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Investment banks are on a hiring spree and there isn't enough young talent to go around

Published by Business Insider on Sat, 01 May 2021


<bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Hello, readers!</p><p>Happy Saturday, and welcome to Insider Finance. Here's a rundown of our must-know Wall Street stories from the past week:</p><ul><li>The fight for junior investment bankers is so fierce that one recruiting firm has <a href="https://www.businessinsider.com/investment-banking-recruiters-hiring-goldman-jpmorgan-attrition-analyst-associate-vp-2021-4">set up a "SWAT team"</a> for hiring&nbsp;</li><li>Check out our list of the <a href="https://www.businessinsider.com/rising-stars-top-young-equity-research-analysts-wall-street-2021">rising stars</a> of equity research&nbsp;</li><li>Current and former Goldman Sachs partners <a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21">weigh in on</a> CEO David Solomon&nbsp;</li><li>Hedge fund giants are raiding banks to poach volatility traders<a href="https://www.businessinsider.com/hedge-funds-citadel-millennium-raiding-big-banks-hiring-volatility-traders-2021-4">we tracked all the moves&nbsp;</a></li><li>Return-to-office updates for <a href="https://www.businessinsider.com/jpmorgan-return-to-office-plans-may-july-rotation-memo-reopening-2021-4">JPMorgan</a> and <a href="https://www.businessinsider.com/bank-of-america-asking-employees-voluntarily-disclose-covid-vaccination-status-2021-4">Bank of America</a></li><li>These are the <a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-staffing-tech-talent-startups-2021-4">fintech headhunters</a> to know&nbsp;</li></ul><p>If this email was forwarded to you, you can <a href="https://newsletter.businessinsider.com/click/22653302.34602/aHR0cDovL25ld3NsZXR0ZXIuYnVzaW5lc3NpbnNpZGVyLmNvbS9qb2luLzRucC9pbnNpZGVyLWZpbmFuY2U_bnJfZW1haWxfcmVmZXJlcj0xJnV0bV9zb3VyY2U9U2FpbHRocnUmdXRtX21lZGl1bT1lbWFpbCZ1dG1fY29udGVudD1JbnNpZGVyJTIwRmluYW5jZQ/5cf970723f92a452082ea752B3f5606f6" data-analytics-module="body_link" data-analytics-post-depth="20" data-uri="e853b1fb65b9a0a87b338f29209dd4a1">sign up here</a> to get your daily dose of the stories dominating banking, business, and big deals.</p><hr><h3><a href="https://www.businessinsider.com/rising-stars-top-young-equity-research-analysts-wall-street-2021">Meet the rising stars of equity research, up-and-comers making calls on everything from the next big electric-car maker to the return of live events</a></h3><p><img src="https://static3.businessinsider.com/image/608c1c3235c46f0018c0b7e6-2400/rising stars in equity research 2x1.png" border="0" alt="rising stars in equity research 2x1" data-mce-source="Courtesy of Deutsche Bank; Courtesy of Goldman Sachs; Courtesy of JP Morgan; Courtesy of UBS; Marianne Ayala/Insider" data-mce-caption="From left to right: Edison Yu, Emily Chieng, Rajat Gupta, and Aga Zmigrodzka"></p><p>Meet Insider's lineup of up-and-coming talent in the world of equity research. We selected analysts 35 and under who cover a wide range of sectors, from gaming to natural gas. <a href="https://www.businessinsider.com/rising-stars-top-young-equity-research-analysts-wall-street-2021">See the full list here.</a>&nbsp;</p><hr><h3><a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21">Goldman Sachs CEO David Solomon is shaking up the bank with his hard-driving style. Here's what's pushing a herd of top execs to the exits.</a></h3><p><img src="https://static2.businessinsider.com/image/608c1ca134af8d001859a281-2400/goldman sachs ceo david soloman 2x1.png" border="0" alt="Two images of Goldman Sachs CEO David Solomon in a picture frame on a red background." data-mce-source="Paul Morigi/Getty Images for Fortune; Kena Betancur/Getty Images; Samantha Lee/Insider" data-mce-caption="&amp;quotDavid's management style is pretty simple: Ask a lot of questions, work with teams to set realistic goals, and then hold people accountable for results,&amp;quot Jake Siewert, a Goldman spokesperson said about David Solomon."