J.P. Morgan vs. Goldman Sachs

Very difficult decision to make, but still good position to be in.

Btw, I heard that starting next year, GS analysts are getting a sick raise. Would choose them if true.

What is exactly sick? 85 vs 80?

Depends truly on the people at each and what desk you want to be on. If you either one allows you to skip the rotational basically and jump right to the desk you want would go with that choice.

This really depends on what GS is willing to give you. Their FICC department has been going through a rough patch (at least until recently) and there are plenty of fixed income products where their market share is lower than JPMs. But as Marcellus Wallace said, if you can get directly on a desk you want to join, that is gold. Just note that the interview process at GS outside of normal recruiting can take a very, very long time. Stall on the JPM offer as long as you can and make the people at GS know in interviews that you are sitting on that offer. If your rapport with them is good enough and a particular desk likes you, things could work out.

Rumored to be base of $85k. With their below average bonuses that puts them on par with other BBs for all-in comp. You would be an absolute idiot to switch banks just because of a $15k pay increase.

Making the effort to switch from JP to GS would require a clear advantage to moving... and I fail to see it.

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Did you like your desk during your internship? If you did, stick with JPM. Contrary to belief on here, in SnT prestige means jack shit; product is the trump card and whether you have a book.

JPM is a great shop so don't burn that bridge for an interview.

JPM. No clear advantage for jumping to GS. Their prestiges are about the same. And the people matter ALOT.

If you like the people on your desk: stick with JPM

azzyyyyy:

I interned at JP this summer and received a FT offer. However, have some good connections at GS who want me to interview FT with their group.

Based on the current status of FICC across the board (I would want to trade within FICC), which is a better choice? Also considering culture, pay, exit opps etc, should i sign the JP offer or explore FT interviews at GS?

Also keep in mind that I loved working at JP and have some people who helped me get there, who may potentially be disappointed if I leave. I'm thinking i know what kind of answers i will get in this thread but am wondering if there are any game-changers that I'm not aware of.

If you have such good connections at GS, where were they when you needed an internship a year ago?

its amazing how many kids base their decisions on differences of 10-15k in comp, and thats pretax 10-15k!!!

I remember when RBS came out with base salaries at 60k gbp in the UK and kids would actually choose that over other banks.

Stick with JPM. Your job satisfaction depends a lot on the people you work with.

don't they get their numbers in jan bc of the new fiscal year shift?

Goldman usually has the "Goldman discount" but should be rather comparable

Wth is the Goldman discount? At the junior levels, pay is comparable across all the BBs.

Thinking that Goldman pays more because it's Goldman is wrong. Because of their great image, they can afford to pay their juniors less than other banks. This is the "Goldman discount". But frankly, I don't think they take advantage of this at Goldman.

There is indeed no difference at junior levels.

^^ Know for a fact that it does exist - especially around assoiciate - VP level

How significant are you talking?

It really depends upon the group you are assigned but if I was given the choice again I would go GS.

Virtually all M&A modeling is done within coverage at GS. At JP, it depends largely on group, where M&A and coverage may share responsibility over the model or not at all.

Outside of the prestige advantage, that's a huge plus for GS.

The only three groups I might even consider at JP head to head are M&A, LevFin/Sponsors, and maybe Healthcare.

GS won't make you work on Saturdays! I never thought I would say that in my life.

You worry way too much. That's like asking whether a Lamborghini or a Ferrari is better or asking whether Kate Upton or Faye Reagan is hotter. If you get an offer just go with it. If you get two offers save yourself time and flip a coin.

Bateman Begins:

asking whether Kate Upton or Faye Reagan is hotter.

Best part about GS is that when you're talking up a smoke, and you tell her what you do... they can't say, "No way.. I go there all the time to cash my $274.45 paycheck every week. Everyone there is so nice!!!"

-Gramm Leach Bliley... Cockblock since 1999

GS. You'll get paid more than JPM (at least from what I've seen in terms of analyst bonuses recently), get pretty much consistently better exits out of any group, have a name that carries more weight on your resume, a nicer building, and the instant ability to make any insecure individual at a rival sell-side firm except Blackstone envious of your position.

well for IBD you guys can go at it but JPM is my all around favorite as a company for their asset management and private banking side as well as retail arm

I like JPM too! They gave me a bag a freebie when I opened my student checking account!

GS

Old but still great: http://www.leveragedsellout.com/2005/09/the-boutique/

No JPM is not a boutique, but it makes me think of atms and auto loans.

I don't really have any knowledge on this, but I would assume GS compensation would come down a little bit after the supposedly reduced hours. I might be completely wrong though.

I would agree, I imagine in the following years we will see GS compensation begin to decrease (unless this compensation thing is not taken seriously). Then again, if other banks take this measure, their compensation would probably decrease as well.

I'm going to have to say that neither one of these companies are good, let alone wins my heart. Neither one can keep their word. One pulled a credit line on me and the other fucked me in the ass (with no reach around) despite good branding, if I was starting over again I would go straight to a hedge fund instead of dicking around with these two commercial banks.

-- Dick

Lehman bros

Does anyone actually have any info on GS vs. JPM in London? I'm pretty sure there's no separate M&A team at JPM there, so I would imagine that all modelling is done in coverage groups (or maybe country ones); at the same time GS only has 2 industry teams in M&A in London (FIG / NR) and a generalist pool for everything else. Also, how good are JPM TMT / DI in London in terms of experience and exit opps?

Depends if you want to work for a retail bank or an investment bank.

GS, JPM, MS, BoA, who cares? Just try to get into one of these banks first. Stop with the crap investment bank/retail bank. JPM is only a retail bank in the US.

You can't go wrong with either of your choice, both firm has a great culture and a very competitive scene

May I ask what attracts you to credit structuring? and which location?

JP all the way. Stay the hell away from internal audit.

Really depends on what you want to do. Internal audit can get you pigeonholed but it can position you well to become a CFO down the road. Risk can vary but if you work in credit risk it's definitely the better choice.

Take JP Morgan. Internal Audit just sounds depressing.

Risk Analyst could lead to a lot better opportunities in finance. HF, AM, PE. Take JP Morgan all day.

Goldman or bust. ALWAYS