Do European applicants have an advantage over US applicants for European MBB jobs?

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Not sure the confession bowl is the right crowd to ask - but typically locals of any area have a leg up on non-locals since they already have convincing ties to the area and are dialed in to cultural expectations. Even within the US you typically see recruiters ask that you have ties to a given state if you want to apply to a job there so they don't see you as a flight risk

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