New Citi Bankers Must Disclose Future Job Offers Amid Private Equity Recruitment Concerns

Citi has introduced a new policy requiring incoming junior bankers to disclose any future job offers. The measure aims to protect against private equity firms poaching young bankers for future-dated roles. JPMorgan and Goldman Sachs have also implemented similar measures. The practice of private equity firms recruiting junior bankers for future roles has been criticized as unethical, with some firms announcing they will not begin interviews for 2027 candidates until next year.

Title: Citi, JPMorgan, and Goldman Sachs Implement Policies to Counter Private Equity Poaching

Citi has introduced a new policy requiring incoming junior bankers to disclose any future job offers. The measure aims to protect against private equity firms poaching young bankers for future-dated roles. JPMorgan and Goldman Sachs have also implemented similar measures.

The practice of private equity firms recruiting junior bankers for future roles has been criticized as unethical, with some firms announcing they will not begin interviews for 2027 candidates until next year. Citi, under the leadership of CEO Jane Fraser, has taken a proactive approach to mitigate this issue by asking incoming junior bankers to complete an attestation disclosing any future employment offers from other employers. This policy, aimed at fostering a fair and transparent environment, was revealed in a memo sent to analysts' managers on Monday [1].

The new policy at Citi is a one-time form, though it may be repeated annually, and each situation will be evaluated on a case-by-case basis. The bank's initiative comes as private equity firms increasingly target young bankers with lucrative offers, often before they have even started their banking careers. This trend has been a concern for investment banks like Citi, which are investing heavily in training their junior bankers [1].

Citi is not the only bank to implement such measures. JPMorgan, under CEO Jamie Dimon, has warned job-hopping juniors that they would face the boot if they accepted another position within their first 18 months at the bank. Similarly, Goldman Sachs, led by David Solomon, has asked its young bankers to sign documents disclosing any future employment they may have agreed to [2].

The competition for junior bankers has intensified, with private equity firms raising over $1 trillion globally in 2024, according to Preqin. This financial clout has led to aggressive recruitment strategies, including offering higher pay and diverse deal exposure. The intensified competition for talent highlights the rising appeal of private equity firms [1].

Goldman Sachs, in particular, has offered select young bankers an internal private equity career path to deter them from jumping ship. The bank has also seen strong financial performance, reporting record revenue of $14.58 billion in the second quarter of 2025. JPMorgan Chase, on the other hand, also beat estimates, with non-GAAP earnings per share (EPS) of $4.96 and revenue of $45.7 billion [3].

The measures implemented by these banks are part of a broader trend to retain talent amid fierce competition from private equity firms. As the financial markets continue to evolve, these banks are adopting proactive strategies to ensure they can attract and retain the best talent.

References:
[1] https://nypost.com/2025/07/21/business/citi-cracks-down-on-junior-bankers-over-private-equity-job-hopping/
[2] https://www.businessinsider.com/citi-junior-bankers-disclose-attest-private-equity-jobs-goldman-sachs-2025-7
[3] https://www.ainvest.com/news/goldman-sachs-profits-volatility-markets-2507/