Have a return offer from TD IB from their M&A group in NYC, but just got extended an offer from JPM CCBSI in their diversified NYC team. Is it better to take TD even though the name is less well-known? End goal is VC or PE
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If end goal is PE, both options you'll probably need to make a lateral move if you're going to aim for UMM/MF PE.
TD M&A > You need to lateral to a better name bank for MF exits.
JPM CB > You need to lateral to M&A to even be considered for PE.
I think the former option is the easier path based on your goals as its easier to switch name banks than it is to switch divisions/type of work you do from CB to M&A.
What about lateraling from CB to IB within JPM?
probably harder than switching banks when you're already an M&A banker... like I said in my OP. TD is small but well respected.. shouldn't be that hard to switch to JPM.
I personally know multiple people who have come into IB from the private bank and the commercial bank. It's doable, but requires sponsorship/support from the group you are leaving (i.e 1-2 year+ time investment) and networking with the groups you want to move to. Not all groups are necessarily equally receptive to internal mobility either, but it's doable. I say this from personally knowing people who have done it. Definitely easier to lateral in from TD M&A. But I don't think either would necessarily be easy.
There's a lateral guide here.
People exit to UMM/MF PE from non-M&A groups at JPM all the time. It's literally one of the most respected banks on the street. What on earth does, "you need to lateral to M&A to even be considered for PE," even mean..???
WSO is so weird about JPM, I just don't get it. You'd think it was a regional boutique that's just recently began punching a little above its weight the last few years or some shit...
Nobody cares if you're at JPM doing corporate banking because the skillset is not the same, the hours aren't the same, and the candidate strength doesn't come close compared to the M&A/Levfin/Coverage Investment Bankers. PE is a job for people who have M&A experience, corporate bankers do not have that.
Can i PM you?
If you’re referring to me, yes
CCBSI is commercial banking
lol idk why I got MS, it literally is in the commercial bank. JPM has corporate banking under CIB
CCBSI is JPM's corporate banking business, though it is under commercial banking it is FO and a hybrid between the commercial bank and IB. the corporate banking under CIB that you are referring to is JPM's global corporate banking program which is treasury services and wholesale payments and not FO. two very different roles
Have a lot of analysts from CCBSI try to lateral to my group, and put "LevFin analyst" on their resume, and try to hide the Commercial Banking name, really not ok with this. Think the group just pretends to be LevFin to hide from the bad repuation of CCBSI.
TD IB
Incoming IB at a MM firm and spoke to a mentor about MM IB vs BB ER/CB role if I re recruited. She said that it's much easier to lateral when you have the same skillsets/position than if you were at a better name bank but a completely different role/responsibilities.
Ignore the folks who are recommending ccbsi at JPM. Go with td securities hands down. Much easier to trade up to a reputable investment bank if you have an IB skill set which you'll get at TD. Ccbsi is commercial banking for companies that are $500mm to $2bn in revenue. Source, know several people in ccbsi, it's a completely different skill set and to move internally at JPM would need their ccbsi team to give their blessing and the IB (at JPM) to be willing to take on a candidate they would have to train. Put it another way if an investment bank is considering a lateral opening they will take the person already in IB even if at a lesser known shop than an internal candidate from from a non IB part of the institution.
Can i PM you? Have a few questions
Sure
You can lateral to almost any BB from almost any respectable bank on the street at this point. I work at UBS/RBC and very normal performers here have gotten interviews at Centerview, Evercore, GS, MS, JPM etc etc and several exited. Think the path is TD for a year, network, then top BB / EB. Internal politics can be weird with group to group transfers.
Would take JPM CB
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