JPMorgan PWM (Chicago) or inter-dealer broker (NY)?
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quick question: is it truly JP PWM (e.g. legacy Bear Stearns) or is it the private bank?
I believe it is truly PWM, dealing with ultra-high net worth individuals.
That's not what I'm asking. What does the paperwork say? Does it mention the private bank anywhere? That is jp's original private banking business which would be huge, PWM is the wirehouse brokerage business they acquired from Bear Stearns, and I'm not sure what it's like there.
You say the upside at JPM is not nearly as high as brokerage, but if you got the offer from the legacy Bear Sterns group then wouldn't that be brokerage too? Unless you got an offer from the private bank then it's a different story.
That would be trading. Brokerage connects traders, hedge funds, etc.
Ahhh my bad, I read "front office broker" and glossed over the ICAP part. Well, I would say take the JPM offer if it is for the private bank, but take the ICAP offer if it is for the legacy Bear Sterns business. You don't want to work there.
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