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Zack Fletcher, co-head of investment banking at Goldman Sachs, said the bank was focused on “talent talent” seeking “opportunities in Australia and abroad”.
Unlike larger markets, Australia’s small teams offer junior employees the opportunity to network with management, founders and directors. For example, Goldman structured its internships to give graduates exposure to real trading. The US bank believed that this method best represented the rigors of investment banking and allowed graduates to decide whether this was the career for them.
Reenie Paraskeva, managing director of Jarden’s general industry team, said the flatter organizational structure of Australian companies not only provided more face time with customers, but also allowed graduates to travel to London and beyond. He said it gives him more access to senior bankers than at a large investment bank in New Jersey. yoke.
“Clients have changed. They are more diverse and younger, and it’s important to have a team that can accommodate that,” Paraskeva said.
A Jarden banker spoke of the “unique bond” among alumni.
“There’s a certain intensity in investment banking that binds you together and you get right into the field. Deals are time-sensitive and we sometimes spend late nights together,” she said. .
mix it up
Gender-based diversity remained integral to the 2024 recruitment strategy, which has long suffered from a reputation as an elite men’s club.
Morgan Stanley offered the Women in Banking Scholarship, reflected in unique recruitment efforts across its Wealth Management, Investment Banking, and Capital Markets teams. Of Citi’s 17 first-year analysts, nine are women.
Nikki Ashton, managing director of Citi’s markets team, said the U.S. bank received about 4,500 applications for its latest round of internships, adding that Citi’s local women’s banking and market for students in the early stages. pointed out the program.
“Yes, we offer people the opportunity to start their careers, but reflecting on our experiences as young people can also help us think about how we continue to evolve the workplace,” says Ashton. said.
“So we get as much out of our graduates as we give them.”
UBS also promoted initiatives such as the three-day UBS Finance Academy and the annual UBS HSC Economics Day. The Swiss Bank’s Women’s Insights Program offers penultimate year students a two-day opportunity to meet senior female bankers from local companies, while the Investment Banking Development Challenge gives students insight into past UBS transactions. introduced.
All investment banks are now looking for people with more than a banking or finance degree.
Banks typically run 10-12 week internship programs in which students rotate within investment banking, markets, corporate finance, and capital markets. Despite the grueling long hours, the investment banking sector remains the most desired sector. Other interns are drawn to the fast-talking sales and trading desks.
“Certainly this is the biggest intake we’ve had…for a lot of people, it’s still a very cool thing,” Ms Ashton said of the graduates’ attraction to investment banking. In fact, 10 of the 17 soon-to-be analysts are in Citi’s advisory and capital markets department, and Jarden places nine out of 10 new graduates in investment banking and one in research. ing.
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