Apollo delays the appointment of young bankers after pressure from Jimmy Damon

Digest opened free editor

Rola Khaleda, FT editor, chooses her favorite stories in this weekly newsletter.

Apollo Global Management has told graduates that it would delay employment in Associats until next year, after a confrontation between Wall Street Banks and private stock companies on how to secure young talents.

Private property rights The groups had increasingly employing new graduates with the start dates after two years, allowing them first to complete a training program in an investment bank.

But this practice has become a source of friction with the best banks in Wall Street, as JPMorgan Chase told the two investment bank analysts last week that they would expel them if they accept their future roles elsewhere within 18 months of starting the bank.

Apollo wrote to students that “the employment of decisions in Apollo is among the most important of our work. With this, we will not conduct an official interview and the offers this year extend for the 2027,” Apollo wrote to students.

APollo, like KKR and TPG, was among a handful of higher investment companies that prompted the auxiliary recruitment process from the fall to summer and then to the spring window between university graduation and the beginning of investment bank training sessions in July.

Large companies insist that they were not one of the first owners of those devoted to crawling time employment, but they responded to others who jump in front of them.

FT previously mentioned that private stock companies, head requirements and students have reached the point of collapse with the cut timetable.

Jimmy Damon, CEO of JPMorgan, was explicit about his views on the process of employing private stocks, as companies offer graduate jobs before starting the investment banking services analyst program.

The operation was called “immoral” and argued that it had created a conflict of interests for graduates who can find themselves working on deals that involve the employer in the future.

The senior executives at Wall Streets Banks also expressed his frustration by the hectic recruitment cycle, mainly training analysts and the loss of their best talents in acquisition groups.

But most of them have stopped threatening analysts to finish or speak against them, because these companies are important clients.

“When someone says something clearly correct, I feel I have to agree on,” said Mark Rawan, CEO of Apollo, said on Wednesday.

“The banking executives, alongside others, have said what many of us think: Early employment has infiltrated early every year and students are asked to make professional decisions before they really understand that their options do not serve them or our industry.

“We are in a lucky position where we see an abundance of talents. But when the great candidates make fleeing decisions, it creates a rotation that can be avoided – and no one serves.”

Apollo said in his message that he is expected to remain in contact with potential candidates and remains “deeply interested in getting to know the talented individuals like you” and are looking forward to “re -calling the way to explore the opportunities together.”