Survivor - Summer Intern Edition, Gas vs. Ben & Jerry's - Weekly IB Recruiting Brief

“I'm going to be working some strange hours over the next week or two, so don't ask me what I'm doing because I don't want to lie to you.” The Bank Job

Markets

• High oil and gasoline prices will need to rise even higher this summer to incentivize new production and discourage consumption. GS is now forecasting Brent crude oil prices will average $140 a barrel between July and September, up from its prior call of $125 a barrel. Brent is currently trading at about $120 a barrel. Worse, GS said summer retail gas prices are going to need to spike to levels normally associated with $160 oil in order to curtail demand. (CNN) Ben and Jerry's is now cheaper than a gallon of gas. Maybe it's time to stay home and eat ice cream.

Insights

• While GS is likely to be paying its front office interns around $20k for a 10- week internship based on its new first year analyst salaries, the Citadels are paying $14k a month, or more. 100 of this year's 290 internships are for technology professionals, and developer salaries for graduate trainees at Citadel appear to be around $200k.  (efinancial careers)

Inside Scoop

Investment banking summer internships are a bit like the show “Survivor”. " A group of castaways (bankers) inhabit an island (the office) where they are forced to compete against each other in a series of challenges. Funsies right?

Truthfully, most summer interns know what they’ve signed up for. Banks take considerable time recruiting top talent with the hope that a majority will convert into full-time hires. In a typical pre-COVID year, EBs / BBs tried to fill at least 60%-80% of their incoming class with their summer interns. It was always a bit of a cat and mouse. Banks tried to lock down commits while people with return offers tried to dance around and up-tier without pissing anyone off.

In times of economic uncertainty, as less need was anticipated, less full-time offers went out. Yet, over the past 2-years, the vast talent desert has forced some banks to reassess. Number 1) the market has not been good; deal flow is slowing. Number 2) Bad COVID hires and a lack of culling of poor performers has led to a ton of dead (expensive) weight. I believe this year banks will be evaluating their junior talent pipeline against their existing human capital. Call me Ishmael, but why not swap out the cheap, eager and trainable for the whiny, expensive and bad? Yet, it’s not that easy. The secondary market for summer offers and strong laterals with 2+ years of experience remains fierce. Either way, should get interesting.

(Inside Tip: banks don't want to see jumpers anymore stay put for at least 2 years).

Hot Jobs 6/7

Please PM me or shoot me an email at mdennes@harrisonrush.com and let me know which role you might be interested in. Must have at least 1-year prior IB M&A experience. Visas as noted below. If you are having a resume melt-down or career crisis check out GettingtheOffer.com.

Industrials Tech Associate U.S., Elite, Middle Market Bank

We are looking for an Associate to do industrials including auto tech, EV, Clean Tech and Industrial Tech.

Sponsor Coverage Great MM IB NYC

Looking for associates on the experienced side and VPs to do sponsors . Can be M&A or coverage bankers but need to understand sell side M&A

M&A Investment Banking rGlobal, U.S. Investment Bank

We are working on an M&A associate and analyst role with a U.S. bank in NY. The team consists of five bankers who have been together for ten years. They cover all industries with a recent emphasis on Fin Tech, Consumer and Real Estate. It is a great culture with interesting deals and top of the market compensation.

Corporate Development Role - Media, Entertainment Company

We are working on a corporate development role ideal for an experienced analyst and associate. We have two roles to fill. The roles are with a public, multi-biillior dollar, blue chip media and entertainment company. Great hours and work/life balance ( 60-70 per week) NYC area.

New HC Mandates

We are working on behalf of the Healthcare Team at a highly regarded, privately held, boutique investment bank in NYC to add at the Analyst, Associate and VP levels. The firm pays bulge bracket comp and can be very flexible on level. They are looking for star bankers and are looking to move quickly. Please IM or email me for more information.

