Wall Street banks and private equity’s tussle over junior talent

华尔街银行与私募股权企业争夺初级人才

Behind the Money

2025-07-23

23 分钟
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The competition for junior talent between private equity and Wall Street banks reached a new peak this summer. That’s thanks to a controversial recruiting practice that is causing both industries to find talent earlier and earlier. Now, powerful figures such as JP Morgan Chase CEO Jamie Dimon are publicly decrying the strategy. The FT’s Wall Street editor Sujeet Indap and banking editor Ortenca Aliaj explain the origins of this friction and what it says about the future of Wall Street and private equity’s top firms.   Clip from the Psaros Center for Financial Markets and Policy   - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: Wall Street vs private equity: can anyone stop the grad recruitment creep? Is investment banking still a jewel in Wall Street’s crown? Private equity abandons early recruiting after Jamie Dimon fightback - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Ortenca Aliaj on X (@OrtencaAl) and Bluesky (‪‬‪@ortenca.bsky.social‬), and Sujeet Indap on X (@sindap) and Bluesky (‪@sindap.bsky.social‬‪‬). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
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  • It's summer.

  • And if you're an investment bank, like Goldman Sachs or JP Morgan, that means one thing.

  • Every July,

  • a select group of recent college grads who are looking to break into finance start trainee programs for jobs as investment banking analysts.

  • They want people who are hugely interested in finance, sort of obsessed with it.

  • And they also want young kids who are very, very smart,

  • who are coming from Ivy League schools and who are willing to dedicate a lot of time to the bank.

  • Now, these investment banks start recruiting early.

  • They tend to offer jobs to students while they're still in college.

  • It's a playbook that's worked well for them for a long time.

  • But lately, that plan has been disrupted by another type of firm, private equity.

  • The issue is that the private equity firms are basically picking off the best talent from the banks before those individuals have even started working at the bank.

  • You heard that right.