Private Banking at JPM
Hello all,
Whats the private banking industry like, especially at JPM? Such as work, comp, culture, hours, exits potentionally
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How does JPM stack up against other PB’s? What is return offer % like at JPM PB?
Bump
Formerly in PB, left to join AM.
Comp
- pretty good, 100/105/110 but they are changing up the promotion structure so its more of a 2/2/2 thing so expect that to change. Bonus is usually anywhere from 25%-40% of base performance dependent.
Culture
- purely dependent on who the senior people you cover are. Know some people who are enjoying it and others who hate it. In general, v open networking culture at JPM.
Hours
- totally varies based on the workload, would say expect a 7:30-7 usually.
Exits
- totally varies, plenty of people lateral to other parts of JPM like IB (you will lose a year), AM, etc. Plenty of people join family offices. PE is very very slim. Know a couple of people who did it into the LMM space, but they killed themselves to do it.
What’s a 2/2/2 thing?
How common is PE IR or HF IR as an exit?
I was in the analyst program at JPM’s private bank for 2.5 years out of college. Applied for a MM PE fund analyst role on LinkedIn and got it and now I’m a VP at a much larger PE fund a few years later. It can be done!
deleted
can we connect
Interned there as a 2021 SA in the Investment Solutions side of the PB. PB is split into Advisors and Investment Solutions teams. Advisors are the client-facing teams, who bring in clients, manage the relationships and decide what to include in a client's investment portfolio. There are various teams within the Advisors who focus on each aspect. Bankers focus on bringing in clients, Investors focus on maintaining and building client portfolios. Investment Solutions is in essence the 'investment engine' of the PB, our teams provide investment solutions for clients' different needs. We have Portfolio Management teams who run their own discretionary funds, there's also Cross-Asset Trading (coming up with trade ideas for clients), Investment Strategy (sending everyone a variety of macro news to keep everyone up to speed and also communicates the PB's views). We also have a Manager Selection team which is actually more interesting than it sounds, it involves meeting top fund managers pretty much every day and deciding if the fund would be a good investment option for clients. Lastly, there is the Alternatives team which invests in a broad array of private investments, sounds very exciting.
These are the major teams in London. I know there are more in NYC. If anyone wants to chime in feel free! In regards to the promoting structure, we have moved away from the 3-year Analyst stint. Now it's 2/2/2, so 2Y Analyst, 2Y Junior Assoc, 2Y Senior Assoc. I'm not too sure why haha. The culture was amazing (in London at least). Everyone was willing to grab a coffee. MDs, who were busy when I asked them, reached out to me a week later to chat. Often I'd have a nice spontaneous chat with those around me or go to other desks when I see they aren't busy, people were welcoming. In London, I'd get in at around 8:00 AM, and leave around 18:30 (on average). Many get in at 8:30. Some start leaving at 17:00-17:30, and most start leaving by 18:00-19:00. Office is empty at 20:00
Exits really depend on your specific team. Investment Solutions have better exits to AM since they are more markets focussed. However, note that internal mobility at JPM is encouraged as they want to retain talent. There are people who move between Advisors and Solutions, as well as moving to other parts of the firm (AM, IB etc)
Solutions teams are usually only in major cities like LDN, NYC, HKG. Advisors are in way more cities like Paris, Geneva, Stockholm, Milan etc. There are way more advisors. Out of the Solutions interns, we all received return offers. Hope this helped! Feel free to ask any follow-ups!! :D
Thank you so much!
I'm going to be interning at the advisors team next summer, can you tell me more about that?
Advisors are split into teams like the banker team, investor team, lending team, there are more but I can't remember.
The teams are divided by the clients they cover. I can't remember all of them but for example there would be bankers/investors covering private equity partners, others covering CEOs of fortune 500 companies etc
Considering the career development, will the Investment solutions be better than the advisor's team?
I would argue that if you have any desire to seek any markets-oriented roles as an exit opportunity, it's better that you come from Solutions than the advisor side. There are significantly more technical skills that come from Solutions than the advisor side, and a lot of banker analysts who are more markets-driven realize this a few months in and suddenly want to switch to Solutions, which becomes much more difficult. It is easier to move from Solutions to the PB than from PB to Solutions bc of the learning curve.
Thank you! Very insighful.
Can you provide some colour on compensation and promotion path in the IS team?
For the summer internship you completed, how did they decide which Solutions team you would be in? Was it networking etc.?
May I ask that where will the losers of advisors go? Sounds like a "up or leave" job.
Thank you for the insightful comment. Can I ask how the Investment Solutions side of the PB is different from AM? I want to gain skills that will useful in managing my own wealth so I'm more inclined to manage wealth of individual clients. So I'm contemplating between investment management roles in wealth management or AM. Can you give me any advice?
Hey, thanks a lot for this in-depth answer. I have an interview coming up in manager selection, would it please be possible for you to PM me?
can i ask you more questions?
Are their rotational programs only open to people who just graduated with no work exp? The salary is insanely competitive…
VP in JPM PB. Base: $175K, bonus: $75K. US PB hours are easier than the International Private Bank, especially teams with cross border clients. Those teams regularly pull in 15+ hour workdays
Thanks for the data point. There's some cap in this thread.
Do you work much on weekends?
Practically 0 weekend work for me
Are you in a T1 city?
Now a 2nd year Associate. Based on the new hire comp plan, I should be getting a $100k bonus in Feb, with a bump in base pay from 150 to 170k.
Can you go over the new hire comp plan and what it is?
For Single Coverage within the PB it is based off of flows for new hires.
$25k bonus for ever $5MM in IB&C flows into the bank.
Updating a couple of years later to provide insight:
3rd year Sr Associate Comp (2024)
Base - $170k (PB associate max)
Bonus - $305k (75% Cash 25% stock)
TC - 475k
Promotion to VP, new salary $285k. I had a very good year
Congrats on a huge year! I have a few questions:
1. Are you in a HCOL or regional office?
2. Were you a massive outlier or are others in your office making this much?
3. Did you raise ~$60m in flows? My understanding is it’s $25k bonus per $5m in flows.
4. How did you go about sourcing the business? Was it a big win or a number of smaller wins?
Hi, could you please PM me? I’m a recent H/S/W MBA grad considering private baking. Would love to pick your brain on the space
could you break down the banker route vs the lending route? and which you would personally recommend pls?
Do you travel for work in Solutions compared to advisory and at what role would you travel for work? Can it be at the analyst stage?
I recently applied to a full time Private banking position at JPM. For anyone who has worked in PB for JPM I was wondering what they look for in a candidate? Do they only hire from certain schools? How competitive is the program?
did u apply to usa or emea?
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