JPM Private Banking - Opinions?

Does anyone have an opinion on JP Morgan's summer analyst program for private banking?

More specifically - Which groups are the most desirable to be in? What are the hours/lifestlye/culture of the NY office? Is this a good place to start a career (considering all the regulations that are about to hit banks)?

If anyone has any info I'd be really grateful.

 

do a search, there is a wealth of applicable (even if it's from a couple of years ago) information. Make sure to pay close attention to what tan86 writes, he hits the nail on the head

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 
Best Response

regulations aren't a problem....it's private banking not prop trading. Only way the regulations have affected this arena is how many forms the clients have to fill out.....which can be very annoying.

From my experience as a summer intern in NY:

product groups are most desirable to be in. It is a good place to start a career but will pigeon hole you into wealth management....getting in a product group...FI, alternatives, credit, or others will help to be more transferrable to other areas. That being said, it doesn't mean you couldn't move to another area in finance....just not as easily as IBD. JPM PB probably is the best out of all wealth management to transfer to other divisions because of its name and broad platform.

As for the internship, it is not going to be a cakewalk like this site seems to think of wealth management. It also depends on your specific team. It is a fast paced environment and a lot will be expected of you as an intern. interns work on avg 14 hours a day, some more some less. Def not less than 12, expect 14 to be the norm.....again it really depends on your specific team...I cannot stress that enough. Culture is conservative and there are very bright people there.

Good place to start a career...not as good as IBD though. A lot of room for upward mobility. If you are a decent intern...you will get a FT offer most likely...get coffee with senior people as often as possible. They like to promote from within and push hard for Analyst to Associate promote after 3 years.

 
MoneyTalksMonkeysWalk:
From my experience as a summer intern in NY:

product groups are most desirable to be in. It is a good place to start a career but will pigeon hole you into wealth management....getting in a product group...FI, alternatives, credit, or others will help to be more transferrable to other areas. That being said, it doesn't mean you couldn't move to another area in finance....just not as easily as IBD. JPM PB probably is the best out of all wealth management to transfer to other divisions because of its name and broad platform.

Let me elaborate on the transferring to other areas in finance. It will not be NEARLY as easy to transfer to other areas of finance as IBD. You will have to pull all your strings and do well in interviews. If you are not good in interviews....you will not make it..because you will have to spin your experience a lot. It is like coming from a non-target. So if you want to go into IBD or PE in the future, a boutique (or BB obviously) IB would be a better path...not private banking.

 

I would say yes. From what I understand through research and experience (I interviewed with JPM PB) the analyst roles are for recent college grads and possibly people with 1-2 years industry experience. If you get your licenses and 2 years ish experience you can try and lateral into a "banker" role within the PB and then begin working your way up from there.

 
King of Opz:
I would say yes. From what I understand through research and experience (I interviewed with JPM PB) the analyst roles are for recent college grads and possibly people with 1-2 years industry experience. If you get your licenses and 2 years ish experience you can try and lateral into a "banker" role within the PB and then begin working your way up from there.

Most new bankers are in their early 30's. 2ish yrs exp and licenses you'd come in as a 2nd or 3rd year analyst, 3-5 yrs ish exp and licenses you'd come in as an associate

I would agree with you, but then we'd both be wrong.
 
King of Opz:
I would say yes. From what I understand through research and experience (I interviewed with JPM PB) the analyst roles are for recent college grads and possibly people with 1-2 years industry experience. If you get your licenses and 2 years ish experience you can try and lateral into a "banker" role within the PB and then begin working your way up from there.

So if i only have 9 months of industry experience, i could still theoretically be a JPM PB analyst?

 

Are you located in DC by any chance? Just wondering because I have an international affairs background (graduated in '10), am located in the greater DC-area, and will take your job once you leave! :)

 

I am doing the same thing. I had a first round interview with them this Monday and haven't heard anything back from them. I thought that I passed the 1st round interview because my interviewer mentioned HR will reach out to me for a 2nd round interview anytime soon by this week... Anyone who has heard back from them?

 

Hey mainstack and bwanaD, have you guys received any updates yet? I got an email about a networking session but I know of a HK friend that said he's "through to final rounds", though not sure if he's talking about PB.

 

Hi Hope5 and Gigi-W! How are you guys! So has any of you got any updates? I ve attended this christmas event at HK Office and haven't heard back since. So just to check if anyone receives the final notice~

 

I had the final round recently. I know a few others who had it and some have already got offers. But I think the schedules really vary greatly depending on the roles and teams your are considered for.

 

Hey everyone, seems like this thread is for HK applicants … don't suppose there's anyone here that applied for Singapore? I am in the same boat as most people, waiting for news after the 2nd round.

 

Why are you so dead set on JPM? It's not a good choice to pigeon hole yourself to a single firm when all BBs offer the career path you're interested in...

"Well, you know, I was a human being before I became a businessman." -- George Soros
 

I'm not dead set on them. Of course I'll try my hand with all BB but i'm just using them because it's the PB that I'm most familiar with and most connections with.

 

Just keep doing what you're doing and plug away. I was a non-target with similar work experience. Aside from that: 1. Network, meet as many people as you can and leave a good impression. 2. If you have any savings, put them in a portfolio (mutual funds, ETFs, investment trusts), win lose or draw, your knowledge will improve and you'll keep up to date with the markets. Super-useful for interview.

 

This all started out when GS got rid of the "structured" analyst program since to many analysts were leaving for other positions before the 2 years was up. BBs wanted to find a way to weed out candidates before they start so there is a new honor system among the BBs.

HR talks to each other to see who has offers and then have other banks reach out to candidates. The point is to make sure you won't just jump ship when a better offer arrives, proceed with caution.

reality: a position opened up, have extra headcount, someone declined offer, etc

 

Someone could have dropped, someone could have said no, andy number of things could have happened. If you haven't accepted your offer at the other BB and want to consider JPM then respond to the HR person and tell her that. If they know you have another offer maybe they will quit fucking around and give you an answer.

I would agree with you, but then we'd both be wrong.
 

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