JP Morgan Diversified Industries (DI)
Did anyone summer in DI? If so, what is the culture like, and how was the summer?
I would really appreciate any feedback any summer's in DI have. THANKS.
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do you have a FT offer there baller18?
Hi there,
As it happens, I'll be joining JP Morgan's London-based team for an internship this summer. I'd be glad to hear about your experience there.
Many thanks!
You've got a good summer ahead of you. Be prepared to wake up early though!
I've been working with them on a couple of deals while I was working in a regional office. The people are smart but I was told the hours were crazy/violent...
cruel3a / Asatar,
Would you recommend any particular reading around DI valuation before I join the DI team in June? Thanks for the heads up about the long hours. Sadly, already pretty used to them. With four years of work alongside studies, things can't get much worse :)
Best.
Well, I would say that it depends on how much you already know about corporate finance and M&A. If you've been covering these topics enough at university you will probably be fine. Having said that, the best thing you can do is probably try to get as faster as you can with powerpoint (2003 version I think) cause this may give you extra sleeping minutes.
How does it place compared to other industrial groups on the street?
JPM DI (Diversified Industries) (Originally Posted: 04/02/2011)
Does anyone know about JP's DI group? Culture, hours, exit opps?
good group. few analysts do go into buyside, but not everyone. hardcore hours though - worked on high profile deals like GM IPO. culture is better after some crappy MDs, VP have been forced out. definitely a few douchebags in the group, but that comes with the territory. overall one of the good groups at JPM.
Hear hours are insane there. Comp just ok.
Could you please elaborate on 'comp just ok' part? My understanding was that at the junior level you are compensated more or less the same across the bank... Or did you mean that those people should get bigger bonuses for the time they put in?
comp at DI is in line with street average. none to very little comp distinction between classic ibd groups in pay at JPM.
@ul8492: thanks for the reply! you seem quite knowledgeable in this domain. i heard slf gets crushed quiet often, whereas m&a is more chill (or i guess the senior people under whom you are working)... so i was wondering, do you know of any comp differential for the product groups?
M&A is never "chill". JPM M&A is a sweatshop.
I've never heard of a chill M&A group, and JPM M&A is definitely not a chill group. I think you mean't SLF.
Ok, so to clarify, I know people in SLF who are constantly pulling REALLY long hours and are pretty much miserable, saying that if it wouldn't have been for the people in the group they probably would have switched/left.
Whereas, I talked to couple of people in M&A and they've been telling how they could get days off/ leave early when their parents/ significant others were in town... So I am not quite sure what to make of it, since I can't ask them directly "How much do you work? And do you hate it?"
And back to the DI topic, it seems to me like they should be working on pretty nice deals, since a good chunk of their clients are very high profile. Can anyone comment on this?
It depends on what segment of SLF we're talking about here, I was referring to origination. As far as I know, these guys get off around 11-12am and hardly work on weekends.
Btw, DI is a great group.
SLF is definitely a hard working group - its natural as JPM is a commercial bank and they have the balance sheet to do many lev fin deals. M&A is not that "chill", though there are some really bright people in the group who are top analysts and have some pull in their hours. you should go by the group that you like the most in all aspects - people, most importantly though. You also have to understand that analysts can have significantly different hours, in the same group, given if they are a top analyst or a shitty analyst.
DI definitely has done some high profile deals, GM IPO like I had mentioned earlier. However, this is one of the most cyclical groups - but deal flow has picked up in the group recently.
how is diversified industries one of the most cyclical groups ul? i'd imagine them to be one of the least volatile groups
you are right in that DI is less volatile compared to some other coverage groups. but after the financial crisis, this particular group has faced somewhat of a slowdown in dealflow. though DI's biggest clients are the most diversified like GE, there other significant clients in the shipping/auto/airline sector that have seen significant slowdown in dealflow. also, any client that does not really fit with any other coverage groups at JPM, would be advised under this group. so analysts could be working on united/continental but also potentially some no-name, one-off client. note, this is specifically for DI at JPM.
Please someone correct me if I am wrong, but my understanding is that you will end up sometimes advising no-name clients in any group, especially in industries with lots of participants (tech) or industries with fewer household names (nat res) which of course may only make them 'sound' as no-name firms to an average consumer.
Hence, I would really appreciate if someone could maybe make a comparison between the type of work one does in DI vs TMT vs NatRes?
And thanks for the insight ul8492!
Yes, DI is a great group.
If by "great" you mean insane, work-creating associates and MDs, large-cap clients who require a ton of client service at a moment's notice and lack of good M&A deal flow (which translates into lack of good exit opps), then this is the group for you! DI's rep is well-known at JPM - all of my analyst friends in that group are miserable. Now of course a lot of people in banking are miserable, but I'd rather be miserable working on a deal (and then talking about that deal in a PE interview) than creating a million profiles of potential acquisition targets to show GE.
