Careers after Private Banking
I joined JPM’s Private Bank during my MBA and have been a banker for about 2 years after a stint as an analyst. I’ve done well - my AUM is about $700MM across 20ish clients sourced from my network, 3 seeded clients, and a ton of referrals from business bankers and clients due to general competence, knowledge, and consistent execution. As you can imagine, I make good money - north of $500k annually. That said - I am burnt out. These UHNW clients are your best friend one moment and the most fickle enemy the next. I would count 5 of them as good people whom I genuinely enjoy working with. The politics and bureaucracy are beyond frustrating. I have no current analyst support and our investors and investment professionals are as good as useless. My manager is supportive and helpful, but that’s about it. I work all hours of the day into the weekends and haven’t been able to actually disconnect on a vacation in 3 years, working past midnight while my family sleeps.
Beyond my time here, I have a MBA, finance degree, and 5 solid years of work/managerial experience in business where I’ve been similarly successful. But, I have very little knowledge of Wall Street careers, private equity, etc. What career opportunities exist for me outside of private banking? Within JPM as a whole? I’d be content making $200k without the stress of the UHNW clients.
Based on the most helpful WSO content, here are some insights and potential career opportunities for someone with your background and experience:
Career Opportunities Outside of Private Banking:
Asset Management (AM):
Corporate Finance:
Family Offices:
Private Equity (PE):
Business Development:
Opportunities Within JPMorgan:
Internal Transfers:
Investment Banking (IB):
Commercial Banking:
Additional Considerations:
These options should provide a good starting point for exploring new career paths that align with your skills and experience while offering a more balanced lifestyle.
Sources: JPM Private Bankers??, https://www.wallstreetoasis.com/forum/wealth-management/private-banking-at-jpm?customgpt=1, JP Morgan Commercial Banking MMBSI Full-Time Analyst, How hard is it to get into corporate banking?, 2017 Commercial/Corporate Banking Bonuses
It’s not often considered “Wall Street”, but you could consider exiting to a boutique HNW/UHNW RIA as a relationship manager. These can offer phenomenal WLB with great pay.
Take $200-300mm in clients that you may enjoy working with more (or start priming new relationships) to one of these shops, and you should be able to maintain your income level. Know a few RMs making +$500k (gets really scalable) on similarly sized books that they bring in.
Since RIAs can be so variable in shop structure/fee types, it’s a hard industry to generalize compensation/WLB for. It’s also comprised of a very large amount of small players. It creates a paradigm where there’s a fair chance of finding a diamond in the rough, with low competition.
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