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- First Step to Final Offer 12/16/25
First Step to Final Offer 12/16/25
Brooks Gammill
December 16, 2025
Your weekly round-up of an M&A deal walkthrough, insightful market news summaries, technical quiz questions, and various internships, events, and diversity programs. A key resource to best prepare yourself for finance recruiting. If someone sent you the newsletter subscribe below!
CAREER OPPORTUNITIES
Class of 2028 Finance Opportunities
Lazard 2027 Financial Advisory Summer Analyst Program - Multiple Roles and Locations Link
Citi Banking - Investment Banking, Summer Analyst, Houston - US, 2027 Link
Jefferies 2027 Investment Banking Summer Analyst Program - Multiple Roles and Locations Link
Piper Sandler 2027 Campus Recruiting – Investment Banking Summer Analyst – Energy, Power & Infrastructure Link
Ardea Partners 2027 NY Summer Internship Link
ATLAS SP Summer 2027 ASPire Origination, Sales & Trading Internship Link
Union Square Advisors Investment Banking 2027 Summer Analyst Link
Citadel and Citadel Securities Equities- Citadel Associate Program- Summer Internship 2027 Link
Dodge & Cox 2027 Investment Associate Internship Link
Santander Bank Santander 2027 Investment Banking Summer Analyst - Los Angeles Link
Perella Weinberg Partners 2027 US Advisory Summer Analyst Link
Houlihan Lokey 2027 Summer Financial Analyst (Class of 2028) - Multiple Roles and Locations Link
To see c/o 2028 opportunities, click here: Class of 2028 Application Tracker
Class of 2027 Finance and Consulting Opportunities
CIBC 2026 Summer Intern - Multiple Roles and Locations Link
Blackstone 2026 Blackstone Finance - BXCI Finance Summer Analyst Link
Forvis Consultant Financial Services Regulatory Summer 2026 | Multiple Locations Link
LPL Financial 2026 Summer Internship - Multiple Roles and Locations Link
Boston Consulting Group Risk Management - Enterprise Risk Intern Link
West Monroe 2026 Business & Strategy Consulting Intern - Multiple Roles and Locations Link
UBS Private Wealth Internship Link
Huron Healthcare Summer 2026 Consulting Intern, Chicago (Spring 2027 Graduates) Link
StepStone Group 2026 Real Estate Private Equity Advisory Summer Analyst Link
Oliver Wyman 2026 Summer Analyst – Veritas, A Business of Oliver Wyman Link
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2026 Finance and Consulting Opportunities
TECHNICAL QUESTION OF THE WEEK:
How does an increase in interest expense affect a company's financial statements? |
MARKET NEWS
Goldman Sachs Restructures TMT Investment Group to Target AI and Infrastructure Deals
Goldman Sachs is overhauling its technology, media, and telecom (TMT) investment banking group, creating two new teams to sharpen its focus on digital infrastructure and artificial intelligence. The bank has merged its telecom and CoreTech units into a new Global Infrastructure Technology sector, led by partners Yasmine Coupal and Jason Tofsky. It has also formed a Global Internet and Media group, co-headed by Brandon Watkins and Alekhya Uppalapati.
The reorganization, outlined in an internal memo, is designed to align with the shifting deal landscape where data centers, semiconductors, and AI platforms are driving growth. Goldman says the new structure will enhance its client coverage and better position the firm to capture high-growth opportunities in tech-related M&A
Source: Reuters
Warner Bros. Deal Caps $4.5 Trillion M&A Surge in Blockbuster 2025 Finale
Global M&A activity surged nearly 40% to $4.5 trillion in 2025, with the year concluding on a dramatic note as Paramount Skydance launched a hostile bid for Warner Bros. Discovery. This aggressive move—meant to outflank Netflix—captured the themes driving the year’s record-breaking dealmaking: mega-transactions, regulatory tailwinds, and political influence. The tech sector led with landmark AI-driven deals, while firms like Goldman Sachs and JPMorgan warned of an overheated market. President Trump’s administration also played an active role, injecting the state into strategic M&A deals and reshaping approval norms. Despite early-year disruptions, dealmakers now eye 2026 with optimism and momentum.
Source: Bloomberg
M&A DEAL OVERVIEW
TowerBrook, Warburg Pincus, and Stonepeak Eye £4.5 Billion Exit from UK’s AA
TowerBrook Capital Partners, Warburg Pincus, and Stonepeak are preparing exit options for UK roadside assistance and insurance provider AA, in a deal that could value the business at £4.5 billion or more. The firms are in advanced talks to appoint JP Morgan and Rothschild for a strategic review, with potential outcomes including a trade sale, IPO, or partial stake sale in or after 2026. The exit momentum follows four consecutive years of growth, with AA servicing over 16 million customers and handling 3.5 million breakdowns in 2024.
Since acquiring AA in 2021, TowerBrook and Warburg have led a turnaround strategy marked by deleveraging, though the firm still holds £1.9 billion in net debt. Stonepeak invested £450 million in 2023, valuing the company at £4 billion. The prospective exit continues a trend of multi-sponsor ownership in the sector.
Source: Private Equity Insights
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: B, Decreases cash flow from operations. — How does an increase in accounts receivable affect a company's cash flow statement?
Explanation: An increase in accounts receivable decreases cash flow from operations because it means the company has recognized revenue on the income statement but has not yet collected the related cash. In other words, sales have been made on credit, so cash has not actually been received. On the cash flow statement, this increase in accounts receivable is treated as a use of cash and is subtracted from net income in the operating section, reducing operating cash flow even though reported earnings may look strong.