Junior bankers are 'freaking out' and ditching summer training sessions amid rumblings that private equity recruiting is kicking off insanely early
, forcing junior bankers to call in sick or interview with firms in the middle of the night so they won't lose their day jobs.
What's clear is that some headhunters and private equity firms have begun reaching out to junior bankers for introductory calls and"coffee chats" — catching some of this year's first-year investment bankers off guard and sending them into a tailspin. Many banks, especially big bulge brackets, aren't supportive of the recruiting process and see it as a culling of their own future stars. For analysts to participate, it can mean missing work — or interviewing after work and late into the night. Getting caught can lead to severe consequences at certain firms, including being shown the door, said Asif Rahman, co-founder of recruiting coaching platform"Analysts can get kind of crafty about it," he said.
KKR, Permira, and Hellman & Friedman declined to comment, while Apax and the headhunting firms did not immediately respond to requests for comment."The problem with the finance industry is that nothing is public. So everything is like unconfirmed rumor," said the analyst."So you kind of just believe what you hear because it's like, there's nothing else to believe."
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