Another private equity firm has slammed the brakes on the industry’s controversial recruiting practice for junior talent, Business Insider has learned.
General Atlantic, which manages roughly $108 billion in assets, emailed potential candidates for 2027 associate roles on Thursday, saying it would not be interviewing them this year as expected.
The decision follows a similar move by Apollo Global Management — upending the industry’s tradition of recruiting incoming investment bankers for jobs that won’t start for two or three years, after their investment banking analyst programs end.
The practice, known as on-cycle, has drawn criticism from investment banks who feel these firms are depleting their future talent pools before these young people have even started on their first jobs as bankers.
JPMorgan CEO Jamie Dimon has called the practice “unethical,” and last week JPMorgan Chase warned its incoming class of investment bankers that they would be fired if they took these future-dated jobs.
General Atlantic’s letter, signed by Annie Dahle Paydar, a managing director and global head of human capital, advised young candidates to focus on their current jobs as investment banking analysts, which are expected to start in the coming weeks.
“We encourage you to embrace this opportunity with energy, commitment, curiosity and an open mind,” the letter said. “These early experiences will shape your vision for your future and help inform the decisions you make about your next steps.”
“In support of that transition, General Atlantic does not plan to conduct formal interviews or extend offers this year for the Associate Class of 2027,” Paydar added. “This decision reflects our commitment to making long-term, thoughtful choices about the talent we bring into the firm and the culture we cultivate, while also allowing you the space to prioritize your development in this stage of your career.”
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