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A leaked PowerPoint presentation by a group of Goldman Sachs analysts in March 2021 kicked off a rebellion in the junior ranks. It left banks scrambling to retain talent by hiking pay, restricting working hours and hiring scores more dealmakers to take up the slack of brutal 100-hour weeks.
Two years on and most in the junior ranks of dealmaking teams — analysts, associates and vice presidents — have faced a reality check. When thousands of jobs were cut in the first quarter of 2023, many rookies were first out of the door. Meanwhile, investment banks are also considering cutting back graduate recruitment next year as deal activity slumps.
So far this year, investment banking fees have slid by 20% on an already challenging 2022. Senior dealmakers are not optimistic about a rebound any time soon.
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To contact the author of this story with feedback or news, email Paul Clarke
