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25-07-2023, 08:20 AM
UPDATED 10 HOURS AGO
NEW YORK - A few years ago, top investment bankers at Goldman Sachs would not even bother picking up phone calls from recruiters at smaller rivals. This year, managers at Jefferies Financial Group, Evercore and PJT Partners say they have been inundated with CVs from staff from companies such as Goldman, Barclays and Credit Suisse.
Never in their careers have they seen so much interest from senior Goldman staff, the bankers said, asking not to be identified discussing competitors. These smaller firms are talking to dozens of partners and managing directors across the industry at any given time and selecting the best from that crop, they said.
Welcome to the new normal in the world of investment banking. A slump in mergers and acquisitions (M&A) and the collapse of Credit Suisse have sparked an epic turnover of senior managers across the industry, spanning trading and advisory services. It goes all the way to the top: Of 2022’s eight top merger advisory firms, seven have changed their investment bank chiefs or shuffled their M&A leadership in 2023.
https://www.straitstimes.com/business/ma...0in%202022.
NEW YORK - A few years ago, top investment bankers at Goldman Sachs would not even bother picking up phone calls from recruiters at smaller rivals. This year, managers at Jefferies Financial Group, Evercore and PJT Partners say they have been inundated with CVs from staff from companies such as Goldman, Barclays and Credit Suisse.
Never in their careers have they seen so much interest from senior Goldman staff, the bankers said, asking not to be identified discussing competitors. These smaller firms are talking to dozens of partners and managing directors across the industry at any given time and selecting the best from that crop, they said.
Welcome to the new normal in the world of investment banking. A slump in mergers and acquisitions (M&A) and the collapse of Credit Suisse have sparked an epic turnover of senior managers across the industry, spanning trading and advisory services. It goes all the way to the top: Of 2022’s eight top merger advisory firms, seven have changed their investment bank chiefs or shuffled their M&A leadership in 2023.
https://www.straitstimes.com/business/ma...0in%202022.
