JPM PB Solutions SA or Citi S&T SA

Hi everyone, I may need to decide between two 2024 summer internship in HK. One is JPM PB Solutions, One is Citi S&T.

JPM PB Solutions: Best brandname in PB, solutions team doesn't need to bring in clients, I'm optimistic about PB in Asia and like the role of product specialist. But I heard the solutions team is smaller than advisor team and like to hire externally, so I'm worried about the FT hc and return rate. Only know that solutions+advisor summer usually return 40%-50%, not sure whether solutions is lower.

Citi S&T: Better exposure because clients, products, trades are more complex than the PB side. Probably higher comp in FT role. But 2023 summer has lower return rate(~33%) than usual (50%) and Citi has recent news about massive layoff(10%).

I cannot defer so my top priority is to land a FT offer after the summer internship.

Which one would you recommend? And if you have information about hours, culture, return, learning curve, career path, etc., I'm curious to know. Thanks in advance.

 
Most Helpful

Really depends what you are looking for. 

Within solutions, the two best roles that position you well for exit opps into family offices, endowments, foundations etc. are within CIO teams and Manager Due Diligence both of which are very small teams from my knowledge. 

As a product specialist, your main job is to understand the full breadth of the platform/portfolios/managers that the CIO team and Manager Due Diligence teams bring on and communicate that to the salesforce(advisors) and be a resource to them. Not completely technical, sort of a cross between investment strategy/investor relations type of job. Your job is to absorb and communicate to internal stakeholders and clients. Main exit opportunities would be to investment strategy/product strategy (not investing) roles at buyside firms, investor relations, or to an advisor seat (valuable since you know the technicals inside out). 

The con of being a product specialist vs advisor is your comp ceiling is way lower. It is an interesting role but you won't be a "rainmaker" in the wealth management world with it. Advisors on the other hand are becoming more and more valuable espcially top ones with great connections/clients as pretty much every bank is trying to beef up their wealth management business. 

 

Just signed an offer for a manager due diligence role at the private bank, would love to know if you have additional perspective on exit opps as I don't want to pigeonhole myself early on. What sort of skillset would I be building and how transferable is it?

 

great role. Perhaps most valued in the PB (even more than CIO) because you have a ton of exit opportunities to family offices, endowments, foundations, etc. 

Will you be able to crack a direct investing (PE, HF< , primaries role - no. However, fund of funds, co-investment roles etc. are all extremely possible. 

Keep in mind the value of working in a FO, E&F is that you get a great WLB without a significant pay cut. My friends who work in these MDD roles in these type of teams/mandates work 5 days a week, 9-5. My buddy with about 4 YOE (3 in AM, 1 at his current job) makes about 140k base + 20-30% bonus working 40 hours a week. Not a bad gig pulling in almost 180k. 

 

Sounds great, that's exactly what I'm looking for - WLB is really important to me. Do you know anything about how much travel your friends in MDD do? I've heard mixed things about the role in that regard

 

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