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What does this even mean
IB analysts are required to disclose that they have a PE offer since the recruiting timeline happens so early, sometimes during their training before the analyst job even starts
The entire banking industry will adopt this for new analysts. JPM are just the first to push this forward. It’s about time something was done about this ridiculous PE recruiting timeline. HH’s were recruiting kids to MFPE with 10 weeks on deal teams. Let that sink in.
think this year was the straw that broke camel's back, weren't people leaving analyst training to go interview for PE?
think all BBs will follow in jpm's path. im guessing it will first be rbc then gs
Solid take, here’s your banana
Seems like only the BBs with considerable influence and weight (GS/RBC/MS/BofA) will follow JPM at first, then the lower tier stragglers who are afraid (UBS/DB/Citi) and then the rest of the street (EBs/MMs) as this becomes the new status quo.
Is there a source for this ?
litquidity sharing change in offer letters
All the 400+ summer interns and I who attended Jamie Dimon's fireside chat for the interns last month can tell you this is 100% true. He went on a whole rant about how mad it was making him pissed that the PE firms were recruiting away talent so early on, as early as during training, and that he was going to do something about it.
Can anyone confirm? That's wild.
Can confirm - was sitting in that meeting room
this is completely true, I was there too. He talked about it during the fireside chat with all US JPM interns
Didn't Goldman do this years ago?
So based on that last sentence of the letter they are firing people who have PE offers? Crazy.
They didn't want to abuse their bankers for two years before letting them go so they figured they'd do it early
lool these banks are so salty
I agree that PE recruiting happens WAY too early. It is absolutely ridiculous and PE firms are huge contributors to this issue.
That said, I’m hopeful that one day banks will learn to manage retention by offering a carrot rather than threatening the stick. Instead of taking the mentality of: “Wow, working under these conditions is so awful that all of our top talent wants to leave, maybe we should make the job more attractive!” … they instead think: “Let’s punish people for wanting to leave and make securing another job so risky that the analysts are too scared to recruit.” It simply doesn’t solve the underlying problem and incentivizes people to try to find ways around the system.
Not sure if that’s gonna work. The funds that go oncycle have arguably worse working conditions than IB besides the most toxic groups lol.
IB analyst was traditionally a 2 and out position anyways. It’s only recent times when the top MBAs stop wanting to do IB there’s an issue with sourcing ASO level talent.
Ex-JPM analyst chiming in.
This is nothing new, at least for JPM. All analysts were required to disclose their offers within a week (maybe even as short as 3 business days) of accepting an offer from anywhere (PE, VC, corp dev, etc.).
This is to minimize any conflicts of analysts being staffed on a deal with a future employer and also monitoring any MNPI leaking to your future employer during your time at JPM.
However, I do find it odd that this was included in the offer letter in writing.
so the analysts actually disclosed their PE offers even if they had 1+ years remaining in banking? Wouldn't JPM just fire them then?
No, JPM is threatening to fire if you don't disclose. You disclose and they just keep you away from that firm's deals, not a big issue. It's not a secret that analysts leave at the 2 year mark. They are just making that policy more firm and public (IMO, to get the early oncycle movers to not go before analysts even start)
This policy will just hurt JPM. It will create an environment where PE firms will recruit straight from undergrad. Many have already been doing this but it's accelerating. PEGs might just say screw this let's just build our own analyst training programs and hire straight from undergrad with little to no emphasis on banking experience. If this does happen it would actually be a good move for both PE and IB. Most juniors aren't joining IB because they actually want to be lifelong bankers (unless you're at a firm like Centerview) but instead, they are just joining for the ability to jump ship after two years into PE or other forms of optionality. This would create an environment where people who join IB actually want to be bankers for the long term and those who want to go to PE will just go straightaway. This decoupling of IB & PE also makes sense as being a banker and an investor are two pretty different skill sets with very different economics so it really never made sense that you had to do one (IB) to recruit to the other. I'm someone who went straight to a mid-market buyout firm (and I always knew that was the path I wanted to take) and people like myself are becoming more commonplace as firms realize you don't need 2 years of IB first if you have good in-house training.
If it’s not already obvious, don’t disclose to your bank that you’ve accepted a PE offer under any circumstances. Only exception would be if your MD / group encourages recruitment, and that’s even a maybe.
How come? Care to elaborate please?
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