HH #17

Banking:

Where We’re At: SA 2024 roles are drying up. In fact, this is the last edition covering SA 2024. The processes at BBs and EBs have long been over and smaller boutiques are the only shops still actively recruiting. Full-time recruiting is moving quickly with many banks posting tight deadlines. If you’re recruiting full-time, we strongly advise to put the foot on the gas and get those applications out.

Newly released apps:

• RJM & Co: Recruiting just kicked off for this small boutique (SA & FT openings)

• Standard Chartered: SA & FT roles just kicked off for this global bank (not a BB)

• Natixis Americas: This large, non-BB, also kicked off recruiting (SA only)

  See below to gain access to our premium database, updated bi-weekly, which houses the application processes for over 200+ banks/consulting/buyside firms! Gain an edge over everyone else by not having to spend countless hours tracking applications and deadlines.

Consulting:

Where We’re At: Almost all major consulting firms have released their apps and many deadlines have passed (including MBB). More niche and smaller consulting firms will continue to release apps in the coming weeks with opportunities tapering off in mid October.

Newly released apps:

• Accenture - Summer Analyst

• LEK - Summer Consultant Intern

• Brattle Group (primarily economic consulting) - Research Analyst (Full time)

• Booz Allen Hamilton - General Management Consultant University Hire (Full time)

Apply ASAP if you’re interested!

Buyside:

Where We’re At: Not much to add here as buyside SA recruiting is very fragmented. This week we saw very little volume from the buyside with only a few shops opening up apps for SA 2024.

Newly released apps:

• Abrdn: Large investment manager opened up its SA 2024 PE role

• Guggenheim Investments: Opened its corporate credit investing role

  

   

The database is updated bi-weekly and contains 200+ Investment Banking and Consulting internships/full-time positions along with:

• Interview tips for specific companies

• Interview prep material

• Applications and deadlines linked so that you can apply with one click

• Information about the application process

• Professionals to network with

• Buyside deadlines, interview prep, and people to network with for the sweatiest of students

We send the updated dataset every two weeks with the latest banking and consulting job postings. We released our 17th update yesterday.

Students we have been helping have already landed roles at Blackstone, Goldman, J.P. Morgan, Jefferies, Citi, and Solomon.

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This is a small investment for a huge payout when you secure your dream offer!

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UAW strikes and CLOs.

The UAW is the United Auto Workers union. Essentially, all the guys/gals that build America’s cars are members of this union which fights for fair labor contracts. Recently, the UAW has caused a ton of headaches for big American auto manufacturers such as Ford, Stellantis, and GM by asking for absurd adjustments to their contracts.

A few of the big asks include a 32-hour work week and a 36% pay raise (lmao)

What does this mean for the auto industry?

• Shittier 4Q23 and 1Q24 financials related to less production and higher expenses related to increased employee costs

• Used car values will increase on behalf of fewer new vehicles being produced

• More auto manufacturing jobs are likely to be outsourced to cheaper production geographies such as Mexico and China

Ok, let’s talk about CLOs.

A CLO is a collateralized loan obligation (nerdy finance lingo for a bucket of loans). CLOs buy leveraged loans from banks, bundle them up, and offer investors an opportunity to lock in solid yields correlated to the riskiness of the underlying loans. CLOs make up an enormous chunk of buyers within the leveraged loan market.

So what’s the news about CLOs and why are they important? 40% of CLOs are exiting their “end-of-reinvestment” period which means there will be far less liquidity (buyers) within the leveraged loan market.

Did I mention there is currently $800bn and $1.1tn (yes trillion) of leveraged debt maturing in 2024 and 2025, respectively?

So the question stands, how will all of this debt get refinanced in a higher interest rate environment with a substantially smaller group of leveraged loan buyers?

During an interview, be sure to form a view about the UAW strikes and lack of liquidity in the leveraged loan market!

Please reach out to us with any questions about recruiting or if you’re interested in meeting the team! ([email protected])

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Hoos Helpers

HH #17