PE firms continuing to hire young bankers
Private equity firms are continuing to compete aggressively with Wall Street banks for junior talent, despite efforts by some firms to slow the pace at which they recruit young investment bankers, according to a report by Bloomberg.
Private equity firms remain fiercely competing with Wall Street banks for junior talent, according to a Bloomberg report. Despite some firms attempting to slow their recruiting pace, private equity continues to aggressively hire young investment bankers, as cited by Citigroup's co-head of North America investment banking, David Friedland.
Citigroup recently announced plans to reduce its analyst program duration from three years to two, aiming to increase compensation and retain employees who may otherwise join private equity or hedge funds. This decision follows a wider effort across Wall Street to address the early recruitment practices of private markets firms.
Several major private equity groups had previously announced they would delay hiring timelines. Apollo Global Management, for instance, informed certain investment banking candidates that they would not be interviewed or offered positions starting in 2027. Banks have also implemented strategies to limit early departures, with Citigroup, Goldman Sachs, and Morgan Stanley requiring junior employees to disclose any outside job offers, and JPMorgan threatening termination for analysts who accept another position within 18 months of joining.
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