U.S. Bulge Bracket TMT Roles -NY and San Francisco

- Vice President & Director - Internet

-Vice President -Media

-Vice President & Associate - Software

-Vice President and Associate - Crypto, Digital & Blockchain

M&A Associates and VPs in NYC or SF Elite Boutique (NYC/SF)

Tech Banking Mandate - San Francisco - Software Coverage

We are working on behalf of a highly respected global investment bank to find them someone to join their Technology coverage team, focusing on Software. The group will hire an Associate 2, 3 or VP1. The role is based in San Francisco. Please IM or email for more information.EB looking for a lateral generalist M&A Associates and VPs in NYC or SF. Must have solid execution experience.

Vice President, Middle Market Sponsors U.S. Prestigious Bank

Premiere U.S. Bank is looking to add a first or second year VP to their middle market sponsor steam. The role will focus on sell side M&A and sponsors in the 1Bn dollar range. They are open to hiring a M&A banker who wants to transition to sponsor coverage. The comp is bulge bracket base and bonus.

Crypto and Digital Assets Investment Banking (NYC)

We are working on a Sr. Associate-VP role in NYC to do Crypto and Digital Assets investment banking. The role is with a well-known MM investment bank and is on their tech enabled services team. It is a 17-person team that does a lot of Software for Fin Tech companies. Over the past year they have been getting more into Digital Currency and have started a platform designed to transition their Investment Management client companies towards digital. They have a role focusing 100% on Crypto and another to do more Fin Tech. 

Elite Bank M&A Investment Banking Analysts/Associates HC and Tech - NYC

Super prestigious investment bank (think EB with a balance sheet) is looking to hire investment banking Associates and VPs in Healthcare and Tech. They are VERY well known in these sectors and go head to head with BBs and EBs all the time. Will consider H1Bs from BBs or EBs. This name is worth it. Super cool culture, high growth, great comp. Diversity a plus! 

US Corporate Bank Sponsor / LevFin Global (Boston/DC/Santa Monica/Denver/Palo Alto)

Vice President 1 – Sponsor Finance. Working primarily on sponsor backed deals. Ideally in Boston, but we MIGHT be open to someone in Washington DC (Arlington, VA) office for the right candidate. Base to 150k.  Someone who’s been an Associate and ready to advance or as a VP for one year is ideal.  

Associate II – Lev Fin. Boston, New York.   TWO Openings.  Could take one junior person and one more tenured. Junior position up to 115k (1-2 years experience), senior up to 135k (3-4 years experience)

VP2 Sponsor position on the West Coast (Palo Alto, Santa Monica, Denver)

2-3 Associate Sponsor positions (Palo Alto or Santa Monica, Denver, Boston)

Associate Healthcare LevFin team (NYC) - Ideally someone junior, maybe 1 -2 years out of school who is going through or just completed a formal credit training program. 

VP TMT, U.S. Bulge Bracket (NYC/SF)

Bulge Bracket firm looking to hire a VP- Media. The media team is part of TMT. The VP will focus on: Music, Online Gaming, Sports, Entertainment, Info Services and Wireless. They are large cap M&A focused. The team has 7 MDs including two group heads. 5 of the 7 MDs were promoted from analyst and associate. They also have 5 Directors and 7 VPs. The VPs are all 2nd and 3rd Year VPs. The group has very low turnover. This VP is in response to deal flow. The VP will be dealing with clients and leading drafting sessions with clients. They want to VPs to be client focused. The Directors are originating their own business, so VPs are being prepped for client origination. Technical skills are important. 

VP Tech Elite Boutique (Charlotte/ NYC)

We are looking for a VP to do tech in any or Charlotte. They can come from any industry group but need excellent sell side M&A skills.

Fin Tech M&A Associate with a Top Global Bank (NYC)

We are working on a Fin Tech M&A Associate with a global bank with a robust balance sheet. They are executing on buy and sell side M&A deals in the Fin Tech and Asset Management space. This role reports to the group head. The candidate can have a large impact on the group and progress into a senior member of the team.