Why JPM
In the spirt of the other Merrill/Goldman thread, I have an interview coming up with JPM and would appreciate any comments.
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JP Morgan Strengths (Originally Posted: 01/10/2008)
Hey sorry for the last minute post, but can someone briefly go over JP Morgan's particular strengths (in IB and throughout the entire bank). I have a set of interviews coming up with them. Anything specific regarding the culture would be very helpful as well.
Thanks in advance
I am not an expert, but looking at ibanking league tables might help you sort out what JPM's strenghts are.
Thomson - League Table Homepage
Culturewise I would explore their website carefuly. I think a good place to figure a company's culture is by checking their employee/executive team profiles
I have a couple of iviews coming up too (for SA though) and that's what I've been looking at.
hope it helps
JPMorgan is tops in Syndicated Leverage Finance, Best LevFIN group on the street. FIG and M&A also seem like excellent groups. TMT (esp. the media and telecom areas) is pretty solid.
Culture varies from group to group. Generally JPMorgan's biggest strength, relative to other banks, is their ability to be competitive in so many different lines of business. Their culture is very big on cross selling products. Banking coverage groups work heavily with products groups from Credit, ECM, DCM, Derivatives, Treasury Services, M&A and even the Private Bank in some cases. It is much more of a "firm's client" vs. a "banker's client" mentality.
Why do JPM employees love the bank??? (Originally Posted: 09/08/2008)
I don't understand how JPM has consistently put up 90% yields over the past 2-3 years, when other banks are in the high-70s to low-80s.
I was there before and I HATED it compared to other banks - many of my friends who were there for their summer also did not enjoy their experience... terrible culture, overworked, lots of face-time, etc. - I don't get it.
I was a HBS employee and hated it. I resigned
I know a guy who rejected a full time offer from them after this summer. I hear they're good in sales and trading though.
summer interns slept with ppl on the trading floor in order to get a full-time
same thing happen in JPM hk ibd...
final two weeks of the internship, they canceled the seamless...and no black car for interns....
What's an HBS employee?
HBS = Heritage Bear Stearns
how is the culture terrible? this is the bank im actually focusing on the most in terms of SA recruitment/networking. dont all analyst gigs involve being overworked and lots of face time?
HBS also = Harvard Business School... Take about overlap.
This is only my perspect through recruiting and discussing with friends in the industry...it seems that the bank has acquired, merged, and undergone management changes so frequently within the past 10 years that it's a roller-coaster culture. People within the firm seem to resent uper management as well as hostility within the ranks (HBS vs JPM, etc)...it seems to lack a true identity, compared to perhaps GS, CS, or MS.
This is only my perspect through recruiting and discussing with friends in the industry...it seems that the bank has acquired, merged, and undergone management changes so frequently within the past 10 years that it's a roller-coaster culture. People within the firm seem to resent uper management as well as hostility within the ranks (HBS vs JPM, etc)...it seems to lack a true identity, compared to perhaps GS, CS, or MS.
what do you mean by they canceled the seamless?
you have to pay the money first, and they reimburse you later....at that time, its only two weeks left for this year's summer internship program
lezynski, I heard many of the same things. One thing that was VERY offputting for me was how cheap JPM was with regards to benefits - eventually slashed the meal allowance, cancelled seamless etc. -- and just before I left I got an email (don't know why it wasn't publicized as much as Citi's email) regarding no printing single-sided, no color copies, economy travel for anything under 3 hrs, etc. etc. -- not a big deal and may not have affected me directly, but it still shows how JPM is slashing benefits to the bone.
Jamie had always been a cheapskate; there was an article in BusinessWeek a couple of years back regarding how strict he is w/ cost control (claiming that he'd rather make up for fringe benefits by giving out larger bonuses -- really? where's my larger bonus??) I was paying the "JPM Corporate Rate" at the gym of well over $100 per month, whereas other banks subsidized the fee to between $0-$30.
To be fair, however, JPM did allow me to outsource 90% of my work to PPS & BRC, whereas other firms didn't really encourage using equivalent services.
And, to answer a previous poster's inquiry - no, not all firms have a stupid face-time policy implemented... at the last place that I worked (an equally strong BB), there would literally be days where I would be in the office for maybe 4-5 hrs total for the day... and not all firms overwork their kids - most of the firms have co-workers who are actually decent human beings - the people here are NOT fun to work with.
P.S. I also heard about the HK scandal, but had heard that the chick didn't actually get an offer (and that she was actually very very not cute)...
PM me if you know who was the FT'ER involved (heard that it involved a nasty 4-way deal w/ 2 other interns and 1 FT'er... my ex-co-worker is dying to find out who the FT guy was...)
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