Asset Based Lending (ABL)
My younger brother just got an offer to work at JPM ABL. Anyone have any insights on ABL salary progression and exits?
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At the Analyst level? Not sure what the base salary is now but I would expect it to be in line with JPM MMBSI Commercial Banking analyst pay. Somewhere between $70-80K base with minimal bonus. The pay at the Associate level is also pretty low but you’ll only be working 45-50 hours a week.
The work is your standard commercial banking stuff with revolvers, with a little more complexity than cash flow deals since ABL will involve field exams, appraisals, and understanding collateral values. You could be working on lower middle market ABL’s as small as $15MM or Corporate Client Banking (CCBSI) ABL deals with publicly traded clients that have $500MM in revenue or more.
You’ll develop a solid credit background, develop credit write-ups and annual reviews, with minimal modeling. It’s also a ton of portfolio management work since you will be supporting the Credit Risk Managers (Portfolio Managers) in their day-to-day portfolio tasks.
Exits will be totally up to you but don’t expect IB level exits. I’ve seen people move externally to boutique IB’s, private credit, Corporate Banking and other things. I think ABL is the sweet spot at JPM because it’s not as basic as Middle Market Banking (MMBSI) but it’s also a little less complex than CCBSI.
Do you have insight as to what the pay is like at the associate and VP levels for ABL?
Not entirely sure now since most of the people I know have left but I would guess AS1 pay is less than $110K all in. JPM’s Commercial Banking pay is peanuts but some people stick around for the brand. I’d still recommend it but not long-term.
Thank you very much for this! Really appreciate it. He wants to exit to a Private Credit fund, so looks like it is possible.
Yeah I’ve seen it happen before but it’s still going to be extremely difficult.
Not OP, but Associate 1 in ABL for the BB that I work at is $110K Base and about $35K bonus.
Sounds like BofA. JPM does not pay this much (assuming it’s a credit/portfolio management ABL role). Sales side gets paid more
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