First Step to Final Offer 10/21/24

CAREER OPPORTUNITIES

RecruitU Partners Upcoming Event List (NEW)

Ardea Partners (Early Insight Programs) :

Thursday, November 21st @ 3pm–5pm EST, Ardea Partners | Diversity Insight Day  Link 

Application Deadline: October 31st

Guggenheim (Early Insight Program):

Sunday, November 13 @ 5:30pm–7:30pm EST, Guggenheim Securities Investment Banking Diversity & Inclusion Panel Link 

Application Deadline: November 6th

Evercore:

Tuesday, October 29 @ 1:30–3:30pm PST, 2024 Evercore Menlo Park Healthcare Virtual Sophomore Open House Link

Tuesday, October 29 @ 12:00–1:00pm EST, Evercore Private Capital Markets Virtual Sophomore Open House Link

Tuesday, October 29 @ 5:00–6:00pm EST, Evercore Equity Capital Markets Virtual Sophomore Open House Link

RecruitU Investment Banking Prep Series Overview (NEW)

RecruitU is excited to announce our Investment Banking Prep Series! Every Monday and Wednesdsay, RecruitU Mentors from Evercore, Morgan Stanley, Guggenheim, and JPM will be presenting on their experiences in banking and answering questions. Please RSVP below:

October 23rd @ 7pm EST, Lesson 4: Accounting Link

October 28th @ 7pm EST, Lesson 5: Accounting Link

October 30th @ 7pm EST, Lesson 6: Accounting Link

November 4th @ 7pm EST, Lesson 7: Accounting Link

November 6th @ 7pm EST, Lesson 8: Net Working Capital Link

November 11th EST @ 7pm EST, Lesson 9: Capital Structure, EV and EQV Link

November 13th @ 7pm EST, Lesson 10: Valuation Link

November 18th @ 7pm EST, Lesson 11: DCF Link

November 20th @ 7pm EST, Lesson 12: DCF Link

November 25th @ 7pm EST, Lesson 13: M&A Link

November 27th @ 7pm EST, Lesson 14: M&A Link

December 2nd @ 7pm EST, Lesson 15: LBO Link

December 4th @ 7pm EST, Lesson 16: LBO Link

December 9th @ 7pm EST, Lesson 17: Market Awareness Link

Class of 2027 Opportunities

• The Raine Group LLC (NEW) 2026 Summer Analyst (New York) Link

• William Blair (NEW) Investment Banking Summer Analyst, Private Capital Advisory, Summer 2026 Program Link

• William Blair (NEW) Investment Banking Summer Analyst, Financial Sponsors Group, Summer 2026 Link

• William Blair (NEW) Investment Banking Summer Analyst, Leveraged Finance, Summer 2026 Program Link

• William Blair (NEW) Investment Banking Summer Analyst, Equity Capital Markets, Summer 2026 Program Link

• William Blair (NEW) Investment Banking Summer Analyst, Life Sciences, Summer 2026 Program Link

• Moelis & Company (NEW) 2025 Leadership Development Program - Houston Link

• Moelis & Company (NEW) 2025 Leadership Development Program - Los Angeles Link

• Moelis & Company (NEW) 2025 Leadership Development Program - New York Link

• Moelis & Company (NEW) 2025 Leadership Development Program - San Francisco Link

• Moelis & Company (NEW) 2025 Leadership Development Program - Chicago Link

• Moelis & Company (NEW) 2025 Leadership Development Program - Boston Link

• Point 72 2025 Summer Internship - Private Investments Link

• RBC Capital Markets 2026 Capital Markets, Global Markets Sales & Trading Summer Analyst Link

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

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

• Insight Partners 2026 Summer Investment Analyst Overview Link

• Goldman Sachs Possibilities Summits  Link

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

Class of 2026 Opportunities

• Jefferies 2025 Jefferies Finance Summer Analyst Program - New York, Data Analytics Link

• Apollo Global Management (NEW) 2025 Summer Analyst, Apollo Capital Solutions Link

• StepStone Group 2025 Private Equity Summer Analyst  Link

• BNY 2025 Summer Internship Programs Link

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

TECHNICAL QUESTION OF THE WEEK:

MARKET NEWS

PIMCO Warns of Overvaluation in Private Credit Market

PIMCO has expressed concerns over the private credit market, stating that current returns do not adequately compensate for rising risks. According to Mohit Mittal, PIMCO's Chief Investment Officer, complacency in the market is growing, with many companies now unable to cover their interest expenses. The private credit sector has expanded to $1.7 trillion since 2019, yet the yield premium over public markets has diminished significantly, raising caution among investors. PIMCO favors high-quality public fixed income over private credit at this time.

Source: Bloomberg

Blackstone Plans IPOs for Major Investments Amid Market Recovery

Blackstone has announced intentions to take several of its largest portfolio companies public, signaling a cautious optimism as public equity markets strengthen. President Jonathan Gray noted that rising market prices act as a magnet for private firms to consider initial public offerings (IPOs). This move follows a challenging period where sluggish asset sales impacted the firm's overall profits, with realized performance fees reaching only $1.4 billion in the first nine months of 2024, up 4% from the previous year but significantly lower than pre-pandemic figures​​. As global stock markets have rebounded, Blackstone is well-positioned to capitalize on improved market conditions

Source: Financial Times

US Banks May Reduce Interest on Corporate Deposits

U.S. banks are contemplating reductions in interest payments on corporate deposits, a strategy that comes amid a backdrop of decreasing bank earnings. Recent market trends show that while deposit levels remain elevated, the cost of servicing these deposits has become increasingly burdensome due to the competitive landscape and rising interest rates. Analysts suggest that banks may need to recalibrate their deposit strategies to maintain profitability as they navigate these economic challenges.

Source: Financial Times

M&A DEAL OVERVIEW

Sanofi Enters Exclusive Negotiations to Sell 50% Stake in Opella

Sanofi has announced it is in exclusive discussions to sell a 50% controlling stake in its consumer healthcare division, Opella, to U.S. private equity firm Clayton Dubilier & Rice (CD&R). This deal values Opella at approximately €16 billion ($17.4 billion) and reflects Sanofi's strategy to concentrate on its core areas of innovative medicines and vaccines. Following the transaction, Sanofi will retain a significant ownership position and continue supporting Opella's growth.

The deal is expected to close by the second quarter of 2025, pending customary regulatory approvals. Opella, known for its well-established brands like Allegra and Doliprane, is a key player in the global over-the-counter and vitamins market, serving over half a billion consumers.

Source: Reuters

Stripe Secures Bridge in a $1.1 Billion Acquisition

Stripe has successfully acquired Bridge, a company specializing in stablecoin transactions, for approximately $1.1 billion. This acquisition enhances Stripe's capabilities in the growing cryptocurrency payment sector, enabling stablecoin support in over 70 nations. This significant move highlights the increasing momentum in the stablecoin market, particularly amid new regulatory developments in the European Union.

Source: Techopedia

ADDITIONAL RESOURCES

• Class of 2027 Application Tracker

• Finance and Consulting Application Tracker 

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER: