JPMorgan ER vs Wells Fargo Investment Banking
Hey so I’m weighing 2 offers for my summer 2019 internship. I know Equity Research at JPMorgan is the best in the street, but it still doesn’t have the exit opps of investment banking. I still don’t know what group I’ll be placed in with WF, but their leveraged finance group is said to be unstoppable, but it’d likely be in Charlotte.
What should I do?
ER at JP, then lateral to IB at another bank
I'd make one small but significant addition. ER at JP, see if you like it, then if you don't love it lateral to IB at another bank.
What IB really gives you is the breadth of exit opps. If you ultimately decide you want to do something where you evaluate and make calls on individual stocks, ER at JP is perfect and you'll get the next job you want. Hell, maybe you'll just love ER. You don't know yet, so take the better company brand name and location.
Delete
Wait is ER recruiting already starting? How do you have an offer already? I thought ER was on a later timeline?
JPM ER no question.
You’ll be guaranteed to be in NYC which will open a lot of doors for networking if you want to lateral.
NYC is also 1000 times more exciting and fun to be in than Charlotte, especially if you’re young. Take this from someone who’s lived in both cities.
Well’s Levfin group has a lot of dealflow, but it’s more capital markets focused and modeling-lite. Most of the modeling is done in coverage, not levfin.
You have no gurantee of getting placed into Levfin. Wells groups a lot of other groups into their “IBD pool” that you can get placed in like loan syndications, asset backed finance, and public finance which have less desirable and lucrative exit opps. Read this post to find out more about how shitty their group placement process is: https://www.wallstreetoasis.com/forums/a-warning-on-the-wells-fargo-sec…
A new scandal still seems to keep coming out for Wells every month, which can’t be good for dealflow. They’ve already fallen out of the global top 10 for IBD revenue on the league tables. JPM is of course JPM.
JPM ER for sure
Do ER at JPM then IB FT if that's your goal.
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