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They are only in their early to mid-20s, but some young bankers on Wall Street are the most sought-after financiers around, with lucrative pay packages dangling before them.
The New York Times reports that junior investment bankers who graduated from college only last year are being madly courted by private equity firms like Apollo Global Management, the Blackstone Group, Bain Capital and the Carlyle Group in a scramble that kicked off last weekend. After back-to-back interviews, many are now fielding offers for jobs that won’t start until the summer of 2016.
This process has become an annual rite by private equity firms, which raise money from investors (like pension funds) to buy entire companies. But it has grown more frenzied since the financial crisis, and it started this year weeks earlier than many in the industry had expected. Fearful of missing the best talent being developed at investment banks, the giants of private equity have turned Wall Street’s white-collar entry-level workers into a hot commodity.
'It’s as if these were star athletes,' said Adam Zoia, chief executive of the recruiting firm Glocap Search, who helps private equity firms hire young workers. 'The irony is they are professionals six, seven months out of undergrad. It’s hard to imagine you can tell if someone’s a star or not.'
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