JP Morgan vs City vs DB bs OW
Citygroup: Debt Capital Markets
Deutsche Bank: Asset and Wealth Management
JP Morgan : Global Wealth Management in conjunction with investment management
Oliver Wyman: 2nd Tier consulting firm
My career plan is towards HF and PE. If I get a choice it would be HF.
To get there I plan to get a return offer at any of the internships and leverage it to get an IB internship in the following summer.
I would obviously apply to any of the top tier masters to extend the recruitment cycle for a year ( UK undergraduate is only 3 years)
Citi DCM if your goal is IBD without a doubt. Probably wouldn't be that hard to pitch a story of wanting to move from a product to coverage group.
I thought so, but would I most likely be stuck within City, whereas if I chose JP now and after good performance in the summer can leverage that to an IBD internship at JP the following summer. And what I heard JP > City in regards to IBD ?
AFAIK DCM is part of IBD? Why don't you just try to get a return from Citi and then move from DCM to coverage or another product?
Anyway-
Those positions with "Wealth Management" in the name won't help you a ton to secure IBD at another bank - PWM internships have very little in common with IBD. PWM interns in freshman year are a dime a dozen.
Citi DCM is the choice because:
It will be relatively easier (compared to your other options) to move internally within IBD to another product or coverage group. It will be a lot harder to move from JPM AM to JPM IBD than from Citi DCM to Citi M&A or Industrials or something. Plus, Citi IBD is not a terrible place to end up.
If you happen to not want to work in Citi, I think Citi DCM on a resume would pique any IBD recruiter's interest just as much, if not more than JPM Wealth Management. Yes, JPM has a better brand, but Citi DCM is already IB experience.
I'm not sure the culture of JPM in London, but in the US they support (and to some extent push) mobility within the firm, atleast from the people I've spoken to across the different divisions. If you're offer was within Asset Management at the firm, I'd make a strong case for the internal transfer, but since it's for global wealth management Citi is the way to go. JPM is a great name, but the skills you take away from the GWM internship aren't very transferable to IBD. Whereas DCM is a product group within IBD and like others mentioned will translate to a coverage group well.
How well do you know the JPM recruiter for AM? I'd politely decline and say after reflecting on your career goals, the exposure to DCM would be a better fit for youself. Mentioned you are very much interested in the firm and ask she could connect you to a recruiter in IBD for the following year. It's better to explain why you're declining vs. just denying if you're still interested in the firm. She'll probably connect you to the right resource, if not, it won't take much work to find out who the IBD recruiter for your school is anyways.
Thanks for the answers guys ! Will probably go for City then !
And fyi it's Citi not City.
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