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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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.
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
Depends. You will make more in advisor than you ever will in solutions as you are driving the flows and this is by quite a significant margin. The solutions role while more technical and interesting if you are more technical/markets oriented is still quite demanding as you are essentially at the beck and call of everyone in the PB to answer questions and whatnot. Solid MD advisors even in satellite offices routinely pull in over 2MM+ a year. Even an associate I knew pulled in over 400k due to his flows at the age of 26. If you care more about making the max buck and have the skills to pull in money and manage people, make the jump to advisor sooner rather than later.
It sounds like a great job, but less hot than IB or S&T, there gotta be a reason...
go figure it out on your own man, you clearly lack basic comprehension and reading skills.
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