GS / MS / JPM capital markets teams for summer internship (London)

I'm interested in the teams for GS, MS and JPM for capital markets in London but I wanted to know what the best and worst teams are in each of the three above. 

I'm aware MS has GCM which is a smaller focus than the IBD teams, JPM has one standard IB team split across Capital Markets and Coverage Teams whereas GS has Classics and CSG (and I'm interested in CSG). 

From my understanding

  • MS LevFin is just execution, doesn't hold model. ECM and DCM not so strong.
  • JPM has good teams in capital markets and good deal flow.
  • GS has some good teams but eg LevFin can be long hours. 

If anyone has insights, I would greatly appreciate it. 

I'm also attending an GS IBD event on the 13th in London so I would really appreciate insight into GS CSG teams!

Thank you!

20 Comments
 

Based on the most helpful WSO content, here's a breakdown of the capital markets teams at GS, MS, and JPM in London:

Goldman Sachs (GS)

  • Classics vs. CSG: Classics is the generalist pool, while CSG (Capital Solutions Group) focuses on structured financing and capital markets solutions. CSG is known for its technical nature and exposure to complex deals, making it a strong choice if you're interested in capital markets.
  • LevFin: While GS LevFin is strong, it is known for long hours due to the demanding nature of the work. The team handles both execution and modeling, which can be a great learning experience but also intense.

Morgan Stanley (MS)

  • GCM (Global Capital Markets): GCM is a smaller focus compared to the broader IBD teams. It is often seen as less prestigious than the M&A or coverage teams.
  • LevFin: MS LevFin is primarily execution-focused and does not hold the model, which might limit the depth of technical exposure.
  • ECM/DCM: These teams are not considered as strong as their counterparts at GS or JPM, but they still provide solid deal exposure.

J.P. Morgan (JPM)

  • Capital Markets and Coverage Teams: JPM integrates its capital markets teams with coverage, providing a more holistic exposure to deal flow. This structure is often praised for its efficiency and strong deal pipeline.
  • Deal Flow: JPM is known for having good deal flow across its capital markets teams, making it a strong contender for those seeking robust transaction experience.

Key Takeaways

  • If you're interested in technical and complex deals, GS CSG might be the best fit.
  • For holistic exposure and strong deal flow, JPM's integrated structure is highly regarded.
  • MS GCM might be less competitive compared to GS and JPM, but it still offers valuable experience, especially if you're looking for a less intense environment compared to LevFin at GS.

Good luck at the GS IBD event on the 13th! Make sure to network and ask specific questions about the CSG team to gain deeper insights.

Sources: Official Investment Banking Rankings: Boutique and Bulge Bracket Prestige, London IBD Cultural Differentiators between GS/MS/JPM, Deciding between GS, MS, and JPM, Time to rank the bulge brackets 2019, GS vs. MS London

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

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What's your question? Do you want to work in Capital Markets or not?

My question is "What are the capital markets' teams like at GS / MS / JPM?" as I have heard the points stated above but that is from what I heard: I don't know what the view is from people working in these divisions. 

 

Oh ok sorry, then yes you are talking about the three biggest IB players so ofc heir Capital Markets teams are strong.

For ecm it's probably GS >> MS=JP, for DCM JP>>GS=MS, Levfin JP>GS>MS (I'm in Europe so maybe different in the US).

Anyway top banks, you can lateral, relocate, and you won't go wrong with any of them (unless you're a weird hardo who think PE is the end of everything like 90% of the kids on this forum)

 
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