COVID & Lateraling
How will COVID affect lateral hires for IBD (when will banks begin hiring again in NY)? Also if there is a second wave how will this affect laterals for M&A
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All my lateral recruiting processes to IB have been delayed until further notice
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At my firm, we are being very selective in regards to hiring. We are still targeting senior-level lateral hires but deal volume is down and we aren't in a spot to determine our needs to additional junior bankers. We are still keeping the same pace with summer analyst classes because we would rather have a few too many people than a few too little but we really only make lateral hires when deal volume is humming and we need extra support.
A second wave will hurt M&A activity but not as bad as the first one (people are slightly more prepared now and there will be less uncertainty). Overall, banks are going to need a few more months to determine what post-COVID deal activity looks like and then assess need for additional hires after that. I don't think lateral hiring will pick up until beginning of 2021.
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All my lateral processes have been delayed indefinitely. Most people mentioning to circle back in the fall to see if anything changes. Seems like people are waiting for more certainty around COVID and for 1st years to start. At earliest I think the lateral hiring market should open up some this fall but I think it'll be until 2021 until positions start opening up again (if we don't see any drastic pick up in cases in the winter). Anyone that is hiring seems to be only specific one off circumstances. Just trying to stay patient and stay in touch with people occasionally until something pops. Bummer since I had networked and was in a good spot to lateral this summer pre-COVID
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