Wholesale Payments & Corporate Banking vs Risk Management Analyst JPM
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Corporate banking (if it's the group I'm thinking about) is FO and works a lot with coverage. That's probably your best bet.
Credit risk is probably the next best group out of the three. Credit risk SAs, analysts, and associates sometimes go to IB. The groups most likely to take credit risk employees are DCM and SLF just because credit risk has a lot of experience in reading through credit agreements and work on the same transactions. But just FYI, there's a lot of change in credit risk right now as they are in the process of splitting credit risk into a group focusing on IG credits and a group focused on non-IG credits. The IG credit risk group is based out of Plano, TX and is new. I would assume you wouldn't be working with SLF if you are in the IG credit group.
Treasury services would be a very large step down from both corporate banking and risk (I'm assuming you are talking about credit risk.) It's not that there aren't bright people in TS, but you are just so far away from coverage. You don't have the value add that a corporate banking or credit risk employee would have when joining an IB team. To sum this up, credit risk and corporate banking attend IB training with the incoming IB analysts. TS doesn't.
Thank you for this response, I learned a lot. Would you consider Wholesale Payments to be the same as Corporate banking? JPMorgan couples them together on their career page.
Oh shit, my bad. Just looked up the group. CCBSI was the group I was thinking of. Fuck, sorry that's the corporate banking I'm familiar with. I'd ask around current employees of Wholesale Payments. I looked up the page. It looks like it's mostly TS on that page, so I'd default to credit risk in that case.
What is the difference between IG and SLF in terms of prestige/exit/opps/Pay? I know JPM split risk into Credit and Market risk, and then it splits credit into SLF and IG?
So risk is multiple units. But that risk management page seems to indicate that posting is for credit risk (I see 2021 Credit Risk analyst program as one of the options to apply.) Within credit risk, there were industry groups that covered all credits in their industry (for example, all industrials credits from AAA to B-), along with a group that covered bankrupt companies that was industry neutral. However, the industry credit risk groups are now split into corporates (Which covers everything BB- below, which is what syndicated leveraged finance on the IB side covers as well) and IG (which is credits above BB-, probably not working with the IB lev. fin group.)
I should have been clearer in my initial post-when I refer to SLF I mean the investment banking group syndicated leveraged finance. They cover the same companies basically so as a non-IG credit risk analyst you work very closely with them.
The one industry group that's different is FIG, which hasn't been split up and includes multiple different groups such as hedge funds, banks & broker dealers, and spec. fin. I have no insight into these groups.
There's also SCG (specialized credit group) that work with companies in default. They are industry neutral, but I have very little insight into them. Typically they have very few analysts.
The IG grade is based out of Plano so it's likely slightly lower pay than New York due to COL adjustments. It's too new for there to be any meaningful data points on exit opportunities.
In NY, credit risk analysts typically transferred into IB, did something related to their industry (like work at a tech company if they were in the TMT group), or go to another credit focused group like credit research.
Thank you for your reply, this breaks it down perfectly. On the JPM Career Page they put it all under "Risk Management Full-Time Analyst" and can choose either Plano or NY as your location. I assume if I chose Plano it would be IG Credit Risk and if I chose NY it would be SLF. Do you have any recommendations/personal opinions between the two?
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