Long story short, I have an offer from JPM commercial banking at DC(their commercial banking headquarter) and Morgan Stanley equity ST in NYC.
WHICH ONE DO I PICK? I am very attracted to what they do in commercial banking, but ST at MS seems like such a ~fancy~ position with lots of potentials.. (btw im not really interested in IB at all)
Can you tell me 1. paying 2. exit opp 3. work environment(hours, typical day..) 4. MS vs. JPM
Thank you! this has been so difficult
depends on your interest obviously, but both are great positions. In terms of competitiveness, S&T is probably ahead there, albeit that the equity space is continuing to shrink, MS is the top dog in equities, pretty much tied with GS.
Pay honestly will be similar starting off, so that shouldn't be a huge factor in your assessment.
Wider exit ops from commercial banking I'd say (youre doing credit analysis..and at JPM, the 800-pound gorilla of credit)
From what ive heard JPM corporate banking works alot, not IB hours but 60-70/week, anyone with direct knowlege, please chime in. I'd have to imagine commercial banking might be a bit less, but still 55+
regarding what is done is equity sales & trading, I believe this has been covered in other forums. Sales markets the equity research to clients and keeps them up to date on the market...also sets up meetings with management of companies, and takes clients out for drinks and fun.
trading is basically block trading, so helping clients move in and out of equity positions that would typically move the market. this is done via principal or as agency. This all refers to cash-equities, anything in flow derivatives, derivstrader has a great write up somewhere about what his work entailed when he was at a BB.
Cant comment on what commercial bankers do, but think underwriting, industry analysis, etc
If it was corporate banking vs s&t, itd be a much better comparable in terms of "preftige", but ultimately it comes down to what type of work you like to do.
my $0.02
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