Wanted to get a clue into how lateral hiring works in the UK, i know in the US it is very much centred around networking but is it similar here in London? If bank X posts an Analyst/Asso role is applying to it without knowing/networking with people at bank X pointless?
Would appreciate if someone could walk me through their Lateral experience or a typical london lateral experience.
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Highly dependent on the type of bank you are applying to. Many banks use recruiters, either internal or external, which would not need any form of networking to get an interview, just a good CV. If you apply directly to the firm for say JPM, GS, MS, then of course having a contact helps you get an interview. However, have had interviews at 2/3 of them without any networking, just straight forward application. Ultimately, you don't need to network but it would definitely help.
Ok thanks for that. And is this current lateral market normal or pretty terrible? I know the amount of people laid off and hence applying is super high but is the amount of vacancies being posted lower than the "usual" as well? And typically when do these positions open in the year or is it across the year?
Current lateral market is fine, definitely not booming but seems to be plenty of spots open. The issue is the competition. Loads of layoffs plus a year of no available seats means that there is a significant backlog of people applying. So, pushing to a top tier bank (GS, JPM, MS) etc. will be hard unless coming from a second top tier bank, just because of how fierce the competition is currently.
Grad roles are not even giving and the worse is that other corporate roles seem to be closed off too. Also if top banks want second tier bank people (which is fair), they should just hire them so they create some space too, since at the moment only very top banks and very MM/LMM have spots.
Very much a concentration of only the best CVs and biggest brand names being given any shot atm which is fair I suppose in this environment. Just hoping and praying the whole industry starts to pick up in H2.
Found myself in a couple of processes. As someone else posted, no networking required to get an interview.
However, competition is insane. I was in some processes that were meant to last a few rounds, but the rounds essentially doubled. Additionally, the bar is a lot higher (little space for marginal error in the interview itself or the tests).
For context, I’m currently still employed at my firm so not sure what the lateral experience is like for those that have been laid off.
which firms?
Seems to be heating up - in a few processes currently at good firms
do you mind sharing which firms youre in process with?
At a PJT/Laz/Roths/EVR and deep into the process for 2 out of GS/MS/JPM, flat mate is at an MM and has a lateral offer for 1 of the aforementioned too. Lateral market isn't too bad right now.
How did your flatmate get into the process with one the banks mentioned above?
is this at the analyst or associate level? i assume he applied directly
Curious why you would want to lateral to those banks from a top EB at the Assoc level? Is it purely for slightly better PE exit opps?
You can still break into PE as an IB associate, not uncommon in London
I guess it is not too bad if you are still employed and are somehow in the right sector, many sectors have barely started picking-up yet.
Are these recent GS/JPM analyst positions for experienced analysts only (i.e., AN2 and above)? Im an incoming AN1 at an EB and wondering if I should give it a go
You can still apply as an A1, but the job description says 3 years experience. So, you will be up against A2,A3 and potentially an Associate willing to downgrade. Unlikely they would choose your application over the aforementioned applicants.
It is picking up though
anyone heard back?
Offered at one of the GS/JPM/MS roles. Long process, but got there in the end. Not sure if picking up and clearly selective but some stuff out there for the right candidate.
Also in a process with one of the above, could you please pm me?
In a process with one of the above, could you pls PM me?
Hi, any insight into what is asked?
Technicals/deal experience?
Any update on this? I'm trying to reach out to HH and am getting jack shit responses. Currently in a TMT boutique (with v good dealflow) and yet not getting a look in anywhere
Think you're situation echoes the market. Still hearing about lay offs at many places. Pretty dire compared to what people thought/expected it to be at the start of 2024. Probably an extreme concentration of BB/ex BB talent considered for lateral roles
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