JPMorgan FIG

GenghisKhanJPM, like most banks, has an inherent conflict with respect to being able to do bank deals in FIG. That's why a lot of banks turn to boutiques for advisory work - would you want to open up the kimono to a competitor?

In most firms, FIG is a bit isolated from the rest of the bank. They tend to do their own work in M&A, but the work is (in my opinion) simpler than conventional M&A. As with any ultra-specialized discipline, this can impact your ability to translate this experience into opportunities in non-FIG areas.

Having said that, I can't tell you enough how highly I think of Marc Berman.

Excellent point- I never thought about the fact that FIG at banks with commercial arms might be perceived as threatening to their prospective clients.

...or no one could answer. -.-

I know people there and am working my way over there, so I can help a bit, but am by no means an expert:

culture: JMP is highly regimented and not family friendly. get ready to work - a lot. culture can be summed up as "put up or shut up" and "fuck you, pay me"....sometimes shortened to simply "fuck you" or "pay me". If you make friends, cool, but don't expect it there. If you want a warm and fuzzy environment, try MM or buyside.

learning experience: excellent. Also remember, that with ER, it's largely a function of how good the lead analyst is, so if they're good, you will get an excellent start. If they suck or you just can't work with them, get into another group as soon as possible

placement: I don't know. I'm not gunning for exit ops, so can't help you there.

Try the search feature, as JPM has been written about ad nausea here

FIG is the largest group at JPM and is divided into 4 verticals (banks, insurance, specialty finance...I forget the 4th). Analysts are not generalists - they specialize in one of the verticals and pick a secondary vertical as well akin to a minor. But the culture of this group reflects the huge size of it. I imagine you get close with the people within your section while also being part of the larger FIG network. I don't think the analyst class (~20 people strong) is as close as those in other groups.

Other than that, the hours are actually reasonable. JPM FIG got destroyed in 2007-08 when they generated 50% of the bank's revenue, and since then they've put a series of rigid controls in place - tracking hours, mandatory occasional weekends off, etc. What other groups do on an informal basis to promote work-life balance is done more officially here.

Learning experience and placement is on par with other good groups. I don't know a lot of analysts going to top megafunds if that's what you're after - but the exit opps are definitely there.

strongest group, highest revenue generation

One of the top FIG groups along with GS. Enough said.

often neck and neck with GS FIG in terms of dealflow (exit opps are a different story, as expected)

Are exit ops really all that different from another industry group? I would think a top group with tons of dealflow would get some pretty good looks