Evercore's CEO John Weinberg made waves at a Goldman Sachs conference in December when he discussed his firm's unusual late-year recruitment push. Breaking from the typical hiring lull of November and December, Weinberg revealed he was personally involved in daily recruitment efforts, with plans to further intensify their talent search.
This aggressive hiring stance reflects a broader trend across Wall Street. Industry recruiters anticipate a significant uptick in hiring activity as 2025 approaches. Kevin Mahoney of Christoph Zeiss Partners reported an extraordinary 60-70% increase in hiring mandates, predicting a "bonkers" year ahead for recruitment.
The renewed hiring enthusiasm stems from several favorable market conditions. A combination of lower interest rates, accumulated demand, and optimistic expectations surrounding a potential Trump presidency has dealmakers feeling confident about 2025's prospects. Barclays' Americas equity capital markets head, Robert Stowe, projects US IPO volumes to reach $50 billion, marking a 20% increase from 2024's $41 billion.
According to top recruiters - including Mahoney, Meridith Dennes of Prospect Rock, and Brianne Sterling of Selby Jennings - several key trends are emerging:
Market Movement Timing
The industry expects significant personnel shifts starting January- February 2025, following bonus announcements. Early bonus indicators have left many bankers disappointed, partly due to extensive senior-level hiring consuming compensation pools.
Hot Sectors
Technology, Media, and Telecommunications (TMT) teams are seeing particularly strong hiring activity. This surge is partly driven by private equity firms' interest in these sectors as acquisition targets. The AI, cryptocurrency, and digital assets spaces are also attracting attention as potential areas for consolidation.
Healthcare, restructuring, industrials, consumer retail, and financial institutions are experiencing notable recruitment activity. Compensation surveys indicate tech and restructuring bankers show the highest pay dissatisfaction, potentially driving movement in these sectors.
Notable Recent Moves
- Union Square Advisors has strengthened its tech focus with key hires including Terry Jackson as managing director
- Houlihan Lokey expanded its technology presence, appointing Ryan Lund as US technology co-head
- Barclays brought on Rob Patterson for data and information platforms coverage and David King as global head of technology M&A
Junior Recruitment Drive
Major institutions like JPMorgan Chase and Goldman Sachs are actively recruiting junior talent across various divisions. Unlike the frenzied hiring of 2021, firms are emphasizing quality over quantity in their recruitment approach. Banks are particularly seeking associates and mid-level vice presidents with deal execution experience.
Looking Ahead
While deal volumes in 2025 might approach 2021 levels, firms are being more selective in their hiring to avoid past staffing challenges. Finding qualified mid-level talent remains a significant challenge, with senior bankers expressing concern about maintaining adequate execution capabilities for the anticipated deal flow.
The overall outlook suggests a dynamic year ahead for Wall Street recruitment, marked by strategic hiring across various sectors and experience levels, with a particular emphasis on technology and healthcare sectors.