Key Takeaways
- • Apollo, which manages $785 billion in assets, will not formally interview or extend offers this year for its Class of 2027 associate cohort, pulling back from on-cycle recruiting of first-year investment bankers.
- • The decision was communicated by email from co-head of private equity David Sambur and head of human capital Nicole Bonsignore, first reported by Bloomberg and obtained by Business Insider.
- • The move follows JPMorgan's warning that it would fire first-year bankers who accepted pre-dated private equity jobs, and comes after Jamie Dimon called the practice "unethical."
- • Apollo CEO Marc Rowan said the change is intended to improve recruit quality and reduce avoidable turnover caused by rushed career decisions.
Summary
Apollo Global Management, which manages $785 billion in assets, has told candidates for its 2027 associate class that it will not participate in recruiting for that cohort this year, according to a memo reviewed by Business Insider. The email was sent on a Wednesday by David Sambur, co-head of private equity, and Nicole Bonsignore, head of human capital. Business Insider obtained the memo, which Bloomberg first reported.
The decision departs from industry norms of "on-cycle" recruiting, in which private equity firms hire first-year investment bankers for jobs starting roughly two years later. Candidates typically must compete for these future-dated roles within a day or two of notification, sometimes resulting in missed vacations or late-night interviews. The timeline has moved progressively earlier, with recruiting now beginning before candidates start their first postgraduate jobs.
The move follows JPMorgan's decision to tell incoming first-year bankers that it would fire anyone who accepted one of these pre-dated jobs, and its effort to curb analysts leaving training to interview with private equity firms. JPMorgan CEO Jamie Dimon previously told Georgetown University students that the practice was "unethical" and that he might eliminate it regardless of what private equity firms did.
In a statement to Business Insider, Apollo CEO Marc Rowan said the firm was making the change to improve recruit quality and agreed with criticism from bank leaders that recruiting had moved earlier each year. He added that Apollo sees an abundance of talent, and that rushed decisions by strong candidates create avoidable turnover. The firm's letter said it remains "deeply interested" in candidates and looks forward to reconnecting about associate opportunities later.
According to one first-year banker quoted by Business Insider, peers who had been preparing to interview with Apollo were disappointed, while others were relieved.
The decision departs from industry norms of "on-cycle" recruiting, in which private equity firms hire first-year investment bankers for jobs starting roughly two years later. Candidates typically must compete for these future-dated roles within a day or two of notification, sometimes resulting in missed vacations or late-night interviews. The timeline has moved progressively earlier, with recruiting now beginning before candidates start their first postgraduate jobs.
The move follows JPMorgan's decision to tell incoming first-year bankers that it would fire anyone who accepted one of these pre-dated jobs, and its effort to curb analysts leaving training to interview with private equity firms. JPMorgan CEO Jamie Dimon previously told Georgetown University students that the practice was "unethical" and that he might eliminate it regardless of what private equity firms did.
In a statement to Business Insider, Apollo CEO Marc Rowan said the firm was making the change to improve recruit quality and agreed with criticism from bank leaders that recruiting had moved earlier each year. He added that Apollo sees an abundance of talent, and that rushed decisions by strong candidates create avoidable turnover. The firm's letter said it remains "deeply interested" in candidates and looks forward to reconnecting about associate opportunities later.
According to one first-year banker quoted by Business Insider, peers who had been preparing to interview with Apollo were disappointed, while others were relieved.
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