Lured by offers that can double salaries.
Wall Street’s Class of 2013 is being poached earlier than usual by private-equity and hedge funds, showing it’s going to take more than Saturdays off for the biggest banks to keep their most ambitious employees.
Bloomberg News reports that the rookies, who typically graduated less than a year ago and already earn at least $100,000 annually, are being lured by offers that can double their salaries, bankers and headhunters said.
Apollo Global Management, which finished raising an $18bn fund in December, began interviewing investment-bank analysts in February, helping kick off investment firms’ recruitment about a month earlier than in past years.
'Their best and brightest are getting picked off', said Paul Emery, 28, a former Morgan Stanley analyst now at Stanford University’s business school. 'Those kids are groomed over two years to be perfect workhorses for private equity'.
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