JPM vs. Lazard

Groups aside, what would be your reasons for choosing JPM or Lazard?

Culture
Hours
Exit Opportunities
Strongest learning experience

What would you choose and why?

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Comments (69)

Jan 22, 2013

This is like saying Yale vs. Princeton. It does not matter.

There is one firm that rises above all the others though, and that's BX.

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Jan 22, 2013
BTbanker:

This is like saying Yale vs. Princeton. It does not matter.

There is one firm that rises above all the others though, and that's BX.

Spot-on.

These questions are like Boxers or Briefs. It all comes down to personal preference. In terms of prestige, BX is king.

"Those who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety."- Benjamin Franklin

Jan 22, 2013

which offices?

Take it as it comes
JJ

Jan 22, 2013
lazardsoeurs:

which offices?

Both in the NY offices.

Jan 22, 2013

One thing to consider is that Lazard, like many other elite boutiques, each group does their own M&A - opportunity to get great modeling experience.
JPM has a specific M&A group.
Either way, cant go wrong

Jan 22, 2013

I'd go with JPM. But it depends entirely on what group you want to be in and what you want to exit to.

Jan 22, 2013

"...the art of good business, is being a good middle man, putting people togeather. It's all about honor and respect."

Jan 22, 2013

How about the LA offices? Anybody care to compare the 2?

Jan 22, 2013

How about the LA offices? Anybody care to compare the 2?

Jan 22, 2013

Isn't Lazard like fuck yourself in the ass culture?
JPM is a more recognized name outside of just banking/PE.
Lazard you will not be doing any capital raising crap, just advisory.
Exit opps roughly equal I would think.

Jan 23, 2013

If you go with JPM, you might get stuck in Healthcare or Industrials (boring) and the general public will hate you.

If you go with Lazard, you will be in M&A/Restructuring and chicks won't hate you because regular people don't know what Lazard is. But people in the finance world will respect you.

Just joking.. but not really.

The difference is marginal and more dependent on the people in your team and the MDs running them (regarding culture, hours, learning experience, exit ops).

    • 1
Jan 23, 2013
lionwater:

If you go with JPM, you might get stuck in Healthcare or Industrials (boring) and the general public will hate you.

If you go with Lazard, you will be in M&A/Restructuring and chicks won't hate you because regular people don't know what Lazard is. But people in the finance world will respect you.

Just joking.. but not really.

The difference is marginal and more dependent on the people in your team and the MDs running them (regarding culture, hours, learning experience, exit ops).

you have no idea how Lazard is set up do you?

"After you work on Wall Street it's a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side." - David Tepper

Jan 23, 2013
lionwater:

If you go with JPM, you might get stuck in Healthcare or Industrials (boring) and the general public will hate you.

If you go with Lazard, you will be in M&A/Restructuring and chicks won't hate you because regular people don't know what Lazard is. But people in the finance world will respect you.

Just joking.. but not really.

The difference is marginal and more dependent on the people in your team and the MDs running them (regarding culture, hours, learning experience, exit ops).

lol healthcare is awesome what are you talking about and I doubt most chicks heard of JP morgan either..

Jan 23, 2013

"too good to be true"

See my WSO Blog

Jan 23, 2013

Lazard Fulltime of course !

Jan 23, 2013

Of course you take the full time opportunity. Why would you want an internship at this point when you can get a real job?

Jan 23, 2013

Lazard M&A is one of the best places possible to start out. Plus, it's a full time offer, that's the purpose of internships.....to help you get a FT offer. If you don't want to go to London, don't worry, LAZ will work you to death and you'll likely never see the light of day, let alone Pickadilly Circus.

Get busy living

Jan 23, 2013

I would go with Lazard since I think we are seeing the shift from the mega Investment banks to the smaller, boutique firms that don't sell every product under the sun, generating huge conflicts of interest.

Good Luck. You will love London

Peace Out

Jan 23, 2013

Lazard, definitely more prestigious

Jan 23, 2013

You are obviously missing a branch in your brain. Don't take any. Less competition for those who have common sense.

No one would remember the Good Samaritan if he'd only had good intentions; he had money as well.

Jan 23, 2013
Yohoo:

You are obviously missing a branch in your brain. Don't take any. Less competition for those who have common sense.

Is JPM really that much better than Lazard?

Jan 23, 2013
useraccount:
Yohoo:

You are obviously missing a branch in your brain. Don't take any. Less competition for those who have common sense.

Is JPM really that much better than Lazard?

Who is talking about better or not better?

The kid got a FT offer that he can end up using however he wants for future opportunities
but he is sweating over an internship for "prestigious reason?

He shouldn't take any. Leave it up to someone who needs a full time job for the right reason, and let the internship for a kid who needs an internship.

No one would remember the Good Samaritan if he'd only had good intentions; he had money as well.

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Jan 23, 2013

"Strong groups at each place" is vague, and in this case I think it matters. I think the ranking would go JPM M&A / SLF / Sponsors, Lazard, JPM Coverage.

Jan 23, 2013

Is this assuming NYC exclusively?
Personally, I would choose Lazard and that's simply because I prefer the boutique, highly-specialized team approach.

Jan 23, 2013

come back to us when do get an offer from strong group at both Lazard and JPM.

