Currently at an MM and looking to lateral over to a BB. I was wondering if this years' situation will be similar to last year where tons of spots open up and the interviewing/hiring process will be super simple?
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Leaving after bonus hits my account.
May I ask why? Just curious
Take a glance at the happiness scale thread that was discussed recently. No offense, but use a little common sense and intuition here.
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What do you mean by interviewing/hiring process being super simple? Do you mean the interviews were easy and not technical heavy cuz people were desperate or were there lesser rounds of interviews? Was that the case last year during the lateral hiring spree? I have anecdotally heard that lateral hiring processes aren't too dissimilar to FT recruitment in terms of difficulty of technicals etc.
Yeah, some banks were having quick interview processes with easier questions for lateral. Some were like 2 rounds. My lateral interview was super simple last year.
What coverage group do you work in? Could be industry based
what kind of questions were you asked/what was the most difficult part while you were lateralling?
Citi bankers leaving in droves once bonus hits.
How long did it take to hear back from ur hirevue?
How'd you get into the process? Was it through just applying on linkedin/goldman's site or did you network with people?
I think many people will leave or lateral after bonuses. Whether that be in March/April for firms with that payout structure or summer for the others. In the case of the summer, definitely a lot of people who will be leaving for on-cycle PE gigs, but also will be people who are simply fed up, want their bonus, and then just leave.
Last year was kind of a black swan event, GS13 was very real and banks way underestimated turnover leading to those desperate 1-2 interview processes.
There will still be spots this year but doubt it'll go back to them hiring anyone with a pulse. They have raised salaries so high that even PE is a paycut right now.
You're plenty qualified from an MM, start applying online
I agree with some of the above, when I left my BB in summer of last year, they were literally hiring anyone that had any sort of IB experience (including people from random lower middle market shops). I don’t think the turnover will be quite as bad this year, but if you’re at a reputable MM, you will have a plethora of opportunities in this job market. Best of luck!
Of course
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