MARKET UPDATE
I have heard the term "BofA Bonus Trauma" a few times in the last few days. Bankers at BofA seem to be shocked and find themselves in a precarious situation. To quote The Clash, "Should I Stay, or Should I Go?" Strange things are afoot in the House of Moynihan. A few bankers have run for the exits (they had jobs lined up already), but most are taking a more thoughtful, measured approach to surveying the hiring market. In years past, when a bank has paid poorly, we typically get a flood of resumes within the next couple of days. This year is different for a myriad of reasons. This year, the hiring cycle will extend into the back half of the year. 2025 will be a good year for lateraling recruitment, but not as great as many predict (think 2018-2019, not 2021.) I expect the dance of musical chairs to hit its stride in mid-April into early July.
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