A few years ago, top investment bankers at Goldman Sachs Group Inc. wouldn’t even bother picking up phone calls from recruiters at smaller rivals. This year, managers at Jefferies Financial Group Inc., Evercore Inc. and PJT Partners Inc. say they’ve been inundated with CVs from the likes of Goldman, Barclays Plc and Credit Suisse.
Never in their careers have they seen so much interest from senior Goldman staffers, the bankers said, asking not to be identified discussing competitors. Those 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 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 last year’s eight top merger advisory firms, seven have changed their investment bank chiefs or shuffled their M&A leadership in 2023.
Read the full story on Bloomberg here.