The strategy follows a similar robust stance from JPMorgan Chase & Co, which has informed incoming graduates that accepting a job offer from another company within their first 18 months will result in the termination of their employment, Quartz reports.

The battle for talent is underscored by compelling statistics. A 2022 report indicated that a staggering 85% of investment banking analysts leave their positions within the first two years.

While a multitude of factors contribute to this high attrition rate, the financial allure of the buy-side is undeniable. For instance, a first-year private equity associate can command a total compensation package of between $275,000 and $390,000 (between around £200,000 and £290,000), significantly outstripping the earnings of their investment banking counterparts.