Citi has reportedly started asking junior bankers whether they already have lucrative job offers lined up elsewhere in a bid to crack down on aggressive recruitment by private equity firms.
The new policy at the banking giant led by CEO Jane Fraser was revealed in a memo sent to analysts’ managers on Monday that aims to “foster a fair and transparent environment,” according to a report by Bloomberg News.
The bank’s attestation process will be a one-time form, though it may be repeated annually, the financial news agency added, and each situation will be evaluated on a case-by-case basis.
The Jane Fraser-led firm introduced the new policy after an increasing number of private equity firms look to poach young bankers. Getty Images
The Post has approached a Citi spokesperson for comment.
The updated policy comes as the bank strengthens its investment banking division under new leadership.