. (IFR)
• Piper Sandler Strengthens Healthcare Investment Banking Team with the addition of Scott Kremeier. Prior to joining the firm, Kremeier was a senior banker in healthcare services investment banking at Houlihan Lokey Capital for nine years. He focused on M&A advisory and capital raising opportunities in the behavioral health and post-acute services sectors.
• JPMorgan is advising First Republic on another potential lifeline (CNN)
• Citi’s?chief financial officer Mark Mason said that the lender would adjust its investment banking headcount as necessary?(Bloomberg News )

Recruiting Update

Although many firms are interviewing, few seem to be pulling the trigger. I have heard some nightmare stories about folks going on 5-6 interviews only to be told that the firm is not actively looking to bring anyone on in the near future. Most good quality recruiters are well-versed in knowing where the needs are in a down market. If you submit your resume on-line or through a friend, you CANNOT be represented by a recruiter at that firm for ANY role. 17 interviews at an Elite Boutique is not as valuable as a job offer at a strong middle-market platform. Interviews can't pay the rent.

As discussed previously, the recruiting market is super tough right now. Banks are hiring opportunistically. Given the number of qualified candidates who are actively looking, managers are being extremely picky. Most banks will no longer consider folks without prior industry sector experience and substantial M&A deal reps. Bankers who have been RIF'd or those with less than a year and a half of experience are having trouble securing interviews. I only have one open role at the analyst level. That role is based in San Diego. The good news is that I do have some roles (associate 2 through VP 2/3) that are very active right now.

If you have been impacted by the situation at SVB or another firm please feel free and reach out to me directly at [email protected].

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Hot Jobs 3/22

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. If you have been affected by lay-offs or know anyone who has been impacted please reach out. I will try and help.?ImageNEW GIGS

??Immediate Hire Opportunities ??

1. EB Software Associate 2 NYC - VP1 - Must be from BB or EB. Software experience a must. M&A a must. Will consider Visas.?
2. EB looking for an Associate 2/3 to cover Tech M&A. Role will be based in San Francisco. Must come from BB or EB (non-negotiable). Must have Tech M&A. Will consider Visas.?
3. Looking for an Analyst 2/3 or a first Year Associate to cover ClimateTech for a small investment bank. The role will be based in San Diego. PM or shoot me an email for details.
4. Well-regarded MM looking for a Fintech Associate 2 or 3. Role will be based in NYC. Must have M&A, Tech specifically Fintech preferred.
5. Fintech Boutique looking for a Fintech Associate 2 or 3. Role will be based in NYC. Must have M&A, Tech specifically Fintech preferred.
6. Global Bank Associate 2 - VP2 - Industrials NY or SF (Needs Industrials, ESG or Greentech experience)
7. MD Software Boston. NO REMOTE. Must have software pipeline.

• FIG Associate Global Bank immediate hire - NYC. We are looking for a FIG Associate who has some insurance deal experience. The role is with a top 15 global bank. The candidate will work on off-the run and esoteric insurance and insurance tech transactions.
• Associate 2/3 Tech M&A (software) Specialty Tech boutique (Boston) must have M&A. Strong MM (brand name), BB or EB preferred.
• VP 2 Tech M&A (software) MM (SF) must have M&A. Strong MM (brand name), BB or EB preferred.
• We are working on behalf of an elite Healthcare M&A focused boutique in NYC to find them an Associate to join their Team. Direct Healthcare sector experience is not required, just superior M&A experience. The candidate must be fully licensed: 79, 63, SIE. The ideal candidate will be an Analyst to Associate promote, no MBA Associates (those without an Analyst background). Candidates with middle market sell-side experience preferred.
• VP 1/2 Consumer M&A Middle Market bank NYC must have M&A and industrials/consumer preferred. BB or EB experience needed (actively interviewing for immediate fill)Managing Director & Head of Internet Investment Banking.
• Analyst 3 or Analyst to Associate promote to cover HC - no MBA associates (those without analyst background). Want primarily middle market sell-side experience – public markets, biotech financings not applicable. Candidates with the following industry experience: TMT, Consumer, Industrials, Financial Sponsors (especially if they've worked on PE Portfolio Company transactions) (and obviously healthcare as the first pick, if we can find someone). No H1Bs. Closed more than one transaction and has worked on a deal team where they've managed an analyst. Licensed.