PB Banking Questions I haven't seen
Fellow Chimps,
I have seen some very helpful responses in my time lurking this forum. Hopefully, I can get some good help here.
I am a sophomore at a semi-target with about a 3.8 gpa. I have been researching different roles in Fin Services and have settled on PB.
I have seen most people saying that they have earned their SA roles through connections. Unfortunately, I currently only have one connection in a BB, and it is a lose one at that (1 phone call). I will also be gone for most of this summer in a country with questionable internet access. Does anyone have any advice?
Are there any distinct differences between the BB when it comes to PWM. Are there any distinct strengths or weaknesses? Or any specializations? I have read that Goldman only accepts clients with 10m or more but JP's clients are wealthier?
From what I have experienced goldman is around the 15mm range, not sure about jp, but db's alex brown is about the same. boa/baml have their ultra high net-worth areas called us trust and pbig with similar stats to goldman. pwm/pb consists of fairly fickle relationships from what i've seen and it's not uncommon for jumpers or 'rule the roost' type to form. just my opinion.
So it sounds like the differences are pretty minor when it comes to average invested assets. Are there any differentiations when it comes to types or demographics of clients? Also I think I understand your jumper metaphor, but what do you mean by rule the roost? Thanks for your help!
Not sure about demographics/clients, I'm pretty sure it's just get all the assets you can etc. by using all product lines available which seem to be fairly universal among the large banks. Rule the roost is usually there is the largest manager/managers that get to bully the 'little guy' by preferential allocations of ipo's, adjusted pricing etc. This may not be common or possible but I have seen it in one office.
Jumpers are those that get big bonus dangled in front of them to move assets over or get fed up with said roosters.
JPM is pretty widely considered the gold standard for PB. I think their minimum is $30mm. Also, I know they work in teams (client-facing, investments, etc), not sure if Goldman/others work the same. That said, outside of WS/the 0.1%, most people don't know the difference.
Thank you both for your comments. From what I have read it sounds like Goldman's minimum is $10m.
What about global presence? Do either of these firms have the edge in Asia or other emerging PB markets?
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