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

Weekly IB Recruiting Brief

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