IB Risk at JPMC, need help choosing which team to pursue.
Will be interning at JPMC in CIB Risk Management and have 14 different areas to choose from. Was hoping to get some insight as to which areas would be best in terms of long-term career, exit/move to FO (yes I know this will be hard).
Here are the 14 teams: -Asset-Backed Finance team (non-recourse financing) -Specialty Finance team (recourse financing) -Asset Managers -Banks & Broker-Dealers -General Corporates -Hedge Funds -Insurance -Leveraged Corporates -Loan Loss Forecasting -Public Finance -Real Estate -Special Credits Group -Wholesale Credit Portfolio Analytics (Not really considering this group) -Wholesale Credit Risk Product (Not really considering this group)
I thought JP was outsourcing all of credit risk to Texas? If you are dead set on staying in NYC, this might be a deal breaker (my information might be outdated but you should look into this)
I think moving to FO from risk is possible. There is always turnover, and if you have a good relationship with your coworkers, and the FO guys, this will be possible. Example: be responsive to stuff quickly, get coffee with md's, vp's, analysts, assoc, etc over time. Build a relationship with people on those teams. If an analyst spot ever opens you will be in an ideal position to get it.
Additionally, I think the more niche the product group the easier it will be to move to FO, however, you should pick what you are most interested in and with the above advice your chances of moving into FO will be high. Also helps to pick a group your bank is strong in, because that means there is a need for risk to monitor new deals/an active portfolio. Try to find both a group you like and a strong group at JP. I think lev corpoated, asset backed finance, specialty finance, general corporates (maybe real estate although there is a bloodbath going on in the space now). Good luck!
You are correct, this will be in Texas. Thoughts about the Banks & Broker-Dealers group?
Here's the full description of that team:
The Banks & Broker-Dealers team covers a wide array of leading financial institution clients providing a unique view of the industry and broad experience across all traded products and transaction structures
The client portfolio ranges from the nation’s largest banks, a sector with large, multifaceted risks, to up-and-coming fintech and crypto companies looking for debut financings. Also included are specialty broker-dealers with niche trading strategies
The team is a key client-facing member of all deal teams, collaborating closely with business partners across the bank, including colleagues in IB Coverage, Debt & Equity Capital Markets, and Leveraged Finance, as well as sales and traders across all asset classes
The diversity in client coverage allows the team to develop a broad knowledge base that covers traditional credit products (term loans and revolvers), trading activity (IRS, CDS, and other derivatives, repos, etc.), and treasury management expertise
Only if that really interests you, but i think this is highly specialized and might not give you a transferable skillset like general corporates or lev finance. No need to pigeonhole yourself so early in your career. I would probably advise against going to that group.
Leveraged Corporates, especially if this implies working with sponsors.
Separately if anyone has more details into this exact team, would be helpful.
I would go general corporates. Essentially monitoring companies the bank lends to (so a crap ton) and in the process sharing materials and analyses with the coverage teams. I started in this kind of role and lateraled to a coverage IB role after two years. Example could be corporates cover c/r then move to c/r IB coverage if you’re good.
Hey had couple qs- Which level did you lateral to after 2 years in your previous role (wondering how promotion works), and was it at the same bank or different? Cheers!
AN1
I'd go for general corporates, leveraged corporates, or special credits. Not sure how they distinguish between general and leveraged corporates...the program used to just have industry teams that mirrored the IB coverage groups (i.e. TMT, DI, etc.). Special credits handles the stressed names and workouts. I'd avoid FIG unless you think FIG interests you long-term. Also, I started my career in JPM IB Risk and many of the Analysts I worked with transitioned to IB (internal and external), buyside credit funds, M7 MBA programs, etc.
Special credits and leveraged corporates will give you the best experience it seems.
I would say the fig coverage groups are a best bet if you like fig. Fig gets a lot of crap but it’s a huge vertical where every BB gets a piece of the action and there is always some demand to hire bankers in the market and they gladly look at risk folk who prove capable of the job. I avoided fig when recruiting during my mba but ended up in it and love it so far.
after that something with HY or levfin exposure to get into levfin or sponsors If you don’t like fig. And then maybe the general corporates if you are ok with DCM
avoid pubfin unless you want to be a pubfin banker (FO but steep pay discount) and also hedge funds is probably less of an exit into IB and more into S/T but could be wrong on that
loan loss is very niche and there will be FO roles that value the experience (like structured products kind of roles) but it’s even more of a pidgeon hole than the fig groups.
What is comp for CIB risk?
also interested
90K Base for TX
Any color on expected bonus for this group?
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