Thanks for the insight! May I ask if you have an opinion about other groups at JPM?
In general M&A deal flow has been weak on the industrials side across the board. Interesting insight on the group though.
The M&A and Financial Sponsors groups are strong (both place very well into PE). Sponsors also has very manageable lifestyle. TMT has good deal flow and is a tight-knit group but they work very hard as well. Have heard good things about Natural Resources, but can't say for sure.
bump
space
bump.
Any new insight into the DI group at JPM?
US or London?
New York
I've heard its pretty brutal. But good experience.
Update on this?
JPM Diversified Industries (Originally Posted: 07/13/2013)
Does anyone have any insight into this group?
anyone?
JPM MidCorporate Banking Diversified Industries Group? (Originally Posted: 03/02/2007)
I found a job opening in JPM's MidCorporate Banking Diversified Industries. But what in the hell does "MidCorporate" entail? And what specifically are "Diversified Industries"?
I tried searching for these terms on JPM's site, but came up with nothing.
TIA
It means corporate banking where your clients are middle market firms - not your fortune 500 types.
Diversified industries = Industrials group - chemicals, aerospace defense, etc
If you can find a BB job that is not mid-corporate, take it. You will get better experience
I've got other jobs lined up, but I'm just gauging the potential of this one from JPM.
So is it IBD or corp. banking? I get the impression it's the latter.
It's corporate banking.
yeah that sounds like corporate banking
what kind of exit opportunites would someone have coming out of JPMorgan corporate banking?
If you are looking at PE/HF, very tough to make it there from corporate banking (next to impossible).
I have heard that it is not to unrealistic to switch from corporate banking to a debt focused hedge fund. You deal almost exclusivley with debt in corporate banking so i would think this would be a realistic chance.
Not to burst your bubble, but by that logic commercial bankers shouldn't have much difficulty going to debt focused hedge funds, either.
In my personal experience its extremely difficult to exit corporate banking roles for buyside roles. But then again, the lifestyle is great and the money is not too bad, so most people aren't clawing at the door to get out.
I will share my thoughts and would love to get the opinion of others as well (in particular, those that have experience with JPM's Mid-Corporate Banking Group).
In general, I agree with Game Theory, it will be very difficult to jump from the corporate banking analyst program to a top buyside firm. However, it has been done and I have witnessed top performing analysts make the move (but it's rare...and those individuals are chosen more on their clearly visible talents and less on their deal experience).
The real question everyone on this board should be asking is..."Is it possible to go from a JPM Corporate Banking analyst stint to an investment banking analyst/associate role. My experience says...YES. If you are a top performing analyst you should have no problem utilizing the internal contacts you will build to make the jump to an IB product or coverage group. However, a big factor will be your experience as a Mid-Corp analyst...which brings me to my next point....
What is JPM Mid-Corp banking (I'm sure more than a few people are wondering)? JPM Mid-corp banking is essentially a hybrid inititive by JPM that serves middle market companies. These groups are sector focused to some degree (Diversifieds, Technology, etc) and are tasked to market everything to clients...from traditional commercial banking treasury products to capital markets products to M&A ("treasury services"...yuck!...but note that generally analysts focus on capital markets products...senior bankers tend to pitch more of the ancillary c-bank products without the need for support from analysts). That said...the mid-corp banking effort at JPM has only been around for 3-4 years (to my knowledge) and your experience as an analyst in one of these groups could vary SIGNIFICANTLY because every group seems to have its own flavor. For example...a seperate group focused on IB (called mid-corp IB) tends to support the efforts of the Diversifed Mid-Corp banking groups. Consequently...analysts in diversifed mid-corp groups tend to focus more on traditional commercial lending as opposed to IB. In contrast, the Mid-Corp Technology Banking group works without a mid-corp IB group...and they "Partner" extremely well with IB product groups. Consequently...in a tech IB mid-corp group and analyst could get significant experience on IB pitching and modeling just like you would if you were in an IB TMT coverage group. BUT...even that varies between offices. In said group, some analysts have the opportunity to focus more on IB than others.
Another point...because the mid-corp banking function is relatively new...a significant determinant of of an analyst's experience will be based on the background of their senior bankers. Some of the senior bankers come from traditional IB bankgrounds and some come from traditional commercial banking. MOST of them stick to their knitting (I know some guys that loath the c-bank products) they focus strictly on generating IB fees.
To summarize my thoughts on the group...if you are considering a position...you HAVE to do your homework on the group and you have to ask penetrating questions to senior bankers to guage exactly what your experience will be like. In general, I see the mid-corp banking program at JPM to be a solid start to an IB career if you can't get a traditional IB coverage or product position out of school. The premise for that statement is...if you are good...JPM will have no problem moving you wherever you would like to go within the firm. The mid-corp banking program is very competitive and senior people at JPM typically regard these analysts and associates as just as talented as their traditional IB counterparts.
This thread popped up on search, and your comments were very helpful. +1 SB
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