></p><p>Solomon has steered the bank to blowout profits and a record stock price. But with partners quitting and burnout soaring, some insiders said the executive's hard-charging style has come at a cost. <a href="https://www.businessinsider.com/goldman-sachs-ceo-david-solomon-profile-why-partners-leaving-4-21">Read the inside story here</a>.</p><hr><h3><a href="https://www.businessinsider.com/jpmorgan-return-to-office-plans-may-july-rotation-memo-reopening-2021-4">JPMorgan told US workers it wants them coming into the office on a 'consistent rotational schedule' by early July</a></h3><p><img src="https://static6.businessinsider.com/image/608c1d3f35c46f0018c0b7fb-2400/GettyImages-1171045638.jpg" border="0" alt="GettyImages 1171045638" data-mce-source="KENA BETANCUR/AFP via Getty Images" data-mce-caption="JPMorgan CEO Jamie Dimon"></p><p>Time is running out for remote work for some on Wall Street as the biggest US bank has unveiled its <a href="https://www.businessinsider.com/jpmorgan-return-to-office-plans-may-july-rotation-memo-reopening-2021-4">most detailed timeline yet</a> about returning to the office.</p><ul><li><strong>Read more:</strong> <a href="https://www.businessinsider.com/bank-of-america-asking-employees-voluntarily-disclose-covid-vaccination-status-2021-4">Bank of America is asking employees to voluntarily disclose vaccine status</a></li></ul><hr><h3><a href="https://www.businessinsider.com/hedge-funds-citadel-millennium-raiding-big-banks-hiring-volatility-traders-2021-4">Hedge-fund giants like Citadel and Millennium are raiding investment banks for volatility traders</a></h3><p><img src="https://static2.businessinsider.com/image/608c210934af8d001859a2c9-2400/hedge funds versus bankers 2x1.jpg" border="0" alt="hedge funds versus bankers 2x1" data-mce-source="Phil McCarten/Reuters; Lucy Nicholson/Reuters; Erin Scott/Reuters; Michael Kovac/Getty Images; Denis Balibouse/Reuters; Samantha Lee/Insider"></p><p>Buy-side trading firms have poached a slew of star derivatives traders. The defections, which follow blowout volatility trading hauls in 2020, leave some banks shorthanded.</p><p><a href="https://www.businessinsider.com/hedge-funds-citadel-millennium-raiding-big-banks-hiring-volatility-traders-2021-4">Get the full rundown of all the moves here.</a>&nbsp;</p><hr><h3><a href="https://www.businessinsider.com/investment-banking-recruiters-hiring-goldman-jpmorgan-attrition-analyst-associate-vp-2021-4">Banks are racing to staff up as deal work surges, and one recruiting firm has even formed a 'SWAT team' focused on hiring associates and VPs</a></h3><p><img src="https://static5.businessinsider.com/image/5f74d2e90ab50d00184ad5f4-2400/headhunters and recruiters sourcing talent for wall street 2x1.png" border="0" alt="headhunters and recruiters sourcing talent for wall street 2x1" data-mce-source="Samantha Lee/Business Insider"></p><p>Investment banks are seeking backup as they struggle to retain junior staffers while deal work surges. High rates of attrition and fierce competition are sparking a talent war for young bankers. As one recruiter put it, there's "just not enough bodies in the market." <a href="https://www.businessinsider.com/investment-banking-recruiters-hiring-goldman-jpmorgan-attrition-analyst-associate-vp-2021-4">Get all the hiring market intel here.