JPM NY FIG Culture
Thinking about lateraling but curious to hear thoughts. A lot of older info on this forum, an updates to culture, people, hours, comp? They worked on all the great deals in the space in 2020
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Extremely sweaty
very sweaty.. most ppl want to get out of there. Curious - are you at another BB or a boutique right now? Asking cause most ppl who have worked for a couple of years in BB see little career benefit in lateralling to a higher tier BB. THe most common reason ppl lateral is to go to a bank with better culture, but you are planning to do the opposite.
so sweaty and a good amount go to MM's and some MF
good luck with it but I would weigh the pros and cons and see if that's what u want
Sweatttttyyyyy
JPM is sweaty and toxic in general, contrary to the public perception. FIG is on top of all other groups with the exception being M&A
I spoke with an associate that worked on that team for only a year and then moved to another banking team at JP. He said it was really sweaty, you would work long hours, mostly pitches, and most of those deals would not become live deals. He also came off as an ahole on the phone.
Newbie here, can someone define sweaty?
"A place you don't want to be" aka JPM FIG
The "sweaty" term means that it's like a sweatshop, which is "a factory or workshop, especially in the clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions."
Any information on exits/status of the group? Was wondering how it compared to historical powerhouses at JPM like M&A, HC, and FSG.
Most BB FIG groups are pretty bad. Unless u want to be in FIG for some reason, I would avoid the group flat out.
Why are fig groups always bad?
It's very niche, so the majority of the work is done in house. If you are working across insurance or banks/spec fin the data needed for benchmarking companies isn't easily available so a lot of time is spent going through filings to collect data. Lots of grunt work and in general the sectors you're covering outside of fintech are very dry.
Thought that it was bc you don't gain the same modelling exp. other industries do as FIG is balance sheet driven
Sweaty as hell. You'll pitch a ton to no avail but you'll also execute depending on your "core" deal team you usually work with. Great place to be if you're interested in FIG with great exits to FIG buyside shops but definitely a group which will work you to the bone
what do you mean by FIG buyside?
I just mean FIG-focused PE firms and/or a FIG pod at a HF depending on your interests
For whatever reason, all BB FIG groups are extremely rough in terms of culture -- JPM is no exception. I really can't think of why that is, except maybe the type of people drawn to working with insurance (where most of the deal flow happens) and banks are just relatively more serious / less fun people to be around? Has never made sense to me, and it is pretty consistent across all the firms. JPM's group is one of the better FIG groups (after only GS/MS), so not a bad place to be in that sector in terms of deal flow and exits.
Any view into MS FIG vs GS / JPM?
Bump
I spent years there. Ignore the title. Sweaty as hell. Brutal culture and they bleed analysts. Massive turnover but hired all of RBC FIG at junior level. Really sharp kids coming out of there with great experience. Inhuman middle management that’s also incompetent and lean on strong juniors while often doing little work themselves (natural quality drop off of people that had to stay vs those that left).
Avoid if you can but pressure creates diamonds. Though if you’re JP FIG middle mgmt I guess shit under pressure stays shit.
i cannot deride the culture enough. Stay away.
which vertical?
I posted anon for a reason fuckwit
this is helpful, thank you.
I see what you mean about the culture - can see why you were a good fit for the team.
if the culture is bad, why are juniors saying it is a good culture when i speak with them (spoke with all the verticals), and why do the fig team desperately want incoming interns, hows the return rate there for interns
if the culture is bad, why are juniors saying it is a good culture when i speak with them (spoke with all the verticals), and why do the fig team desperately want incoming interns, hows the return rate there for interns
Because they’re scared
Because interns leave, because it’s brutal
make sense?
extremely accurate
Have seen A&A’s transfer internally to M&A, tech and strategic investments
All the time
Happens all the time. Challenge is you need to wait a year before applying and the transition won't be immediate given it's internal and it will be in your long term best interest to insure there's an appropriate transition period.. If you're hoping to move to PE, it really makes no sense to jump as you'll likely be a year and half or two years in before you can reasonably expect to move.
M&A, ECM or LevFin will be by far the easiest as they would kill to have more people who are reasonably competent with FIG experience. Sponsors and Tech are manageable given how often you work with them. Others are a bit more challenging but certainly manageable at the analyst or associate levels.
Even if there culture sucks it seems like they have good PE exits perhaps even on par with M&A. Is that worth it or are there other industry groups with better/same PE placement and less brutal culture?
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