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- First Step to Final Offer 2/4/25
First Step to Final Offer 2/4/25
Brooks Gammill
February 04, 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
RecruitU Partner Opportunities
RecruitU partners are companies that have recruiters actively using RecruitU to find students for their full-time and internship roles. So if you’re signed up, you have direct visibility with these companies.
Class of 2027 Investment Banking Opportunities
UBS 2026 Summer Internship - Global Banking - NY Link
PNC Financial Services 2026 M&A Summer Analyst Link
Truist Securities 2026 - Investment Banking - Summer Analyst Program Link
TD Securities 2026 Summer Analyst Program – Multiple Positions and Locations Link
Baird Internship – 2026 Summer Analyst Program – Multiple Positions and Locations Link
Class of 2027 Other Finance Opportunities
BNP Paribas 2026 Summer Analyst Internship – Multiple Positions and Locations Link
Bessemer Venture Partners Summer Analyst 2026 Link
PSP Investments Intern, Credit Investments – New York (June – August 2026) Link
The D. E. Shaw Group Fundamental Research Analyst Intern (New York) - Summer 2026 Link
Blackstone 2025 Women Innovators Program Link
Blackstone 2025 Diverse Innovators Program Link
PGIM 2026 Summer Investment Analyst Programs – Multiple Positions and Locations Link
JPMorgan Chase & Co. 2026 Asset Management Products Summer Analyst Program Link
To see c/o 2027 opportunities, click here: Class of 2027 Application Tracker
Class of 2026 Opportunities
Santander Bank Dealer Experience Intern Link
Santander Bank Strategy and Corporate Development Intern Link
Truist 2025 Commercial Real Estate - Structured Credit - Summer Analyst Program (Internship) Link
PGIM 2025 Summer Investment Analyst Programs – Multiple Positions and Locations Link
TD Securities 2025 Summer Analyst Program - Corporate Banking (New York) Link
Barclays Banking Analyst Summer Internship Program 2025 – Multiple Positions and Locations Link
BDO Capital Advisors Advisory Intern, BDO Capital Advisors - Winter 2025 Link
BDO Capital Advisors Advisory Intern, BDO Capital Advisors – Summer 2026 (Richmond) Link
TECHNICAL QUESTION OF THE WEEK:
Isn’t the Foregone Interest on Cash just an “opportunity cost”? Why do you include it? |
MARKET NEWS
Santander Appoints Christiana Riley as CEO of US Operations Amid Major Restructuring
Santander has appointed Christiana Riley as CEO of Santander US, succeeding Tim Wennes, as part of a broader restructuring. The bank will eliminate its regional divisions in Europe, North America, and South America, streamlining into five global units to simplify operations and enhance value. Riley, who joined Santander in 2023, will oversee the bank’s expansion in corporate and investment banking in the U.S., where Santander recently launched a digital bank. The reshuffle also includes leadership changes in Chile.
Source: Reuters
Wells Fargo’s Direct Debt Partnership Arranges $2.8 Billion Since Launch
Wells Fargo’s Direct Debt Partnership has arranged $2.8 billion in financing since its 2023 debut, highlighting strong demand for private credit deals. The partnership focuses on middle-market lending, providing customized debt solutions to clients outside of traditional capital markets. This initiative aligns with Wells Fargo's broader strategy to expand its footprint in the growing private credit space, tapping into opportunities beyond conventional banking channels.
Source: Bloomberg
JPMorgan Appoints Thakur Sole Head of Global Markets as Sippel Departs
JPMorgan has named Pranav Thakur as the sole head of its Global Markets division following the departure of Troy Rohrbaugh's co-head, Jason Sippel. Thakur, who previously led the bank’s Asia-Pacific markets business, will now oversee global trading operations. The leadership change reflects JPMorgan's strategy to streamline its markets division and strengthen its global footprint amid evolving financial markets.
Source: Reuters
M&A DEAL OVERVIEW
TJC Considers Sale or IPO of Radio Tech Firm Silvus
Private equity firm TJC is exploring strategic options for Silvus Technologies, a provider of advanced wireless communication systems, including a potential sale or IPO. The move comes as TJC seeks to capitalize on Silvus's growth in defense and commercial markets. The process is in early stages, and no final decision has been made.
Source: Bloomberg
BlackRock Eyes Expansion in Private Markets with New Fund
BlackRock is planning to launch a new private markets fund targeting wealthy investors, aiming to diversify beyond traditional assets. This move reflects the growing demand for alternative investments, as private equity and infrastructure gain traction among high-net-worth clients. The fund will offer broader access to opportunities typically reserved for institutional investors.
Source: Financial Times
ADDITIONAL RESOURCES
LAST WEEK TECHNICAL QUESTION OF THE WEEK ANSWER:
Correct Answer: C, 60% — If A is trading at 10x P/E and B is trading at 15x P/E, and B acquires A in an all stock deal at a 50% premium. A is $10/s and 120 shares. B is $30/s and 90 shares. What percentage of pro forma comp does B own?
Explanation: Company A is trading at $10 per share with 120 shares, giving it a market cap of $1,200. A 50% premium means B will pay $15 per share, totaling $1,800 for A. Since it’s an all-stock deal, B issues new shares to cover this amount. With B’s share price at $30, B issues 60 new shares ($1,800 ÷ $30). After the deal, B has 150 shares total (90 existing + 60 new). Therefore, B shareholders own 90/150 = 60% of the combined company.