Summer Recruitment Timelines Quietly Accelerated, More Layoffs, Are Elite Boutiques Hiring? – Weekly IB Recruiting Brief

“Getting fired is nature’s way of telling you that you had the wrong job in the first place.” —Hal Lancaster

Good Morning,

• If you are looking to hire and/or struggling to find qualified lateral talent, please reach out to me at [email protected]. I am always happy to chat about the market.
• A few trends are emerging in the investment banking job market. Although many banks appear to have robust M&A and IPO pipelines for 2024, there's been speculation about an additional round of layoffs at a couple major banks.?
• The latest bonus reports are not very encouraging. Most bankers that we have spoken with have seen a 10-15% decrease in total comp year-over-year. Despite the acknowledged slowdown in deal activity in 2023, there's a general sense of surprise and disappointment over the lower bonuses. The other trend that we have been seeing is the non-promote. The “congratulations you were not RIF'd but no we can’t promote you this year” nudge-nudge wink-wink. Not terrific.
• Despite developing a solid pipeline of deals for 2024, most bulge bracket banks are opting for a cautious 'wait and see' approach to hiring instead of aggressively expanding their workforce in anticipation of increased activity. These banks seem to be laser focused on their 2024 campus recruitment efforts for both summer analysts and associates. Recruitment timelines for 2024 summer internships have been accelerated; many of the bulge bracket and the elite boutiques have been hyper-aggressive handing out summer offers (some banks finished summer recruiting as early as October). Let that sink in! ?By summer 2024 most banks will have a better feel for where the market is. If the market is strong, these banks will restaff with an army of juniors in 2025.?
• Several boutique investment banking and middle-market clients have observed a notable change in summer recruitment dynamics. They report facing more challenges in attracting summer talent, with the quality and level of the talent pool not matching what they experienced in the past 2-3 years. This shift has made it more difficult for these companies to secure the kind of skilled candidates they were previously able to attract.
• Elite boutiques appear to be strategically positioning themselves to pick up lateral talent from bulge bracket banks, particularly targeting those bankers who received less favorable compensation packages. This trend is most noticeable at the associate and vice president levels, where these elites are poised to capitalize on any dissatisfaction due to lower pay at the larger banks. Most Elite Boutiques are not currently working with recruiters. Best to go direct until the market heats up a bit more.
• Middle market and smaller boutique banks have been very active in acquiring lateral talent. They have been quick to onboard professionals affected by non-performance-based reductions in force (RIFs) from elite boutiques and bulge brackets. Recognizing the urgency, these smaller institutions are acting swiftly to strengthen their teams before the bulge bracket banks and elite boutiques re-enter the hiring market. This proactive approach indicates their awareness of the competitive landscape and the need to secure skilled personnel promptly.
• As soon as bulge bracket banks begin to see an influx of fees, it's anticipated that they will start actively recruiting laterals again. This does not mean they will be more friendly to bankers who have been impacted by a RIF. It means it is going to get a lot more competitive at the middle market, elite boutique, and bulge brackets for qualified lateral talent. This move is likely in anticipation of a more robust market and the need for a well-prepared workforce to train the 2025 hires and to handle the upcoming surge in deal flow. ?
• Visas and STEM OPTs are still NOT in favor.?

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Hot Jobs 1/9

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.

Can't find the job you're looking for? Please submit your resume to be added to our database to be considered for future opportunities.

??HOT MANDATES??

Managing Director, Real Estate M&A Investment Banking (Middle-Market)

Our client, a prestigious middle-market investment bank, is looking to add a Managing Director to their Real Estate team. The role will?cover Mortgage & Property REITs and sit in New York City.

Managing Director, FIG M&A Investment Banking (Middle-Market)

Our client, a prestigious middle-market investment, is looking to add a Managing Director to their FIG (Financial Institutions Group), to cover Depositories. The role will sit in New York City.?

Managing Director, Tech M&A (Prestigious Boutique)

Our client, a Boston-based middle-market investment bank providing strategic M&A advisory services to software and Software-as-a-Service (SaaS) companies, private equity investors and venture capital firms, is looking to add a Managing Director to their team. The Company focuses on a range of high-growth vertical markets including healthcare IT (HCIT) and Pharma Tech, government (GovTech), education (EdTech), architecture, engineering and construction (AECO), financial technology (FinTech), energy & power (EnergyTech), analytics, transportation and logistics, and the public sector, among others. This role will sit in San Francisco.

