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Derivatives are not suitable for all investors and involve the risk of losing more than the amount

originally deposited and any profits you might have made. This is not a recommendation to offer

to buy, sell, or retain any specific investment or service.

It's summer.

And if you're an investment bank like Goldman Sachs or J.P. Morgan, that means one thing.

Every July, a select group of recent college grads who are looking to break into finance, start trainee programs for jobs as investment banking analysts.

They want people who are hugely interested in finance,

sort of obsessed with it.

And they also want young kids who are very, very smart,

who are coming from Ivy League schools,

and who are willing to dedicate a lot of time to the bank.

Now, these investment banks start recruiting early.

They tend to offer jobs to students while they're still in college.

It's a playbook that's worked well for them for a long time.

But lately, that plan has been disrupted by another type of firm, private equity.

The issue is that the private equity firms are basically picking off the best talent from the banks

before those individuals have even started working at the bank.

...