Below is Travillian’s latest release of U.S. Calling Officer-Level FIG Investment Banking Hires for the past year. We likely missed some, so please feel free to share any additions.
The deal environment is finally trending positively, and the investment banking community is on the offensive again. Looking ahead, the FIG deal environment is expected to accelerate through 2026, driven largely by a more favorable regulatory environment and continued private credit expansion.
Hiring will follow in lock step. We expect the “talent wars” to be back on. Not to the level of 2021 quite yet, but we’re getting there. To secure “A” players, investment banks will need to run a first-class hiring process (this matters more than you think!) and be prepared to make “highly competitive” offers.
Here are some observations on a highly unique year in investment banking hiring:
• Summer 2024: We observed a moderate surge in MD-level hiring, driven by rising market confidence, a burst of M&A activity, and expectations of interest rate reductions.
• Post-Election: Hiring occurred primarily in early 2025, but demand surged for execution bankers in particular. Execution teams had become lean but less effective. Activity, driven largely by optimism, shifted so dramatically that the priority became addressing resource gaps by providing much-needed support for senior bankers. Several group heads also noted that their primary focus was maximizing the productivity of their current teams.
• Spring 2025 – Tariffs: Senior-level hiring initiatives gained momentum, and the outlook was bright, but tariffs halted progress. Likely due to caution from over two years of slumping revenue, the uncertainty caused by tariffs led to a significant pullback. We had several investment banking mandates paused or canceled.
• Summer 2025: The industry moved forward confidently. As tariff concerns subsided and regulatory relief became the new reality, we observed a more consistent growth posture across FIG.
• New Entries: Cantor Fitzgerald (8 hires) and Solomon Partners (5 hires) emerge as new players in FIG, taking advantage market softness and specific disrupters to attract talent.
