JP Morgan S&T Vs. Citigroup S&T (Offer Help)

I'm currently deciding between JPM and Citi S&T for SA positions. I'm interested in FX, credit and rates.

What I've learned so far: Citi has a rotational program but JP doesn't. I have much stronger connections with junior and senior people at Citi vs one junior contact at JP. JP has a more focused training program and a wider range of exit opportunities inside and outside of the bank.

What I'd like to learn more about: Upward mobility, culture of specific desks, work-life balance, exit opps.

Any insight would be extremely helpful!

Comments (21)

May 16, 2018

Citi and JPM are very similar in both their corporate structure and client base. Both franchise benefit from HUGE corporate flow and have a lot of high quality resources available to their staff.

Citi is an absolute beast in FX and I recommend that for one of your rotations to be on the FX desk. For all things FICC Flow, Citi smashes the ball out of the park as they have a huge balance sheet and large corporate client base. Their equities franchise is not as strong as other players.

JP Morgan performs highly across the board in both FICC and Equities. Just like Citi, they have a large balance sheet and solid corporate flow. They have the edge in terms of their equity flow.

In terms of prestige, JP Morgan name carries slightly more weight by Citi but honestly it really does not matter as both are top ranking players.

Upward mobility, this is totally objective but from what I have seen Citi is far more upward mobile than JP Morgan.

Culture, not sure if there is much of a difference in both.

Work life balance, you are working at a bank - more work less life.

Exit options, I would not focus on this - its important to develop yourself as a solid S&T person and then take any opportunity that may arise (albeit in the bank or externally)

I would recommend taking the offer from Citi as the programme is rotational and therefore you can find your true calling by the time your programme end as well as the fact that you get to network with a wide range of desks.

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May 16, 2018

Thank you so much for your comments! How would you compare Citi FX to JP FX?

May 16, 2018

Citi has a beefier FX operation than JP. That is probably down to the fact that Citi has a bigger global platform than JP and thus gets an auxiliary benefit of have a strong foothold to deal with EM corporates.

You can't go wrong with Citi for FX although since FX is highly liquid, I would avoid any spot or vanilla desk because a lot of those operations are becoming automated (see the recent rapid rise of the HFT XTX Markets in the FX market rank.)

Checkout the 2017 Euromoney's FX rankings: https://www.euromoney.com/article/b1348tjhnv7h99/e... . Citi and JP has very similar market share, so all in all doing FX at either firm would be awesome.

May 16, 2018

When was ur jp superday?

May 16, 2018

Mid-April

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May 18, 2018

Citi all day.

May 19, 2018

when was your citi superday and are you URM?

May 20, 2018

JPM

May 27, 2018

I'd go for JPM no doubt. I'm sure if you do a good job at the desk you are assigned to and express some interest in switching desks they will at least consider your request. Also just a better place to be overall.

May 27, 2018

Thanks for the reply, seems to be what most people have told me. Does anyone with any experience of the JPM SA S&T programme have an recollection of the ability to negotiate etc?

May 27, 2018
Black Jack:

I'd go for JPM no doubt. I'm sure if you do a good job at the desk you are assigned to and express some interest in switching desks they will at least consider your request. Also just a better place to be overall.

No they won't.

Take Citi.

May 27, 2018

This is driving me crazy. Both are exploding offers for 1 week!
Anyone else got any ideas what to do?

May 27, 2018

On an equal basis I would say JPM, but in this case I would have to recommend Citi. You should never enter a job with the intent to transfer. If you didn't like the JPM desk then take Citi. Trust me, everyone plays lip service to transferring but it's TOTALLY dependent on spots and if anyone tells you you're able to transfer for sure then they are full of shit. Why not do what you love right away? You will regret not taking Citi and doing what you enjoy (fixed income) when you're miserable at JPM's desk and probably performing badly because of your unhappiness.

I have a very relatable story from two friends who both got offers at Jefferies IBD. They both wanted IBD but one of the friends got an offer at a BB's ECM desk. The ECM guys basically lied to this kid and said he can go anywhere he wants if he does well for 2 years. Even though he wanted to do IBD, he went with brand name and took the BB ECM job. Three years later and the first kid is at a mid market PE shop and doing what he wants while the other kid is still stuck in ECM and about to get kicked out (he's currently looking at entry level fortune 500 jobs paying half of what he's making). Not only does he hate ECM but given the market he has had 0 luck transferring to IBD which is what he wanted to do all along. Do not be this kid.

May 27, 2018

I'll outline the reasons I would go for JPM
1. Better firm- just generally speaking a better place to be
2. You're a junior in college- while you may think you don't like one desk and like another desk, you (in all likelihood) have experience in at most 1 and you probably don't have any clue which one you like working more at.
3. Most importantly, the Citi program is a rotational program- this doesn't mean by any means you would even work in FIC anyways after the summer (and there is even a chance you wouldn't be there during your rotation).

It comes down to personal preference and a lot of intangibles- the people, culture, etc. But I would JPM any day of the week- their desks are very strong across the board, and I think the name on a resume (assuming a 2 year stint) carries a lot of weight within the financial industry.

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May 27, 2018
Black Jack:

I'll outline the reasons I would go for JPM
1. Better firm- just generally speaking a better place to be
2. You're a junior in college- while you may think you don't like one desk and like another desk, you (in all likelihood) have experience in at most 1 and you probably don't have any clue which one you like working more at.
3. Most importantly, the Citi program is a rotational program- this doesn't mean by any means you would even work in FIC anyways after the summer (and there is even a chance you wouldn't be there during your rotation).

It comes down to personal preference and a lot of intangibles- the people, culture, etc. But I would JPM any day of the week- their desks are very strong across the board, and I think the name on a resume (assuming a 2 year stint) carries a lot of weight within the financial industry.

This guy's definitely still in college ^^^

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May 27, 2018

Cheers guys for all the help. Still really unsure what to take at the moment. Fortunately I have a week to decide, but still im caught in limbo.

Is there a realistic chance of internally transferring after 2 years?

May 27, 2018
SeekingAlpha123:

Cheers guys for all the help. Still really unsure what to take at the moment. Fortunately I have a week to decide, but still im caught in limbo.

Is there a realistic chance of internally transferring after 2 years?

Your question has already been answered. Seems like you're just trying to validate a choice you've already made (JPM). Good luck brother. Looking forward to seeing your whiny posts in 2 years.

May 27, 2018

Hey believe you went to the AC on Friday? Just completed an internship with them this summer. Don't worry as long as you do well, there are plenty of opportunities to network around to find something you want to do. I've seen plenty of people getting return offers from desks other than their own.

May 27, 2018
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