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Goldman Sachs asked some graduate hires to start early because it needs extra staff

In a sign that the need for junior investment bankers is reviving, Goldman Sachs has asked some of this year's EMEA investment bank analyst hires to begin the program early.

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The analyst program at Goldman Sachs in EMEA typically begins in July every year, although there can be some flexibility on individual start dates. This year, sources due to start in July say that Goldman has been in touch asking if they can start sooner as it needs the staff.

Goldman Sachs declined to comment. It's understood that the firm often has some graduate hires starting ahead of schedule due to both business needs and differing graduation dates. It's not clear whether there are more of these graduates starting early this year. 

The attempt to nudge students into starting ahead of time in London looks positive for recruitment, though. Goldman cut 3,200 jobs last year, including junior bankers, after hiring additional staff during the pandemic surge of 2021 and 2022. The implication is that it now feels thin on the ground relative to the amount of work to do.

JPMorgan's European banking analysts expect investment banking revenues (M&A and capital markets) to rise 40% this year compared to last. M&A revenues at Goldman Sachs rose 23% in the first quarter, while equity and debt capital markets revenues rose 45% and 38% respectively. 

Recruiters say the revenue recovery means banks have stopped cutting junior staff. However, rather than hiring new talent from rivals, it seems the emphasis may be on trying to get already-scheduled graduate recruits through the door. Last time we looked, Goldman was only advertising for one new investment banking analyst in London.

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AUTHORSarah Butcher Global Editor

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