JP Morgan becoming the best bank on Wall Street....
Thoughts/Comments. I heard this yesterday and was surprised.
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Not sure....great bank but the best at this point....? I think banks could care less about where they rank...they are worried about the bottom line.
Here in London a lot of students hold JPM in the very highest regard. Pretty much alongside GS.
JPM has always been a very good bank. I am not sure it has caught up with Goldman but it is narrowing the gap on Morgan Stanley. Dimon is ruthless but has them well-positioned.
I would say they are still behind GS but are neck-to-neck (if not ahead) with Morgan Stanley.
GS JPM MS (because their problems) CS/MER LEH
I would not be surprised if they do catch up to GS one day.
Who would you say is a better leader?
Blankfein/Dimon/Mack/Thain ??
I think at the moment Dimon may just be ahead of Blankfein in terms of strategic direction the company is steering towards.
We also have to take into account that JPMorgan would have been a much better bank if it wasn't for the Glass-Steagal Act which was eventually repealed in 99'. Morgan Stanley came into fruition after JPMorgan forced to split their Investment Banking Divisions back in the 1930s.
I would love to hear what other people have to say.
JPM the best bank? Hmm ....just because it picks up Bear Stearns on the cheap? Oh come on. If you look at the latest M & A rankings in the US and globally, it's nowhere near GS/MS.
It's ranked 3rd
From Thomson. Full Year 2007 M & A rankings:
US target announced: JPM #5 US target completed: JPM #5 Any US involvement announced: JPM#4 Any US Involvement announced: JPM #4
Every BB can claim top 5 ranking (or top 3) based on any one of the above league table. JPM is not any better than the other BBs.
M & A may not be a huge part of business, but this is an IB board, isn't it?
overall strategically... not necessarily the league tables... Id say thats an arguable statement. In the beginning of the year he said this is the year for JPM to scoop up some key lines of business to solidify the JPM franchise... then they go and get BSC; specifically for Prime Brokerage and the clearing biz.
Beyond that, the one thing I notice about GS is they are ahead of the curve. They didnt lose money then start cutting costs/jobs etc... their strategy is premptive, unlike the rest of Wall St. They have not yet (publicly) had significant losses, but they are cutting costs/jobs in anticipation. Nearly all the other banks took a royal shallacking before deciding to ax people.
The other thing is... yes, you think GS/JPM/MS you think investment banking... but IBD is a small portion of these firms revenue these days. So to look at the M&A league tables and say GS or MS is the best bank on Wall Street, is not necessarily a valid presumption. I would ignore the league tables and any of this other nonsense. Just look at the brand itself... I'd say GS is still tops.
BTW..... Dimon is an animal. Quite literally, yesterday I saw him eating the raw carcase of a gazelle.
idk about the best bank - but they've definitely carved out somewhat of a niche reputation for themselves in terms of recruitment, at least at my school. they're projecting themselves as an innovative bank that promotes social entrepreneurship & offers opportunities for students who want to go into finance, but simultaneously have a larger world impact. cheesy, yes, but that's their brand around here. ie - well advertised TFA partnerships, well advertised microfinance group, goodventure etc. GS def doesn't do as much of that type of stuff and neither do Lehman or MS.
Lots of banks are into that though. GS, MS, ML, JPM, CS, DB, BarCap, and others. Actually many of these banks go beyond social entrepreneurship, into microfinance, urban investment, and urban private equity.
Perhaps the other banks don't publicise these aspects of their work in the US as much as they do here in Europe.
If you mean does JPM have better, more respected, or more effective investment bankers than the other firms, no they certainly don't. Do you mean JPM has made some deft corporate strategy moves coupled with some lucky breaks (e.g. they're not part of the clear channel syndicate/suit) recently? Yes, perhaps.
Everyone on this board that's not in the business and is trying to learn about it to get in should take a good look at StudentBanker's posts. You'll get a good idea what meaningless bs looks like and can disregard it when you're confronted with it in the future. My personal favorite moment of idiocy on this thread is the Glass-Steagal comment. Does he realize that M&A banking didn't even exist for decades and decades after that? Probably not.
If u read above, i stated the Glass-Steagal act was in play until it was repealed 9 years ago. What doesn't make sense there. I am well aware of what you stated.
M&A banking was never a major profit driver until the 1980's when banks started utilizing it as "supplement" to the products they offer clients
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