The last few investment banking graduate jobs still accepting applications for 2025

The investment banking recruitment process for 2025 is well underway, and applications for full time analyst positions are mostly closed already. If you want to work in an investment banking job - in M&A or equity or debt capital markets - the ship has sailed, pretty much. But not entirely.

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Some banks are still looking for full-time analysts for their investment banking divisions (defined as those working in an M&A or capital markets role) in 2025. 

Which banks are still hiring 2025 analysts?

Mostly the boutiques.

Ken Moelis’ bank, the imaginatively named "Moelis & Company", is seeking a number of full-time analysts to join it, with roles posted in the last two weeks or so. The bank is looking for investment banking analysts to join in New York, Houston, and Los Angeles.

Lazard is the other firm looking for a significant number of analysts. Although the majority of open roles are for the firm’s asset management division, it also has Paris-based new analyst opportunities in M&A.

Rothschild, meanwhile, is looking for investment banking analysts on three continents: in its Paris office primarily, as well as in Johannesburg and Hong Kong, all for 2025. It also had a similar opening for its Madrid office until very recently.

Of bigger banks, Goldman Sachs has one of the more prodigious 2025 new analyst offerings, with Munich, Paris, Frankfurt, as well as a host of APAC cities looking to recruit investment banking analysts for 2025.

Europe generally seems to be the most popular destination for new analyst roles. Morgan Stanley is looking for prospective young investment bankers in Frankfurt and Munich for 2025; Bank of America is looking for someone in Zurich; and Citi wants people in Frankfurt and Mexico. 

Of the major European banks themselves, only Standard Chartered is looking for a 2025 investment banking analyst, in London. The role was posted just two days ago.

Many big firms, including JPMorgan, Deutsche Bank, UBS, and HSBC are not looking for analysts, and neither are some boutiques such as Evercore and PWP. The Big Four firms, which are significant players in the midcap M&A market, do not have any positions open either. 

Why would banks need to increase graduate hiring?

Banks like to fill their analyst classes with the previous years' interns and in some years, banks don't hire extra graduates into their analyst classes at all. The fact that they're hiring extra graduates this year implies that, for whatever reason, this year's interns were insufficient.

But it might also be because investment banking activity is picking up.

Citigroup CEO Jane Fraser told Bloomberg yesterday that M&A clients were “on the front foot” to start moving after anticipated regulatory loosening, courtesy of the new Trump administration. An uptick in M&A activity needs more M&A bankers - and especially M&A analysts.

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