IB is 'Sort of' Back, Recruiting is Slow (Unless You're an MD)

IB is 'Sort of' Back, Recruiting is Slow (Unless You're an MD) – Weekly IB Recruiting Minute

• Economic climate impact on IB recruiting
  • Q1 2024 revenue increases: JPMorgan Chase (46%), Citigroup (60%), Wells Fargo (38%)
  • Growth across advisory fees, equity underwriting, and debt underwriting
• Recruitment scene remains subdued despite revenue surge
  • Market uncertainty persists
  • Banks integrating recent hires
  • Seasonal factors (summer vacations)
  • Compensation issues (reluctance to offer full-year bonuses for partial-year work)
• Economic factors affecting recruitment:
  • EY Parthenon forecasts 20% increase in US corporate M&A activity for 2024
  • Potential headwinds: high interest rates, debt refinancing focus, IPO market concerns, geopolitical instability, reduced private equity activity
• Shifting recruitment trends:
  • More selective and strategic hiring
  • Focus on specialized expertise (e.g., software M&A, healthcare services, life sciences, restructuring)
  • Emphasis on adaptability and diverse skill sets
• Advice for candidates:
  • Develop diverse skills
  • Stay attuned to evolving market needs
  • Focus on adaptability