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Headhunter firms typically get paid a commission based on the salary of the new recruit. They vary significantly in their focus areas (e.g. some will focus on junior bankers but have more of a high volume / lower quality approach, and some will only focus on very senior bankers and will have very tailored and selective processes). Headhunters work for banks, not bankers - always remember that. 

Banks have HR graduate recruitment teams who manage internship applications - since there are so many thousands of applicants, use of external recruitment agencies isn't needed.

 

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