First Step to Final Offer 12/31/24

CAREER OPPORTUNITIES

Class of 2027 Opportunities

Opportunities released in the last two weeks:

• (NEW) Ducera Partners 2026 Investment Banking Summer Analyst - New York Link

• (NEW) Ducera Partners 2026 Investment Banking Summer Analyst - San Francisco Link

• (NEW) Ducera Partners 2026 Investment Banking Summer Analyst - Los Angeles Link

• (NEW) Deutsche Bank Deutsche Bank Internship Program - Investment Bank: Origination and Advisory - Chicago 2026 Link

• (NEW) UBS 2025 Tomorrow‚Äôs Talent Program ‚Äì Investment Banking Insights Day Link

• (NEW) Jefferies Class of 2027: Investment Banking Summer Analyst - New York, Equity Capital Markets Insight Session Link

• (NEW) Houlihan Lokey 2026 Summer Financial Analyst (Class of 2027) | Corporate Finance, Chicago Financial Services Link

• Lazard 2026 Financial Advisory Summer Analyst Program - San Francisco Healthcare Link

• Lazard 2026 Financial Advisory Summer Analyst Program - San Francisco Technology Link

• Lazard 2026 Financial Advisory Summer Analyst Program - New York M&A / Restructuring Generalist Link

• Lazard 2026 Financial Advisory Summer Analyst Program - Minneapolis Link

• Lazard 2026 Financial Advisory Summer Analyst Program - Los Angeles Link

• Lazard 2026 Financial Advisory Summer Analyst Program - Houston Power, Energy & Infrastructure Link

• Lazard 2026 Financial Advisory Summer Analyst Program - Chicago Healthcare Link

• Lazard 2026 Financial Advisory Summer Analyst Program - Charlotte Technology Link

• Lazard 2026 Financial Advisory Summer Analyst Program - Boston Technology Link

• Lazard 2026 Financial Advisory Summer Analyst Program - New York Corporate Strategy & Strategic Acquisitions Link

• Cantor Fitzgerald Summer 2026 Investment Banking Internship Link

• William Blair Investment Banking Summer Analyst, Summer 2026 Program Link

• William Blair Investment Banking Summer Analyst, Private Capital Markets, Summer 2026 Program Link

• Lazard 2026 Financial Advisory Summer Analyst Program - Chicago Restructuring & Liability Management Link

• TD Securities 2026 Summer Analyst Program (Investment Banking, Global Energy – Houston) Link

• MUFG 2026 Intrepid Investment Banking Summer Analyst Program | New York, NY Link

• MUFG 2026 Intrepid Investment Banking Summer Analyst Program | Los Angeles, CA Link

• Atlas SP Summer 2026 ASPire Internship Link

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

Class of 2026 Opportunities

• (NEW) CIBC 2025 Investment Banking Summer Analyst - Energy, Infrastructure & Transition (NY) Link

• Financial Technology Partners 2025 Research and Business Development Summer Analyst Link

• Piper Sandler Campus Recruiting – 2025 Investment Banking Summer Analyst – Private Funds Group New York Link

• Piper Sandler Campus Recruiting – 2025 Investment Banking Summer Analyst – Secondary Capital Advisory Group New York 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

TECHNICAL QUESTION OF THE WEEK:

MARKET NEWS

JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo Capture Largest Share of Profits in Nearly a Decade

JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are on track to capture their largest share of the banking industry's profits in almost a decade, collectively reporting $88 billion in profits for the first nine months of 2024. This marks a significant consolidation of market power, as these four banks now account for 44% of the industry's profits, the highest share since 2015. The dominance of these banks highlights the increasing importance of scale in an industry facing rising regulatory and operational costs. With non-bank lenders like private credit firms gaining influence, the competitive landscape in banking continues to evolve.

Source: Financial Times

Private Equity Payouts Fall Short by 50% in 2024

Private equity funds have cashed out only half the typical value of investments in 2024, marking the third consecutive year of disappointing payouts. The industry has struggled with a deal drought, as rising interest rates and falling corporate valuations have made it difficult to strike deals at favorable prices. Cambridge Associates estimates a $400 billion shortfall in payouts over the last three years compared to historical averages. Although dealmakers are hopeful that M&A activity will pick up in 2025, some are concerned that many assets remain overvalued, potentially delaying the industry's recovery.

Source: Financial Times

M&A DEAL OVERVIEW

KKR and Bain Submit $5 Billion+ Bids for Seven & i Holdings' Assets

Private equity firms KKR and Bain Capital have each submitted first-round bids surpassing $5 billion for the non-core assets of Japan's Seven & i Holdings. KKR proposed approximately 800 billion yen ($5.1 billion), while Bain offered around 1.2 trillion yen. These bids exceed the retailer's anticipated enterprise value of 500 billion yen. Seven & i plans to spin off its non-core businesses, including 31 subsidiaries under York Holdings. The founding family is also considering taking the company private to counter a $47 billion takeover bid from Canada's Alimentation Couche-Tard. Binding proposals are expected by February, with a final decision anticipated by spring

Source: Reuters

ADDITIONAL RESOURCES

• Finance and Consulting Application Tracker

LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER: