Investment banks build defenses against private equity firms hiring their analysts covertly, years in advance.
Here's the story from the WSJ:
Inside the Wall Street Recruitment Wars Pitting Banks Against Buyout Firms
Recent graduates who haven’t started their gigs at big banks are being recruited for jobs that don’t start for another couple of years By AnnaMaria Andriotis, Ben Glickman and Alexander Saeedy
"Speed-dating-style interviews that can drag on until 3 a.m. Job offers that require a response within a day. A fear that your current boss might find out what you’re doing. All for positions that don’t even start for two to three years.
...
The tactics reached a fever pitch in recent years, kicking off earlier and earlier, prompting a crackdown this summer at big banks fed up with the poaching of their young employees.
Morgan Stanley implemented a formal policy in May that requires analysts to promptly disclose if they have secured future employment elsewhere, according to a person familiar with the matter. Analysts who are found to be in violation of the rule are at risk of disciplinary action, including being fired.
Goldman Sachs also recently decided to ask analysts every three months if they have accepted a future job at another firm. In a memo to this year’s incoming hires, JPMorgan Chase said analysts would be fired if they accepted future-dated job offers in their first 18 months."
HT: Bo Cowgill, Eric Budish
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