Which banks actually do FT Recruiting?

Based on the most helpful WSO content, full-time (FT) recruiting for investment banking (IB) is highly competitive, especially for those not coming through the summer analyst pipeline. However, there are banks and situations where FT recruiting is more attainable:

1. Bulge Bracket (BB) and Elite Boutique (EB) Banks:

   • Most BB and EB banks primarily fill their full-time roles through their summer analyst classes. However, they may have openings left by summer analysts who don't accept return offers. For example:
     • Lazard FIG: Typically looks for 1-2 laterals, with superdays around mid- to late-September.
     • Goldman Sachs (GS): Occasionally recruits laterals for specific groups like the Cross Markets Group.
     • Citi: May have 1-2 spots in certain groups, depending on summer analyst responses.
     • BAML: Sometimes has 1-2 spots open.
     • Jefferies: Known to continue recruiting, though visibility into their process can be limited.

2. Middle Market (MM) Banks:

   • MM banks often have more flexibility in their recruiting timelines and may be more open to lateral hires. Examples include:
     • Wells Fargo: Historically has had 10-12 slots available and holds superdays.
     • RBC: Actively interviews candidates and extends offers during the fall.

3. Boutiques and Regional Banks:

   • Smaller firms and boutiques may stretch their recruiting timelines further and are often more open to laterals. These banks may not post openings publicly, so proactive networking and cold emailing are crucial.

4. Timing and Strategy:

   • FT recruiting typically kicks off immediately after summer analysts receive their return offers. For example:
     • Candidates often start networking and reaching out to contacts as early as the first or second week after return offers are given.
     • Informal calls and networking emails can lead to superday invites within days.

5. Networking and Cold Outreach:

   • Many banks, especially those with unadvertised openings, rely on candidates reaching out directly. Cold emailing associates, VPs, or HR can uncover opportunities that aren't publicly listed.

To maximize your chances, start networking early during your summer internship, focus on building relationships with bankers at your target firms, and be prepared to act quickly when opportunities arise.

Sources: https://www.wallstreetoasis.com/forum/investment-banking/m7-ib-associate-full-time-recruiting?customgpt=1, Full-time non-SA IB recruiting timeline? Summer 2020 PE Internship → Investment Banking Analyst, PE Lateral Recruiting Advice/Stories/Help?, Lateraling Guide for Investment Banking, https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1