While August typically marks a time for travel and rest, this year is the first in many when people’s “out of office” email responses literally mean they’re away from the physical workplace. After years of lagging attendance post-COVID, reinforced return-to-office calls from major firms have driven this rebound, consistent with data from our recent surveys, highlighting the vast majority of buyside investment professionals now being asked to work from the office four or five days per week. Here in New York City, office attendance and foot traffic have rebounded; the number of NYC office commutes in July 2025 actually exceeded those of July 2019, marking a full return to pre-pandemic levels.¹ While some office lunch spots like Chipotle and Cava are seeing same-store sales drop,² other fast-casual chains like Sweetgreen and Pret A Manger are expanding locations in Midtown Manhattan, presumably a result of renewed demand from returning office workers.³

Meanwhile, bank profits hit record highs this summer, but will they still need as many bankers given AI’s capabilities? So far, Analyst hiring appears unaffected: our preliminary data shows group sizes at major banks are on par with prior years. Clearly, the sentiment is that much of the basic research, financial modeling, and presentation work can increasingly be automated, but as of this summer, the organizational pyramid remains intact.⁴  And for now, we can assure you this newsletter remains 100% written and compiled by humans.

Some finance professionals may be away on vacation this month, but others are just stepping into the beginning of their careers. In this issue of our newsletter, we present two timely articles offering insight into the junior investment banking talent pool, as well as the evolving buyside Associate recruiting landscape for these candidates:

Firstly, our annual survey of over 1,450 first-year investment bankers offers a detailed snapshot of the Analyst class of 2025. Secondly, on-cycle recruiting for the private equity Associate class of 2027 has yet to kick off, marking the latest start in recent years (on-cycle in 2023 and 2024 began in July and June, respectively). Top buyside firms like Apollo, General Atlantic, and TPG have set the tone by delaying recruitment to 2026 for their 2027 Associate classes. Despite resistance from some investment banks, most notably J.P. Morgan, Goldman Sachs, and Bank of America, the majority of Analysts report feeling supported by their bank when it comes to buyside recruiting. As candidate interest in on-cycle remains high, albeit with uncertain timing, buyside firms face a unique opportunity to reassess how they engage with junior talent.

We hope you enjoy the rest of the summer season.

The Odyssey Search Partners Team