Serena, Snoop Doggs, GS Exodus - Weekly IB Recruiting Brief

“I have never liked the word?‘retirement,‘” Williams wrote. “Maybe the best word to describe what I’m up to is?‘evolution.’?I’m here to tell you that I’m evolving away from tennis, toward other things that are important to me.” – Serena Williams?

The world first came to know Serena Williams as a 17-year-old with beaded braids, overwhelming power and precocious intelligence and poise when she stunned her sport by winning the first of her 23 Grand Slam singles titles at the 1999 U.S. Open. On Tuesday, Williams set the stage for the tennis part of that journey to conclude at the U.S. Open. Serena beat Danka Kovinic of Montenegro, 6-3, 6-3 on an electric opening night at the U.S. Open. (NY Times )

Snoop Dogg To Launch Hot Dog Brand Called 'Snoop Doggs' (Billboard )?

If the Fed sees a tight U.S. labor market as both a window and a reason to aggressively tackle inflation, then this week's readouts on hiring confirm the more hawkish interest rate horizon now being priced by markets.?The Fed has raised its policy rate by 225 basis points since March. The Fed is trying to cool demand for labor and the overall economy to bring inflation down to its 2% target. (Reuters )

Stocks move to the downside at (yesterday's) close, yield curve shift puts pressure on tech sector (Yahoo Finance )

Snap to lay off 20% of employees.?The Verge reports that the?job cuts , which will impact more than 1,000 staffers, will begin today, targeting both software and hardware developers.?(The Verge )

GS has been hit with a wave of departures, sources tell Business Insider and The New York Post . Both outlets report that (11) junior bankers left the investment bank's health-care desk in the past week, citing frustration with lower-than-expected bonuses and a pressure-cooker environment.?#onelove

If you didn’t catch last week’s weekly, here it is again. Liquidity dropped its 2022 sell-side compensation report. What makes this report interesting is that these analyst bonus numbers MAY provide some insight on how FYE comp might play out for senior folks.

Analyst bonus' are typically paid out by mid-summer. First year associates are often paid a "stub period" bonus or true-up for their work from Aug-Dec; after the "stub period bonus" most senior bankers are then paid out at or around 12/31 FYE (typically Jan-Feb). The Litquidity associate numbers are probably a mish-mash of data but the analyst numbers straddle 2H 2021 (boom year) and 1H 2021 (yuck year). Note, things get crazy when you work for the Japanese or Canadians because their FYE is 3/31 so they pay later (like mid-May). Some smaller shops also pay deal-specific bonuses but that is for another time. (Litquidity)

• IB payout is substantially higher than S&T or Equity Research (ER)
• IB vs. S&T roughly 30% higher for an AN1
• IB vs. ER roughly 45% higher for an AN1
• Pay between Tiers (BB, EB, MM, Specialty) is narrow at junior level and begin to differentiate at the associate level.
• EBs paid 15-40% higher than BBs
• RBs paid 35% less than EBs at VP1
• MMs outperformed BBs from AN3 up

Source:?Litquidity August 2022 Sell-Side Compensation Report

I am super confused about “quiet quitting”. ?Was I quietly quitting when I left work (yes in the middle of the workday) so I could take my daughters to their doctor/dentist/orthodontist appointments? Was my colleague quietly quitting when he chose to visit his baby in the NICU? He left work early every day for almost 5-weeks. How about the woman in your office who is struggling to get over long COVID? She calls in sick "all-the-time". Now here comes the real zinger. What about the junior associate who is asked to pitch in extra because of his/her colleagues’ circumstances? ?What happens when they say, "no thanks, I have another obligation that is important to me”? Is that person quietly quitting? Who am I to judge? Life happens and people go through stuff. Hopefully you work in a culture/environment where you support each other and pitch in. If you don't, you shouldn't quietly quit, you should just QUIT and get another job where you are valued, supported, and appreciated.

SHAMELESS PLUG

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HOT JOBS 8/31

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***?

- Analyst 1/2, Software, (Boston)

- Industrials, Associate/VP, (NYC)

- Consumer and Retail M&A VP/Sr. Associate (NYC)

- RX Sr. Associate (NYC)

- Real Estate and Lodging coverage VP/Sr. Associates (NYC)

- Digital Assets / Crypto / Fin Tech VP/Sr. Associate (NYC)

- Software VP (Boston/NYC/SF)

- M&A VP (NYC)

- Private Debt Associate/VP (NYC)

- HC Services M&A (MD) (Miami)

- Fintech M&A MD (SF)

- Specialty Finance (NYC) - MD Group Head

- Healthcare Tools & Diagnostics (D) (Miami)

- Associate II?–?Technology Leveraged Finance and Sponsor Coverage (Santa Monica) Corp Banking

- Associate II?–?Technology Leveraged Finance and Sponsor Coverage (Boston) Corp Banking

- VP I/II?–?Technology Leveraged Finance and Sponsor Coverage (Santa Monica) Corp Banking