</a></p><hr><h3><a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-staffing-tech-talent-startups-2021-4">These 10 headhunters are helping fintechs like Coinbase, Stripe, and SoFi land big hires and stand out in the startup tech talent war</a></h3><p><img src="https://static3.businessinsider.com/image/608c536535c46f0018c0bb00-1200/top fintech recruiters2x1.png" border="0" alt="top fintech recruiters2x1" data-mce-source="Marianne Ayala/Insider"></p><p>Fintechs are increasingly relying on outside recruiting firms to attract top talent. Insider asked startups, venture capitalists, and industry insiders to nominate the top fintech headhunters in the US.</p><p>The list includes recruiters who work on everything from early-stage startups to mature financial firms with a focus on tech. <a href="https://www.businessinsider.com/fintech-headhunters-recruiters-hiring-staffing-tech-talent-startups-2021-4">Keep reading here.&nbsp;</a></p><hr><h2><a href="https://www.businessinsider.com/wall-street-hires-and-exits-blackstone-amex-bofa-citadel-sec-2021-4">Wall Street people moves roundup</a></h2><ul><li>Bank of America's <a href="https://www.businessinsider.com/bofa-head-of-rates-sales-andrew-isaacs-departs-bank-america-2021-4">head of rates sales</a> in the US is leaving the firm</li><li>Citadel hired a <a href="https://www.businessinsider.com/citadel-hires-dan-baranovsky-from-citi-equity-volatility-trading-pm-2021-4">new portfolio manager</a> who's an equity volatility expert</li><li><a href="https://www.businessinsider.com/wall-street-hires-and-exits-blackstone-amex-bofa-citadel-sec-2021-4">Rea</a><a href="https://www.businessinsider.com/wall-street-hires-and-exits-blackstone-amex-bofa-citadel-sec-2021-4">d</a><a href="https://www.businessinsider.com/wall-street-hires-and-exits-blackstone-amex-bofa-citadel-sec-2021-4"> our full</a><a href="https://www.businessinsider.com/wall-street-hires-and-exits-blackstone-amex-bofa-citadel-sec-2021-4"> </a><a href="https://www.businessinsider.com/wall-street-hires-and-exits-blackstone-amex-bofa-citadel-sec-2021-4">rundown</a><a href="https://www.businessinsider.com/wall-street-hires-and-exits-blackstone-amex-bofa-citadel-sec-2021-4"> of this week's hires, promotions, and exits here</a></li></ul><hr><h2>Other stories readers loved this week&nbsp;</h2><ul><li>London's <a href="https://www.businessinsider.com/wall-street-wants-people-back-in-the-office-for-now-london-doesnt-2021-4">finance sector</a> isn't rushing back to the office</li><li>Apollo's dealmaking <a href="https://www.businessinsider.com/apollo-global-management-ceo-leon-black-marc-rowan-apo-2021-4">went into overdrive</a> in the first quarter</li><li>Goldman Sachs President John Waldron laid out <a href="https://www.businessinsider.com/goldman-sachs-president-john-waldron-burnout-hiring-junior-talent-automation-2021-4">three ways</a> the bank is aiming to relieve junior workloads</li><li>Blackstone's Jon Gray is preparing for higher inflation. One way he's considering tackling it is by <a href="https://www.businessinsider.com/blackstone-jon-gray-real-estate-inflation-rent-growth-earnings-q1-2021-4">raising rents</a> on the thousands of apartments.</li><li>Morrison &amp; Foerster is starting to track its lawyers' <a href="https://www.businessinsider.com/mofo-time-logging-software-raises-surveillance-fears-new-normal-2021-4">calls, emails, and website visits</a> to squeeze out billable hours</li><li>Advisors to the wealthy are fielding a <a href="https://www.businessinsider.com/wealth-advisors-biden-administration-taxes-estate-planning-capital-gains-2021-4">frenzy of calls</a> from clients worried about estate planning and taxes</li></ul><p><a href="https://www.businessinsider.com/finance-stories-week-april-26-david-solomon-profile-banker-recruiting-2021-5#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/scorpion-venom-most-expensive-liquid-in-the-world-2018-8">Why scorpion venom is the most expensive liquid in the world</a></p>
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