Investment Banking Healthcare M&A (Pharma) Associate 2/3 (Middle-Market) (Miami/Denver)

A prominent middle-market investment bank is seeking a Healthcare Investment Banking Associate 2/3 to join their Miami office. This role is integral to supporting the Pharma Services, with an emphasis on clients ranging from large to small companies in the healthcare industry. Will consider an A2A promote. No visas.

Investment Banking Tech M&A (Associate 2/3) (Prestigious Boutique)(Boston)

Our client, a Boston-based middle-market investment bank providing strategic M&A advisory services to software and Software-as-a-Service (SaaS) companies, private equity investors and venture capital firms, is looking to add an Associate 2/3 to their team. The Company focuses on a range of high-growth vertical markets including healthcare IT (HCIT) and Pharma Tech, government (GovTech), education (EdTech), architecture, engineering and construction (AECO), financial technology (FinTech), energy & power (EnergyTech), analytics, transportation and logistics, and the public sector, among others. This role will sit in Boston. No visas.

Investment Banking Tech M&A (VP 1/2) (Prestigious Boutique)(Boston)

Our client, a Boston-based middle-market investment bank providing strategic M&A advisory services to software and Software-as-a-Service (SaaS) companies, private equity investors and venture capital firms, is looking to add a VP 1/2 to their team. The Company focuses on a range of high-growth vertical markets including healthcare IT (HCIT) and Pharma Tech, government (GovTech), education (EdTech), architecture, engineering and construction (AECO), financial technology (FinTech), energy & power (EnergyTech), analytics, transportation and logistics, and the public sector, among others. This role will sit in Boston. No visas.

Investment Banking Associate 3, Restructuring (Elite Boutique)(NYC)

Our client, an elite boutique, is looking for an Associate 3 to join their growing Restructuring Team. The VP1 will play a pivotal role in providing strategic advisory and financial solutions to clients facing complex restructuring and distressed situations. Your expertise will be essential in guiding clients through distressed debt, bankruptcies, reorganizations, and other restructuring. transactions. This is an exciting opportunity to work with a dynamic team and gain exposure to high-profile engagements that have a significant impact on the global financial landscape. Strong preference for prior RX advisory experience at a bulge bracket or elite boutique.

Investment Banking VP2/3 FIG M&A (Middle-Market)(NYC)

Our client, a prestigious middle-market investment, is looking to add a Vice President 2/3 to their FIG (Financial Institutions Group), to cover Depositories. Vice Presidents work directly with Managing Directors during all facets of the M&A advisory transaction life cycle, including transaction development, transaction execution and transaction negotiation and strategy. Specific responsibilities include assisting with the preparation of market and operating analyses, information memoranda, marketing presentations, and financial and valuation analyses. Vice Presidents support Directors and Managing Directors during all phases of M&A execution, including supervising and developing Analysts, contributing to firm best practices and culture, and building industry relationships. This role will sit in NYC. No visas.

Corporate Development Renewable Energy Sr. Analyst/Associate (Remote)

PE-backed Renewable Energy Company is looking for a Sr. Analyst/Jr.?Associate-level professional with prior investment banking experience. The Company makes DME fuels?from renewable feedstocks like biogas and organic wastes, and supply LPG firms worldwide. This position can be fully remote or be based in Houston.?Ideal candidate would have completed a 2-year analyst program at an investment bank.?Must have exceptional M&A modeling and technical skills.?Project finance, infrastructure, solar, and renewable experience would be ideal, and Energy/Natural Resources/Chemicals/Metals/Mining/Industrials M&A experience is a preferred.?No visas.

Investment Banking Recruiter (Executive Search Firm)

We are seeking a highly skilled and motivated Investment Banking Recruiter to SOURCE CANDIDATES FOR OPEN ROLES. You will play a crucial role in identifying and attracting top lateral?investment banking?talent for our prestigious investment banking clients. Your primary responsibility will be to source, evaluate, and engage with lateral candidates at all levels of seniority within the investment banking industry. This is an exciting opportunity for an experienced recruiter or someone looking to exit investment banking who thrives in a fast-paced, target-driven environment and possesses a deep understanding of the investment banking sector.

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