First Step to Final Offer 12/10/24

CAREER OPPORTUNITIES

Class of 2027 Opportunities

Opportunities released in the last two weeks:

• (NEW) Atlas SP Summer 2026 ASPire Internship Link

• (NEW) Barclays International Corporate Banking Analyst Discovery Program 2025 New York Link

• (NEW) Barclays Banking Analyst Discovery Program 2025 Houston Link

• (NEW) Barclays Banking Analyst (Capital Markets) Discovery Program 2025 New York City Link

• (NEW) Barclays Credit Research Analyst Discovery Program 2025 New York Link

• (NEW) Barclays Sales, Trading and Structuring Analyst Discovery Program 2025 New York Link

• (NEW) Barclays 2025 Empowering Leadership Fellowship Link

• (NEW) Barclays Global Transaction Banking Analyst Discovery Program 2025 New York Link

• (NEW) Barclays Banking Analyst Discovery Program 2025 Atlanta Link

• (NEW) Barclays Banking Analyst Discovery Program 2025 Los Angeles Link

• (NEW) Barclays Equity Research Analyst Discovery Program 2025 New York Link

• (NEW) Barclays Banking Analyst Discovery Program 2025 San Francisco Link

• (NEW) Barclays Banking Analyst Discovery Program 2025 Chicago Link

• (NEW) Barclays Banking Analyst (Coverage /M&A) Discovery Program 2025 New York City Link

• (NEW) Barclays Public Finance Analyst Discovery Program 2025 New York Link

• Deutsche Bank Internship Program - Investment Bank: Origination and Advisory Capital Markets - New York 2026 Link

• Deutsche Bank Internship Program - Investment Bank: Origination and Advisory - New York 2026 Link

• Deutsche Bank Internship Program - Investment Bank: Origination and Advisory - San Francisco 2026 Link

• Perella Weinberg Partners 2026 Investment Banking Summer Analyst: Houston Energy Link

• Perella Weinberg Partners 2026 Advisory Summer Analyst (US) Link

• Stout 2026 Investment Banking Summer Analyst (Chicago) Link

• Deloitte Deloitte Corporate Finance - Investment Banking 2026 Summer Analyst Link

• Ardea Partners 2026 Investment Banking Summer Analyst Program Link

• JPMorgan Chase & Co. 2025 Advancing Hispanics & Latinos Fellowship Program - Corporate Analyst Development Program Track Link

• Ardea Partners (RecruitU Partner) 2026 Investment Banking Summer Analyst Program Link

• BMO Capital Markets New York Summer 2026 Investment Banking Internship Link

• BMO Capital Markets Sophomore 2025 Elevate Internship Program - New York Link

• BMO Capital Markets Freshman 2025 Launch Internship Program - New York Link

• BMO Capital Markets Global Markets Summer Analyst Referrals - New York Link

• BMO Capital Markets Global Markets Summer Analyst – Chicago Link

• BMO Capital Markets Global Markets Summer Analyst – New York Link

  To see all 2027 opportunities, click here: Class of 2027 Application Tracker

Class of 2026 Opportunities

• UBS 2025 Summer Internship - Global Banking - San Francisco Link

• Barclays Banking Analyst Summer Internship Program 2025 San Francisco Link

• Leerink Partners 2025 Investment Banking Summer Analyst, Biopharma M&A Link

• Truist 2025 Credit Delivery - Real Estate Corporate & Investment Banking - Summer Analyst Program (Internship) Link

• Deloitte Deloitte Corporate Finance - Investment Banking 2025 Summer Analyst Link

• Houlihan Lokey Summer 2025 Financial Analyst (Class of 2026) - Corporate Valuation Advisory Services - Atlanta Link

• Lazard 2025 Financial Advisory Summer Analyst Program - New York Capital Solutions & Financial Sponsors Link 

• BDO Capital Advisors Advisory Intern, BDO Capital Advisors - Fall 2024 (Richmond) Link 

• Lazard, Inc. 2025 Summer Analyst - San Francisco Healthcare Link 

TECHNICAL QUESTION OF THE WEEK:

MARKET NEWS

Pimco Warns Trade War Fallout Could Lead to Deep Eurozone Rate Cuts

Pimco, the $2 trillion asset management giant, has issued a stark warning that the ongoing trade war, exacerbated by U.S. policies under Donald Trump, could force the European Central Bank (ECB) to reduce interest rates back to emergency levels in an effort to mitigate the impact on the Eurozone economy. Pimco’s Chief Investment Officer for Global Fixed Income, Andrew Balls, noted that the Eurozone’s economy is already suffering, with European assets seeing significant losses and the euro falling over 5% since late September. The firm anticipates further declines in the euro and expects the ECB to possibly reduce its deposit rate from 3.25% to as low as 1.75%. Pimco’s outlook also includes a grim view of the global economic situation, suggesting that the risks for Europe are likely more severe than the market is currently pricing in.

Source: Financial Times

JPMorgan Prefers Real Estate and Private Equity Over Direct Lending

JPMorgan Asset Management has signaled a shift toward real estate and private equity investments, viewing them as more attractive than direct lending in the current market. The firm believes these sectors have adjusted to the higher interest rate environment, unlike private credit, which has not seen similar repricing. Gabriela Santos, JPMorgan's Chief Market Strategist for the Americas, highlighted signs of stabilization and recovery in commercial real estate markets, further fueling the bank’s preference for these asset classes.

Source: Bloomberg

Apollo Begins Trading Blue-Chip Debt to Develop Private Credit ETF

Apollo Global Management has begun trading blue-chip debt as part of its strategy to create a private credit exchange-traded fund (ETF). In collaboration with State Street Global Advisors, Apollo aims to provide investors with access to high-quality private debt assets. This move comes in response to the growing demand for private credit investments, which were previously more accessible to institutional investors. Apollo's initiative reflects the broader trend of financial institutions working to open up private credit markets to a wider range of investors.

Source: Bloomberg

M&A DEAL OVERVIEW

Goldman Sachs Considers Selling ETF Launch Platform

Goldman Sachs is exploring options, including a potential sale, for its ETF Accelerator platform, which assists institutional clients in launching their own exchange-traded funds (ETFs). The platform is separate from Goldman Sachs' asset management ETF business, and its future does not impact the firm's own ETF products. No final decision has been made, and there are no immediate plans for change. The ETF Accelerator, launched in 2023, has facilitated the creation of ten ETFs for four clients, including Brandes Investment Partners and GMO. This initiative contrasts with the larger industry, which introduced 600 ETFs in 2024 alone. The platform's future is being reassessed to identify the best long-term option for Goldman Sachs and its clients.

Source: Bloomberg

Apollo, EQT, and Stonepeak Compete for GFL Environmental Unit

Apollo Global Management, EQT Partners, and Stonepeak Partners are reportedly competing to acquire a division of GFL Environmental Inc., a leading waste management company. This move underscores the growing interest in environmental services as a stable investment sector. The potential sale is part of GFL's strategic efforts to streamline operations and focus on core business areas. The outcome of this competitive bidding process is anticipated to have significant implications for the waste management industry.

Source: Bloomberg

ADDITIONAL RESOURCES

• Finance and Consulting Application Tracker

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER: