Goldman vs. JP S&T
Hello all,
I have been very fortunate to receive summer internship offers at both Goldman Sachs and JP Morgan, both in Sales & Trading.
I have felt a good fit with both firms, and would feel very lucky to work at either.
Many people have told me "You just don't turn down Goldman - they are the best". Is this something you agree with, or is it nonsense? I know JP is a fantastic firm as well.
Which would you choose, and why? Things I consider are resume building, prestige, compensation, and most importantly, working with great people.
Thank you all for your advice.
Depends on the desk primarily, but also on so many factors... Also, you do turn down Goldman
Which firm would you say is stronger in Rates?
Very desk dependent. However I might generalize as much as saying that, unless you have an offer from GS commodities or equities, I'd take JPM
GS S&T vs JPM S&T (Originally Posted: 11/21/2012)
Got an offer for both for Summer programmes. What does everyone think I should choose? Currently in the middle - GS' name brand in short run vs JPM's performance in long run. Exploding offers from both so I would love to hear what you guys suggest! Is GS' name brand equivalent to its quality in FICC+Eqs?
Are the offers desk-specific or general? What desks would you be aiming to join?
this is a great problem to have
JPM man all the way. Like you said think about the long run, and look at all the Q3 revenues for each bank. I know Revenue isn't the only measure, but JP is on top dude.
Well do you know which desk you want to be on? Goldmans program is rotational (minus the few "investing" desks which recruit separately) and JPM's program is placed. I think that, more than anything, should drive your decision.
Does anyone know rough conversion ratios for each?
GS All the way! It is a hard industry and the company is still the most respected one! Dont make the mistake of going to JPM! Take it that way, you go to GS, dont get the offer, you have chances to get JPM You go to JPM, you dont get the offer, well it will be harder to get GS
GS coz they ooze preftige
JP Morgan has a much better balance sheet which makes them a better trading counterparty. If you do anything in derivatives, JP Morgan is better, in my opinion.
Not sure but I am wondering if you are joining a specific desk or is it a general offer ?
For JP Summer its desk-specific but you can move around anyway. For GS Summer, rotations all the time. For both, you get a desk-specific offer, not a general one
Personally I think a rotational program is best. You definitely want to be exposed to as many groups and products as possible. The last thing you want is to be placed in a group that you don't like / a product your not interested it. Plus I found it much easier to network when in a rotation program.
Thanks for all the insights. Need to make a decision soon, so I would love any further comments
GS since it is a rotational offer.
Thanks for all the thoughts. Any others? Got a few days left!
Its only summer so definitely GS
Anyone has any first-hand experience of the GS Securities culture in London? Would help a lot
desk dependant
also, the biggest advantage for you would be to get an amazing mentor... check where you'd work with bigger baller and where you could learn more
GS vs JPM S&T (Originally Posted: 02/18/2011)
I'm trying to decide between GS/JPM for a summer analyst position in S&T. I've liked pretty much everyone I've met at JPM but haven't had as much interaction with the guys at GS. Anyone care to share their insight when they were deciding or atypical factors I might consider to help me make a decision?
Do you know anything about the desk placements, or just that you're accepted into S&T?
JPM's desk placement doesn't happen until matching day in April so I don't have much insight there. It looks like I'd be in FICC at GS but I don't know which desk in particular.
it depends on what you want to do post summer a) join one of these firms b) venture elsewhere, hedge funds like a citadel or de shaw or other geography
if (b) at all, gs due to name brand ... if (a), you will be fine wherever you do well and like the team/product -- you will likely be able to get an interview with gs if you did your summer at jpm, and vice versa
Bump for this. I need to make a decision today so any additional comments would be greatly appreciated!
From my understanding, JPM has a higher quality and more thorough research product. I'd choose JPM.
To clarify, GS has a rotational program that allows you to sit on several desks in both fixed income, equities, and commodities.
JP tends to place you in one role although they do emphasize your ability to visit other desks and network.
In neither program do you determine your desk at the beginning of the summer.
I realize desk is the most important factor, so in which areas are each firm stronger?
i'd go with gs because rotational sounds very valuable however JPM is awesome and has great people
You're in a good spot either way. One thing of note is that JP Morgan has a better balance sheet which helps when trading derivatives, as they can be more competitive with pricing and still be profitable.
GS is smarter, better brand name.
Would anyone else care to weigh in?
I don't know how it works in NYC, but the "rotational" program in GS in London means that they give you a desk on the floor and no official rotations, and you have to walk up to people and get work. They also have a reputation for hiring a lot more interns than grad spots. They might even tell you something like "There are 85 of you and 40 spots". This makes the program extremely cutthroat and very uncomfortable. Also the problem with rotations is that you might get work from a desk who is not actually hiring, so even if you get good reviews the desks with spots might have already hired someone since there are so many interns. So the process is quite random and there's a lot of luck involved. I think a program where you are placed in a desk where they are looking to hire, you have the 10 weeks to work with them and they are only going to have you as an intern gives you a much better opportunity of landing a job which should be your number 1 priority. As far as learning goes, you can still go spend time with people. In London JPM will tell you what desk your offer is for. If that's not the case in NYC you need to consider wether you want to maybe get placed at a desk you don't like and being stuck with it or being able to network your way to any desk and then maybe them not having a place for you. You are rolling the dice either way. But you will also be fine wither way, both very solid firms, specially in the US.
what'd you end up going with?
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