JPM vs GS vs MS S&T
Which is the best all-around? What are the stereotypes/culture at each bank in S&T? What is better for Fixed Income? Got JPM offer for S&T and not sure if I should continue interviewing..superdays coming up.
https://www.wallstreetoasis.com/forum/trading/jpm-vs-ms-st
Will provide my thoughts on a few categories that were important to me when I was deciding. Made a similar decision between GS and JPM a few years ago, but have friends at all three so will try to incorporate some of their experiences.
Return Offers: JPM typically has the highest return offer rate of the three, although I believe GS had a very high return rate last year. As stated in the other thread, MS's return rate is significantly lower, and have heard some interesting stories from some of my friends who interned there
Product Strength: For equities, GS and MS are at the top. JPM is likely behind by just a hair, but grown quite a bit over the past few years. For FICC, JPM is probably the strongest all around although GS is quite close. MS is significantly weaker in this area, but they still have a few solid desks. JPM and GS probably beat out MS is this category overall just because nearly every desk is top 3, but obviously MS has some extremely strong desks as well particularly in the equity space.
Culture: This is so hard to generalize as it is EXTREMELY desk specific. Tough to compare cash equity sales to the quant strats team. I personally would try to get a few people on the phone from each and see who you vibe with, but, again, the specific desk you are ultimately placed on will likely have an entirely unique culture and I personally wouldn't put a ton of weight in this category.
Internship Program: MS and GS are rotational programs, which is awesome to figure out which desk is the best fit for you. However, the rotational element can make getting a return a bit more stressful as you are directly compared to other interns who rotate on the desk, and only spending 3 weeks on a desk is tough to really get much out of. For JPM, there is a matching process where you network with desks and are ultimately placed on a specific desk for the whole summer. There is one opportunity to switch desks midway through the summer if you (or the desk you are on) decide to go in a different direction (you can switch to desks across sales/structuring/trading/research at this midway point). The desk placement/matching process can get a bit stressful, but the internship itself ends up feeling less cutthroat as you are not really pinned against any other interns, which leads to a bit more collegial culture.
I personally ended up choosing JPM and loved the internship, but I was pretty much split between GS/JPM at the time and ended up making my decision on a whim. I think at this caliber, you are somewhat splitting hairs for product strength, so I would try to base your decision on which internship experience best aligns with what you want.
MS for equities, JPM for fixed income, GS is solid at both (but better equities than fixed income)
This is all explainable by the structure of each bank (JPM huge lender because of their commercial operations, MS and GS have small balance sheets so have to focus on advisory expertise which is equities and M&A)
Would take it and try for gs
The slight difference (if any) between GS vs JPM certainly isn't worth the risks of reneging. I personally would only renege for a HF seat or quant shop if I had GS/JPM/MS
did you do the MS superday on 2/27? have you heard back?
Had to decide between both as well for trading. More risk taking culture at GS than any other banks if that’s something you like. JPM is really pure flow and market share while GS actively takes risk. Goldman has the best exit opps for prop trading for a reason. So, if there is a chance you want to go buy side later, go with GS, if not JPM.
So you would pick GS over JPM. And you would pick both over MS?
The only possible offer combination between the three that picking MS makes sense is getting offers for just JPM and MS given that you want to do equities.
Would go GS or JPM. Chose between all three and ended up choosing JPM over GS because of culture reasons, but I don't think MS's S&T internship program is as good given what I've heard
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