In response to growing private equity recruiting efforts, major Wall Street banks are introducing policies regarding junior bankers accepting future-dated jobs at buyout firms. JPMorgan set a precedent by threatening immediate termination for such actions, prompting other banks, including Apollo, to pause recruiting. The rules differ across five major banks—Bank of America, Citi, Goldman Sachs, JPMorgan, and Morgan Stanley—ranging from outright firing to reassignment for transparency. These measures aim to mitigate potential conflicts of interest that may arise due to investment banking advisory roles related to private equity firms.
JPMorgan has taken a strict stand, indicating that accepting a future-dated job with a private equity firm will lead to immediate termination for incoming junior bankers.
Bank of America, Citi, Goldman Sachs, JPMorgan, and Morgan Stanley clarified their rules for junior bankers regarding pre-dated private equity job offers, varying from reassignments to terminations.
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