Private equity hit pause on junior banker recruiting, but January 1 could mean 'all bets are off'

"One headhunter said that as soon as January 1 hits, "all bets are off.""

"On-cycle recruiting hasn't kicked off in 2025, but as soon as the ball drops, all bets are off!"

"A lot of investment funds are excited that finally again this year, there's a class of investment banking analysts to interview that have training and deal experience."

"The submissions for our private equity résumé database are due at the beginning of January, which is a bit of an indication of when we think recruiting will kick of"

JPMorgan CEO Jamie Dimon warned incoming junior bankers against accepting future-dated buyout-firm offers, prompting a moratorium on on-cycle recruiting for the 2027 class. Major private-equity firms including Apollo, General Atlantic, and TPG paused recruiting and committed to hold off until at least 2026. Some banks threatened to fire analysts who accepted deferred private-equity positions. Recruiters and headhunters now expect on-cycle hiring to resume with the new year as funds seek analysts with deal training and experience. Resume databases and interview-preparation services are scheduling materials and submissions for early January in anticipation of renewed recruiting activity.

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