Citi mandated first-year investment bankers to disclose any future job offers, aiming to prevent private equity poaching that jeopardizes early careers. This attestation is part of broader protective measures against recruitment by private equity firms, similar to steps taken by JPMorgan and Goldman Sachs. The move is intended to create a fair environment and retain top talent while assessing individual cases. JPMorgan previously announced firings for junior bankers with future offers, highlighting evolving industry practices to combat poaching.
Citi became the latest bank to impose guardrails against private equity firms poaching junior bankers for future-dated roles - a practice that can cut early banking careers short before they've properly begun.
Goldman Sachs has also taken measures to protect against private equity poaching of young talent. Last week, the bank offered "select" young bankers an internal private equity career path to deter them from jumping ship.
These are just the latest dominoes to fall in this year's private equity recruiting tradition. It started with JPMorgan announcing in June that it would fire junior bankers who had accepted future-dated job offers.
The bank said each analyst's situation will be assessed on "a case-by-case basis," adding that the measure "is intended to foster a fair and transparent environment for all."
Collection
[
|
...
]