First Step to Final Offer 10/1/24

CAREER OPPORTUNITIES

(RU Exclusive) Carlyle Webinar

Join us for an exclusive fireside chat featuring Sandra Horbach and Fred Crawford. This intimate conversation will cover insights into the world of private equity and provide invaluable advice for students and young professionals. Sandra and Fred will discuss their unique career journeys, emerging trends in recruitment, the growing impact of AI, and the essential role of diversity in shaping the future of private equity.

RecruitU Event Series

Join RecruitU Experts for a webinar series designed to educate and prepare sophomores for summer internship recruiting. Run by Former Head of Evercore Recruiting and Former Employer Partnerships at Colby and Bowdoin College.

• October 7 @ 7 pm ET: How to Prepare for Investment Banking Interviews Link  

• October 21 @ 5 pm ET: Preparing for Investment Banking Interviews, Part II Link

Class of 2027

• Houlihan Lokey (NEW) 2024 Investment Banking Women's Insight Day Link

• Blackstone 2024 Blackstone US Future Women Leaders Program Link

• Insight Partners 2026 Summer Investment Analyst Overview Link

• KKR 2026 Summer Analyst Program Recruiting Process Overview Link

• Societe Generale 2025 Sophomore Investment Banking Program Link

• Bank of America Global Markets Sales & Trading Rotational Sophomore Summer Analyst Program – 2025  Link  

• Goldman Sachs Possibilities Summits  Link

• Deloitte Consulting Discovery Sophomore Intern Summer 2025 Link

• Deloitte Discovery Intern (Sophomore) Consulting (Government & Public Services) - Summer 2025 Link

• RBC Capital Markets U.S. Pathways Diversity Award Program Link

• RBC Capital Markets U.S. Women’s Advisory Program Link

• RBC Capital Markets LGBTQ+ Sophomore Insights Program Link

• Goldman Sachs Emerging Leaders Series - Link

• Morgan Stanley Summer 2025 Applications - Link

Class of 2026

• RBC Capital Markets (NEW) 2026 Capital Markets, Global Investment Banking Summer Analyst Link

• Morgan Stanley 2025 Investment Management Summer Analyst Program - Fixed Income High Yield (Boston)  Link

• Goldman Sachs 2025 Internships  Link

• StepStone Group 2025 Private Equity Summer Analyst  Link

• Susquehanna International Group, LLP (SIG) Quantitative Trader Internship: Summer 2025  Link

• Bracebridge Capital 2025 Summer Investment Analyst  Link

• Blackstone 2025 Real Estate Finance Summer Analyst   Link

• BNY 2025 Summer Internship Programs Link

•  Deutsche Bank Internship Program Investment Bank: Commercial Real Estate - New York - 2025  Link

• MUFG 2025 Corporate, Investment Banking and Markets (CIBM) Summer Analyst Program  - Link

• Deutsche Bank Internship Program - Investment Bank: Origination and Advisory Capital Markets - New York 2025 - Link

• Deutsche Bank Internship Program - Investment Bank: Origination and Advisory - San Francisco 2025 - Link

• Lazard 2025 Institutional Client Group Summer Internship - Link

• Baird, Equity Research Analyst Summer 2025 - Link

• BCG Associate Internship - Link

• Bain & Company Associate Consultant Intern - Link

• Nomura Summer 2025 Analyst Roles - Link

• Citadel Securities Trading Fundamental Analyst - Link

• Loop Capital Summer 2025 Analyst Positions - Link

• Stifel Financial Corp Summer 2025 Analyst Roles - Link

• Citi Summer Summer 2025 Analyst Roles - Link

• StepStone Group Summer 2025 PE Analyst - Link

• Guggenheim Summer 2025 Applications - Link

• Oppenheimer Summer 2025 Applications - Link

• Abdiel Capital Summer 2025 Application - Link

• Long Ridge Summer 2025 Application - Link

• D.E. Shaw Summer 2025 Application - Link

• Point72 Summer 2025 Application- Link

TECHNICAL QUESTION OF THE WEEK:

MARKET NEWS

Powell Signals More Rate Cuts, but No Preset Path for Federal Reserve

Federal Reserve Chairman Jerome Powell indicated that further interest rate cuts could be expected as the Fed continues to assess economic conditions. However, he stressed that the central bank is not following a predetermined course and will remain data-driven in its decisions. While inflation remains a concern, Powell emphasized the importance of balancing monetary policy to stimulate economic growth without triggering instability.

Source: CNBC

U.S. Economy Grows at 3% Annualized Rate in Q2, Beating Expectations

The U.S. economy grew at an annualized rate of 3% in Q2 2024, surpassing expectations of 2.9%. The Bureau of Economic Analysis confirmed this growth rate, driven by strong consumer spending. Additionally, weekly unemployment claims fell to 218,000, the lowest since May. The data comes shortly after the Federal Reserve cut interest rates, with Chair Powell noting the economy is in “good shape” and inflation is declining.

Source: Yahoo Finance

Citigroup and Apollo Partner on $25 Billion Private Credit Expansion

Citigroup and Apollo Global Management are partnering to expand their reach in the private credit market, with plans to arrange $25 billion in financing deals over the next five years. This exclusive collaboration will target corporate and private equity clients, with participation from Mubadala Investment Co. and Apollo’s insurance arm, Athene. The initiative, initially focused on North America, highlights the growing demand for private credit as an alternative to traditional bank loans.

Source: Bloomberg

M&A DEAL OVERVIEW

M&A Activity Slows Ahead of U.S. Elections After Uneven Q3

Global M&A saw robust growth in Asia-Pacific and Europe in Q3, but U.S. dealmaking is expected to slow down as companies hold off on transformational deals until after the November 2024 elections. Increased regulatory scrutiny and political uncertainty are major factors contributing to the slowdown, particularly for larger deals. Despite this, private equity activity surged 42% in Q3, and bankers remain optimistic about a rebound in 2025.

Source: Reuters

AT&T to Sell Remaining Stake in DirecTV to TPG

AT&T is set to sell the rest of its stake in DirecTV to private equity firm TPG, marking a complete exit from the satellite TV business. TPG, which already holds a majority stake in DirecTV, will take full control as AT&T continues focusing on core services like 5G and broadband. The sale reflects broader industry trends of shifting away from traditional pay-TV as streaming gains dominance.

Source: The Wall Street Journal

ADDITIONAL RESOURCES

• Class of 2027 Application Tracker

• Finance and Consulting Application Tracker (NEW) 

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER: