The Euro Re-set

I’m sure I’m not alone in finding almost every second person I speak to has either just been in Europe, is there currently, or soon to jet off. We wrote in Q4 last year that there were clearly a large number of the banking cohort with plans to head overseas either on extended breaks after cutting ties with their IB roles post bonus or managing to secure the luxury of a 3-4 week break over the Euro summer period. Fast forward to mid-year 2023 and that has certainly been the case.

For those who bid farewell to their roles, in IB predominantly, it’s allowed them a welcome ‘re-set’ and chance to think through what life after banking (or back to banking/advisory in some cases) might look like, and it’s being done with the benefit of a clear head and out of the hamster wheel of life. What that means is on the whole, candidates are approaching their job searches with a more open mind / more time on their hands to really get to grips with what options there are for them. At JMES we spend a lot of time really breaking down the different options and what that style of investing or operating really means – buy-out / growth investing, real assets, credit, venture, domestic v global etc, the list seems to keep growing. With a team covering all streams of Private Capital and Real Asset investing, we’re well placed to share our insights into the difference and breadth of mandates as well as the culture of each fund.  We always try to tailor the job search for candidates to make it more effective and ensure our candidates are interviewing with firms with a better informed and thoughtful approach.

For those who have taken the long holiday path, we’re finding plenty of inbound interest in what their options are to consider over this second half of the year and in to 2024 now that they have returned. For some, that may mean staying in advisory but in a different platform, or for others the break allowed the space to plot their post-banking career destination.

The tougher economic climate and cooling M&A environment has seen a slew of senior bankers call time on the industry and head to pastures new and this in turn can cause the junior bankers to stop and think about the same. A market as well as a Euro re-set perhaps.

So as we hit the last 4 months of 2023, we’re seeing plenty of roles coming to market, perhaps a sign of more confidence around a 2024 market rebound, and a cohort of job seekers who are engaged and recharged post the Euro summer and ready for a career re-set.  

Feel free to connect with us here at JMES either to get a sense of what’s happening in your corner of the market or if thinking of hires for 2024 or a job move yourself!