Matt Levine’s Money Stuff: Goldman’s Quarterly Loyalty Updates

On-cycle recruiting

In most jobs, the way your employer finds out that you have accepted a new job is that you come to them and say “I quit, I’m starting a new job in two weeks.” Investment banking analysts are unusual in that they traditionally accept their next job (in private equity) two years before it starts, and then spend those two years working away at their investment bank. So if the bank wants to find out whether or not they have accepted a new job, it has to ask them periodically. The banks have not always wanted to find ...