J.P. Morgan Private Bank in Century City - Exit Opps and Culture?
Anyone have any insight into J.P. Morgan's Private Bank in Century City?
Exit Opps Pay Culture
I thought it would be a good starting point to get to a good MBA program or maybe investment management down the line. I will hopefully be sitting on the investment desk and also am in the process of getting my CFA.
Any advice...
what position? analyst?
yup,
Private Banking Analyst, first year right out of college
Structure: Analyst (1-3 Years) Associate Banker - the salesforce and relationship group. Investor - portfolio managers/technical experts MD - runs the office and acts in a sales capacity
Pay: Should be 70k in all cities. Your bonus is generally going to be between 20-40%.
Culture: It's going to differ at every office. JPM PB is generally fairly conservative in culture and dress.
Exit Opps: Top 15 MBA. It's going to be hard to get into a Top 3 school. Just had a buddy with killer stats from JPM PB get dinged from Stanford and HBS. JPM allows you to lateral to different parts of the asset management arm and may also promote you to Associate in a different office. PB is not a good route if you are trying for PE, VC, HF, etc...
Wouldn't that depend on your job function? If you are a product specialist or on a solution/strategy team, wouldn't you have a better chance for a Global Macro HF? On the other hand, I think mutual fund like PIMCO is an awesome place to work for. Besides, like you said, you can lateral to different part of asset management within JPM.
A strategist kind of role at a PB generally just means home office researchers who recommend strategic/tactical asset allocations. On it's face, it sounds like there's some overlap with a global macro HF, but the analysis they do at private banks, even one's with a really good rep like JP, isn't all that sophisticated and probably wouldn't impress anyone at a HF.
Actually, the strategy team at JPM is pretty damn good, and I'd argue that they are very sophisticated. Keep in mind, however, that the strategy and research that goes into running a UHNW client's multi-asset class diversified portfolio is going to be different that the strategy/research that goes into running a single strategy hedge fund. The goals are different of course - JPM PB is focused first and foremost on wealth preservation of client assets. If you have $100MM, your first focus is usually to make sure that your family is going to have that money for generations to come.
As far as exit opps, I agree with the comment another post said that PB isn't great for PE, VC, etc. But your exit opps are fairly decent, both internally and externally. Yes, you likely aren't going to a PE shop after two years, but it is possible to get into JPM's IB (or a top 15 MBA program), then go that route if you so choose.
I think more likely exit opps would be to a large family office or something like that.
I hope Tan86 sees this. I interned there this summer so ask if you have any questions.
Generally, I agree it's not gonna be the same caliber with HF in-house research. On the other hand, things like research really depends on individual. Nothing really prohibit one from gaining fascinating insight into an investment or market, at least where you work doesn't really dictates that. A lot of times, it's more about where to look rather than complexity. E.g. Meredith Whitney wasn't working for Goldman Sachs or a HF before the crisis. Also different region is kinda different. I was told JPM PB Asia has in-house hedge fund. I am not sure how closely tied the fund is with PB. I don't know how HFs in Asia operate neither, since HF as an alternative asset class is quite new in Asia.
But in general, I agree with you
tan, you may have addressed this before, but what are/are there exit ops with your clients? If a client is, say, the founder of some company, do people ever go work for their clients or is that unusual? Just kinda curious if networking helps at all with these things...
D M - I have not seen that; however, I can see it being possible. It really depends on your relationship with your senior bankers. That is, will the senior bankers allow you to get close to "their" clients. As you can imagine, a lot of private bankers are worried about other people "stealing" their clients, so they tend to hold their clients close at hand. However, like I said, if you do gain the trust of your senior bankers, you can develop close relationships with clients and I can see how a client could take an interest in a young banker.
I interned for JPM PB for a summer in NY and I know a couple of people from when I was there make the move to a family office. You don't want to be a banker if you want to move on to somewhere like a family office, HF, or the like. An investor role or one on a product desk is more easily leveraged than that. The banking analyst/associate roles don't really place an emphasis on the markets and are more about Excel and putting together presentations. You should therefore know what you are looking to get out of it before you jump into any role like that. Let me know if you have other questions.
What is the SA pay like? What are the hours like? Did you enjoy it?
Hated it. You're looking at about 13-14 hour days as an intern and pay is about $40k pro rata.
Why did you hate it? What did they have you doing for those long hours and did you work weekends?
A lot of face time. Typical US bank culture. I worked the odd weekend but nothing one can't manage. Btw, non-target.
I enjoyed my experience overall and met a ton of great people. I was in a banking role and I just wanted to do something more markets-related, and dealing with institutions, not clients. I got 60K pro-rated for my summer, so I'm not sure why Walkio got screwed with way less. I worked about the same, usually 70-80 hours per week with no weekends really.
Would hours/culture be more lax in the southeastern US primarily Atlanta or can we expect street hours as well. What does it take to break in and get a FT offer. I will be doing an accounting internship junior year and should graduate with about a 3.7 from Emory.
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