Need help choosing between JLL Capital Markets and JP Morgan Chase CRE (NYC)
Hello,
Currently have two offers for Summer 2023 that I am strongly considering. A JP Morgan Chase (CRE) offer they have not specified a team, but they have stated that I can provide a preference regarding a team and that the preference can not be guaranteed. The other offer is a JLL Capital Markets Internship for their New York City office (Investment Sales and Debt/Equity).
JP Morgan offered quite a lot more and also stated any return offer would be guaranteed to be within NYC. The teams I would be assigned from are (Community development Banking, Real Estate Banking, CTL - Term financing, CRTS, and off-balance sheet additional lending). You would also be assigned one of the following concentrations "Credit, Sales, and organization, or Treasury". I interned for JLL last summer under a different business line and have spoken to almost all of their NYC EMDs directly. I have a fairly solid relationship with the firm and believe I would be able to maintain a relationship with the firm if I were to choose the other option. Do not currently have any real relationships with anyone from JP Morgan Chase.
Really not sure what to do and have to decide by Friday.
Any personal input, information about either firm, the perception of their names, and or likely hood of getting a return offer would greatly be appreciated.
Given your prior experience at JLL. The JPM name will take you much further. If you want to maximize your future options the combination of the two on your resume will help!
.
What are you more interested in? Go with that.
I'd take JLL all day.
While CTL is good, it kinda limits you from a product perspective. In NYC is it mostly $1mm-$10MM deals with the occassional $50mm to $100mm deal. Most are multifamily and mixed use. If it were 100% real estate banking it would be a no brainer for me.
Thank you for your response! How bad of an idea do you think it would be to try to use the JLL offer to try to get them to guarantee Real Estate banking?
Eh, you can try. I would be doubtful.
If you want to work in CMBS or balance sheet lending, JPM is the way to go. If you want to go anywhere else in real estate (operator, LP, GP, brokerage etc.) that isn't strictly lending, go for JLL. However, I do know that JLL has a pretty competitive return offer process, and is not guaranteed - I also know they pay their interns shit but you'll learn more than you would at just about any other firm.
Thank you for your response! JLL compensation is less than half of JPM but from what I have been able to gather as you said you do learn a lot. The only actual exposure I have had to CRE has been through JLL and I believe Capital Markets is what I want to do but that is as a result of it being what I have looked the most into.
Out of curiosity how much is JPM paying?
JLL really less than half?
Yeah, I can confirm to $20/hr at JLL - they've been paying the same for the past decade and we've been trying to increase it so that we can compete with other firms. One thing though, is you won't have to stay in the office past about 6 o'clock unless you really want to (as an intern - analysts/asso work similar to banking hours). Not sure about the WLB as an intern at JPM.
I’ve heard the CTL term relative to JPM before , but not sure what that specifically entails. If this is the institutional lending group (ex. $100MM+ financing deals for the Related, BX, Hines of the world) then definitely go with JPM.
If this is smaller lending than JLL. Can’t go wrong with either at the end of the day, though.
Given that you already interned at JLL, and sounds like got a sense of the firm, I'd prob go JPM just to diversify the experience. In reality, if you want to work in IS/DE, it won't matter what you do, but if you want to work for a bank like JPM, interning is about the best shot you will ever have. Either way, you get to make a more informed decision before deciding where to focus FT efforts.
Will add.. with current market conditions (which could be wildly different by summer 2023 of course), return offers could be a scarce commodity (I got a data point this may be the case for some firms now from the past summer). All else equal.... JPM has a far greater chance of needing people than brokerage, just a practical reality.
That said, if you were die hard for brokerage, then doing the double stint at JLL in different teams should make you a strong candidate (I'd verify they would reward the loyalty, but seems like a plausible deal).
Ut et repellendus occaecati voluptatem qui esse. Praesentium placeat magni quo distinctio quisquam optio quidem. Aperiam qui necessitatibus quam iste laborum. Vel explicabo asperiores temporibus dolores.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...