Goldman Sachs is reportedly implementing a new loyalty certification system for junior bankers, requiring them to confirm every three months that they haven’t accepted job offers elsewhere. The initiative is part of a broader effort to stem the tide of private equity firms poaching talent early in analysts’ careers, often during or even before their training begins—a practice known as on-cycle recruitment.
Not surprisingly the firm has yet to publicly comment on the policy.
But Goldman is not alone in this effort. JPMorgan Chase has taken a hard stance by issuing memos warning incoming analysts: accept a future-dated offer within 18 months and you’re out, even threatening termination for missing onboarding or training sessions.
The move reflects growing frustration on Wall Street as aggressive PE recruiting strategies disrupt traditional banking pipelines. Some buyout firms are approaching candidates before they even set foot on the trading floor, intensifying competition and raising retention concerns for major investment banks. Goldman’s quarterly “oath” marks one of the most formal attempts yet to push back on this dynamic.
Private equity firms, notably Apollo, General Atlantic, and TPG, have pulled back from “on-cycle” recruiting, delaying offers that once came two years in advance (reportedly in response to pressure from banks like JPMorgan).
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