Apollo pulls the plug on a recruiting practice that led to JPMorgan crackdown: See the memo

Core Viewpoint - Apollo, a leading private equity firm managing $785 billion in assets, is discontinuing its controversial recruiting practice for the 2027 associate class, which has faced criticism from industry leaders like JPMorgan Chase CEO Jamie Dimon [1][4]. Group 1: Recruitment Changes - Apollo communicated via email that it will not participate in recruiting for the 2027 associate class this year, encouraging candidates to take time to understand the business world and reflect on their career passions [2][8]. - This decision contrasts with the industry norm of "on-cycle" recruiting, where first-year investment bankers compete for future positions shortly after starting their jobs, often leading to stressful situations [3][5]. Group 2: Industry Reactions - JPMorgan recently warned its incoming first-year bankers that accepting pre-dated jobs would result in termination, highlighting a growing concern over the ethics of early recruiting practices [4]. - Apollo's CEO, Marc Rowan, stated that the change aims to improve the quality of recruits and address concerns raised by Wall Street leaders regarding the rushed decision-making process for candidates [5][6]. Group 3: Future Outlook - Rowan emphasized that Apollo is in a strong position to attract talent and that avoiding rushed decisions will help reduce turnover, benefiting both candidates and the firm [7][6].