Latest news with #juniorbankers
Yahoo
6 days ago
- Business
- Yahoo
Bank of America juniors will be reassigned — but not fired — if they accept PE jobs
Bank of America joined other firms in asking junior bankers to disclose future job offers. This follows similar policies by JPMorgan, Goldman Sachs, Citi, and Morgan Stanley. BofA's approach seeks to balance conflict-of-interest concerns with young bankers' ambitions. Bank of America's junior bankers are the latest young cohort on Wall Street to receive new guidance on accepting hush-hush private equity jobs while employed by the bank. The Brian Moynihan-led bank will ask its analysts to disclose whether they have offers for future-dated jobs, according to a person with direct knowledge of the matter. The policy was first reported by Bloomberg. It follows similar rules rolled out by JPMorgan, Goldman Sachs, Citi, and Morgan Stanley in recent weeks, with one big exception: BofA juniors who accept these future-dated job offers will not be terminated but rather reassigned to another area within the bank. A Bank of America spokesperson declined to comment. By contrast, JPMorgan has told juniors that their "employment with the firm will end" if they take offers. Other banks weren't as specific about what would happen if the bankers attest that they indeed have future jobs lined up, which the banks have criticized as a potential conflict of interest. Citi's memo said that anyone with a future-dated job would be assessed on "a case-by-case basis," and Morgan Stanely juniors were told they could face disciplinary action. BofA's approach comes as banks struggle to balance their staffing needs with the career ambitions of young bankers who want to jump to the buy side after their investment banking analyst stints end, usually after two years. The PE industry's habit of filling future analyst classes with junior investment bankers two years in advance has become a major thorn in the side of many investment banks. In the last few years, the recruiting timeline has been pushed up to the point that college grads were secretly interviewing for future-dated PE jobs before they had even officially started their current banking jobs. Many banks have buyout firms as clients, which could lead to conflicts of interest for the bankers working on deals with future employers. "I think that's unethical. I don't like it, and I may eliminate it regardless of what the private-equity guys say," Dimon told college students at Georgetown University last year, adding: "You are already working for somewhere else, and you are dealing with highly confidential information for JPMorgan." This year, JPMorgan's stance seemed to cause a fall of the dominoes. In June, CEO Jamie Dimon blasted the practice. Days later, buyout shops Apollo Global Management, General Atlantic, and later TPG announced they'd hold off on recruiting for 2027 analysts until next year — an unprecedented step. Read the original article on Business Insider
Bloomberg
7 days ago
- Business
- Bloomberg
BofA Aims to Stop Early Recruitment of Junior Bankers
Bank of America Corp. managers are asking junior bankers to divulge whether they have a new employment opportunity and telling them they face redeployment if they do so. Tom Metcalf reports on Bloomberg Television. (Source: Bloomberg)
Bloomberg
05-08-2025
- Business
- Bloomberg
BofA Junior Bankers Face Reassignment If They Accept Other Jobs
Bank of America Corp. is pushing its investment-banking analysts to disclose if they've accepted jobs elsewhere and telling them they face redeployment if they do so, the latest attempt by Wall Street lenders to stem defections to private equity firms and other rivals. Junior bankers are being asked by their managers to divulge whether they have a new employment opportunity, according to a person familiar with the matter. If future offers are accepted, those individuals will likely be moved to another area within the bank, said the person, who asked not to be identified discussing private details.
Bloomberg
09-07-2025
- Business
- Bloomberg
Goldman Demands an Oath From Junior Bankers to Fend Off Private Equity Poaching
Goldman Sachs Group Inc. plans to ask junior bankers to confirm their loyalty on a regular basis in a bid to limit advances from talent-hungry buyout firms. The investment bank will ask new analysts to certify every three months that they haven't accepted jobs elsewhere, according to people familiar with the matter, who asked not to be identified discussing the confidential plan.
