JPM CCBSI vs BofA CB
Hi all,
I’m a UK undergraduate weighing up two offers for a graduate position. One at JP Morgan in CCBSI (Coporate Client Banking & Specialised Industries) and another at Bank of America in Corporate Banking.
The pay is roughly the same, BofA base 5-10% more.
Bank of America is pure corporate banking (housed within CIB), working closely with DCM, but assisting more relationship managers and doing less technical analysis.
JP Morgan is CCBSI (housed within the commercial bank), and acts as mid-cap coverage for EMEA clients. CCBSI EMEA is different to CCBSI US, as the commercial bank doesn’t have much of a presence in Europe. Moreover, there aren’t actually any specialised industry teams yet, only regional coverage teams based out of London (e.g DACH, Italy, France coverage teams).
Most people I’ve spoken to have recommended I pick BofA, as it’s actually housed within a CIB, but JPM seems more appealing. The JPM team works on mid-cap DCM, ECM, LevFin, and CB deal origination - whereas BofA is more just traditional corporate banking with some DCM exposure mixed in.
Finally, I’ve seen good exit ops for CCBSI in London to IB due to the variety of deal exposure (Approximately 50% of last years intern group lateraled to IB), whereas BofA CB seems more stuck within CB.
Does anyone have experience with these teams, or could give me their impression of the offers?
Based on the most helpful WSO content and insights from previous threads, making a decision between JP Morgan's CCBSI and Bank of America's Corporate Banking roles involves considering several factors, including the nature of the work, the structure of the teams, and potential career paths. Here's a breakdown that might help clarify the decision:
JP Morgan CCBSI: - Coverage Area: Focuses on mid-cap coverage for EMEA clients, which could offer a diverse range of experiences due to the variety of regions and industries covered. - Team Structure: As noted, CCBSI in EMEA operates differently from its US counterpart, with a focus on regional coverage teams. This could offer a unique opportunity to work closely with teams focused on specific areas like DACH, Italy, and France. - Deal Exposure: The role involves working on a variety of deals including DCM, ECM, LevFin, and CB deal origination. This broad exposure can be highly beneficial for developing a versatile skill set. - Exit Opportunities: According to insights, there seems to be a good track record of individuals moving from CCBSI to investment banking roles, which suggests strong exit opportunities.
Bank of America Corporate Banking: - Role Focus: The role is described as more traditional corporate banking with a significant emphasis on relationship management and some exposure to DCM. This could mean less technical analysis work compared to CCBSI. - Team Structure: Being housed within CIB might offer closer interactions with other investment banking divisions, which could be beneficial for networking and learning. - Compensation: The base pay is mentioned to be slightly higher at BofA, which might be a consideration depending on personal financial priorities.
Considerations: - Career Goals: Reflect on where you see your career heading. If you're aiming for a more diverse experience with potential moves into IB, JP Morgan's CCBSI might align more closely with your goals. - Work Environment: Consider the team structure and where you think you'll thrive more. The regional focus at JPM might offer a unique working experience compared to the more traditional corporate banking role at BofA. - Exit Opportunities: Given the noted success of CCBSI interns moving into IB, if investment banking is a target for your career, this could be a significant factor in favor of JPM.
Ultimately, both offers present fantastic opportunities, and the decision should align with your career aspirations, work style preferences, and the kind of experience you wish to gain in the early stages of your career.
Sources: CIB Credit Risk J.P. Morgan, JPMorgan Middle Market Banking (MMBSI) details?, How do you get offers and not know which one to take?, JPM/BofA Commercial Financial Sponsors Group?, JP Morgan CCB
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