Why do JPM employees love the bank???

I was a HBS employee and hated it. I resigned

I know a guy who rejected a full time offer from them after this summer. I hear they're good in sales and trading though.

What's an HBS employee?

HBS = Heritage Bear Stearns

how is the culture terrible? this is the bank im actually focusing on the most in terms of SA recruitment/networking. dont all analyst gigs involve being overworked and lots of face time?

HBS also = Harvard Business School... Take about overlap.

This is only my perspect through recruiting and discussing with friends in the industry...it seems that the bank has acquired, merged, and undergone management changes so frequently within the past 10 years that it's a roller-coaster culture. People within the firm seem to resent uper management as well as hostility within the ranks (HBS vs JPM, etc)...it seems to lack a true identity, compared to perhaps GS, CS, or MS.

This is only my perspect through recruiting and discussing with friends in the industry...it seems that the bank has acquired, merged, and undergone management changes so frequently within the past 10 years that it's a roller-coaster culture. People within the firm seem to resent uper management as well as hostility within the ranks (HBS vs JPM, etc)...it seems to lack a true identity, compared to perhaps GS, CS, or MS.

summer interns slept with ppl on the trading floor in order to get a full-time

same thing happen in jpm hk ibd...

final two weeks of the internship, they canceled the seamless...and no black car for interns....

what do you mean by they canceled the seamless?

you have to pay the money first, and they reimburse you later....at that time, its only two weeks left for this year's summer internship program

haha no way that's true

lezynski, I heard many of the same things. One thing that was VERY offputting for me was how cheap JPM was with regards to benefits - eventually slashed the meal allowance, cancelled seamless etc. -- and just before I left I got an email (don't know why it wasn't publicized as much as Citi's email) regarding no printing single-sided, no color copies, economy travel for anything under 3 hrs, etc. etc. -- not a big deal and may not have affected me directly, but it still shows how JPM is slashing benefits to the bone.

Jamie had always been a cheapskate; there was an article in BusinessWeek a couple of years back regarding how strict he is w/ cost control (claiming that he'd rather make up for fringe benefits by giving out larger bonuses -- really? where's my larger bonus??) I was paying the "JPM Corporate Rate" at the gym of well over $100 per month, whereas other banks subsidized the fee to between $0-$30.

To be fair, however, JPM did allow me to outsource 90% of my work to PPS & BRC, whereas other firms didn't really encourage using equivalent services.

And, to answer a previous poster's inquiry - no, not all firms have a stupid face-time policy implemented... at the last place that I worked (an equally strong BB), there would literally be days where I would be in the office for maybe 4-5 hrs total for the day... and not all firms overwork their kids - most of the firms have co-workers who are actually decent human beings - the people here are NOT fun to work with.

P.S. I also heard about the HK scandal, but had heard that the chick didn't actually get an offer (and that she was actually very very not cute)...

PM me if you know who was the FT'er involved (heard that it involved a nasty 4-way deal w/ 2 other interns and 1 FT'er... my ex-co-worker is dying to find out who the FT guy was...)

Two comments. Interns sleeping with full-timers is much more common than you think. Between my summer internship and full-time experience I have seen all sorts of douchebag MDs hook up with summer associates, and even summer analysts. Hell, I know an MD with a Facebook page where almost all of his "friends" are summer and full-time analysts and associates....

Next, while the rumours about JPM being cheap have been around for years, some of those cost cuts are pretty standard these days. Economy class for trips under 3 hours? Make it more like 6-8 hours. Most banks don't let you fly coach (unless you're really, really senior) domestically at all, and some have even cut out business class trips across the pond. Citi now has an 8-hr cutoff before you get business class, I believe.

It could be quite a few years before working at a major IB yields anywhere close to the level of benefits that were taken for granted from 2003-2007.....