Securities Services is Paradise
Current AN1 at Tier 1 BB following an SA conversion in 22", now working within the banks FO securities services team. I felt the need to share this post because I'm yet to see this division talked about on these forums.
A bit of background, graduated in 23" spending my whole time in undergrad pursuing an IBD role. When the market got hairy during SA recruiting, I pivoted to less cyclical area's of the bank.
I applied to Sec Services and following a number of interviews I landed the role, and it has been the best career move I have made since.
Hours: Mon-Fri 9-7
Pay: Matched IBD & S&T Base with bonuses historically coming in at 10-15% less (looking at last 5 bonus pools)
Culture: Unbelievable, everyone is relaxed and whilst the work is demanding at times, you're rarely there past 8. The seniors will almost want you to go home if you're working past 7.30
Promotion: AS1 is typically achieved after 18 months to 2 years, where you're guaranteed an AS1 FO base with the same 10-15% smaller bonus pool.
The area of the bank is growing rapidly, with the division securing it's largest ever pool of funding following the banks plans to divest from cyclical area's of the market. There's a genuine sense of excitement as to where this area of the bank is going, as we continue to attract clients from traditional AM's and custodians.
I just thought I would shed some light on this area of the bank for the undergrad's to let them know, that in a shitty shitty market like this, there are some phenomenal opportunities outside of IBD in a BB.
Based on the most helpful WSO content, it seems like you're having a great experience in the Securities Services division at a Tier 1 BB. Here are some key points you've shared:
It's great to hear that you're finding success and satisfaction in this role, and your insights could be very helpful for undergraduates exploring their options in the current market. Thanks for sharing your experience!
Sources: Commodity Sales at BB - Culture, Hours, Career Prospects/Growth?, 2017 Commercial/Corporate Banking Bonuses, BB Wholesale Credit Versus MM / Regional Bank IB
It would be cool to hear more about this. PM?
WSO is FO or bust, we all know that and why we’re here.
This would be a good Reddit post.
Securities Services is FO.
We’re comped 90% of IBD, we’re comped better than markets and we’re comped significantly better than AWM.
Also, did I mention that my comp this year was better than MS IBD AN1 / DB IBD AN1 / CITI IBD AN1.
Even if my role wasn’t FO, the whole FO/MO is bullshit when you’re working for a Tier1/Tier1.5 BB.
FO just means ur a revenue producer. It has nothing really to do with what bank ur at or whatever.
Do you mind sending me a PM? I don't think I can PM you. Thanks
What do you people do can't find anything on the line
According to JPM’s website:
Custody
Fund Accounting
Fund Administration
ETF Services
Middle Office
Depositary Services
Alternative Investments
Transfer Agency
Agency Securities Finance
Collateral Services
Depositary Receipts
Data Solutions
Regulatory Solutions
sounds pretty middle office
In simple terms, securities services refer to the comprehensive suite of financial services that we provide to buy-side clients. Our primary objective is to manage and support as many aspects of financing and trading operations as possible, allowing our buy-side clients to concentrate on their core investment strategies.
These services encompass a wide range of functions, including sec lending, middle-office solutions, margin lending, and cloud capabilities for enhanced data management and analytics. Essentially, we aim to offer a holistic trading and financing solution that caters to the majority of our buy-side clients’ needs, covering about 90% of their financing requirements.
By outsourcing these complex and resource-intensive activities to us, our clients can leverage our expertise and infrastructure, resulting in increased efficiency and focus on their investment activities.
Hey I am actually in a very similar position deciding between securities services and another position. What is your ideal career goals in the future with this role? My ultimate goal is to end up in private equity, do you think it's possible to go from a role in securities services to private equity? Thanks
Yeah I absolutely do. If you're a top bucket analyst you'll have the opportunity to interview lateral to IB within your BB. Do a stint there and exit to PE.
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