Jan 23, 2013
OMS:

come back to us when do get an offer from strong group at both Lazard and JPM.

I get what you're saying, but wouldn't your sell day not occur until after you'd accepted your offer?

Jan 23, 2013
OMS:

come back to us when do get an offer from strong group at both Lazard and JPM.

I really disagree with this sentiment. There is a lot of utility in knowing which groups are preferable, even without having offers in hand, as it allows students to best allocate their networking time to the better opportunities.

Jan 23, 2013
Newspeak:
OMS:

come back to us when do get an offer from strong group at both Lazard and JPM.

I really disagree with this sentiment. There is a lot of utility in knowing which groups are preferable, even without having offers in hand, as it allows students to best allocate their networking time to the better opportunities.

Focus on the offer first and consider opportunities at all the big banks. If you don't have an offer, unless you have a 4.0 from Wharton, you are not in a position to be choosey.

Jan 23, 2013
ricottacheese:
Newspeak:
OMS:

come back to us when do get an offer from strong group at both Lazard and JPM.

I really disagree with this sentiment. There is a lot of utility in knowing which groups are preferable, even without having offers in hand, as it allows students to best allocate their networking time to the better opportunities.

Focus on the offer first and consider opportunities at all the big banks. If you don't have an offer, unless you have a 4.0 from Wharton, you are not in a position to be choosey.

also you can use the WSO search function or google to see which groups are better (league tables), it has been discussed so many times. Furthermore, I would not focus your networking by company, rather by bankers who will be helpful in your process.

Jan 23, 2013

Locations?

Jan 23, 2013

NYC both

Jan 23, 2013

Lazard in NYC is legit. They'll work you hard, but in this current economic climate it is the best place to be

Jan 23, 2013

How do you know you are in M&A at JPM this summer? The SAs I know going there this summer haven't even ranked the groups yet.

Jan 23, 2013

a JPM M&A placement is not official but highly likely. they decide in spring but a lot of the process depends on who interviewed you.

Jan 23, 2013

If you have any doubt about M&A and think you would want to explore other areas of finance I would recommend JPMorgan ... I am a senior so take what I say with grain of salt

Jan 23, 2013

Lazard has a much higher chance of giving u a FT offer than JPMorgan.

Jan 23, 2013

Lazard is better...they're not having any problems, and if they give you an offer, you know you're not going to get fired because trading just lost another billion dollars.

they're also thriving/still doing a lot of work. my understanding for laz though was that they didnt place you into groups until the beginnign of the summer

Jan 23, 2013

Are you kidding me? Lazard has no subprime exposure and has a booming restructuring practice. In this market, Lazard is the easy choice.

Jan 23, 2013

LAZ all the way. and with no hesitation

Jan 23, 2013

I think you guys are being far too short terminist. Yes in this market Lazard is the best place to be working. If he was starting now, I would recommend taking Lazard. However he won't actually start work until Sept. 2010 and by then everyone expects the market to have picked up and they'll be much more M&A to share around. JPM Investment Banking had a fantastic 2008, top 2/3 in pretty much every product/region. You'd expect them to be able to leverage their relatively good position when the market picks up.

The results today were bad but better than expected. Dimon is consistently realistic in setting the market's expectations unlike Lewis, Pandit and alike. I highly doubt there will be more huge write-downs or trading losses.

I wouldn't say you'll have more chance of getting a FT time offer at Lazard. JPM SA count will probably be way down and if he managed to get the SA offer, he probably has a great shot at an FT offer.

Maybe my views are skewed because I work in London, but you would be mad to turn down a JPM offer for Lazard here. Probably due the fact that JPM is much more prestigious over here mind you...

I would say if you do take Lazard, take it because you want to work at an M&A boutique rather than a BB. Not because you may not get a job at JPM, traders may lose billions etc. If you want to work at BB, JPM is the place to be at the moment. My 2 cents.

Jan 23, 2013
Execution:

I However he won't actually start work until Sept. 2010 and by then everyone expects the market to have picked up and they'll be much more M&A to share around.

Funny, because I also recall people in late 2007 expecting the market to not worsen to this degree, and then Bear Stearns collapsed in March; and then, people expected things to pick up during the summer of 2008. What was the saying? "We're in the 8th inning of the ball game," and then well Lehman went down, Merrill got bought, and Morgan Stanley flirted with death.

It's safe to say noone knows what the hell they're talking about.

Jan 23, 2013
Devils Advocate:
Execution:

I However he won't actually start work until Sept. 2010 and by then everyone expects the market to have picked up and they'll be much more M&A to share around.

Funny, because I also recall people in late 2007 expecting the market to not worsen to this degree, and then Bear Stearns collapsed in March; and then, people expected things to pick up during the summer of 2008. What was the saying? "We're in the 8th inning of the ball game," and then well Lehman went down, Merrill got bought, and Morgan Stanley flirted with death.

It's safe to say noone knows what the hell they're talking about.

You point is good but look at the timeframe. We are not talking about summer 2009, we are talking about Autumn 2010! And, at the end of the day, your examples make a point but expectations can't always be wrong.

Are you really saying that First Year Analysts who start in 2010 would be better being in a restructuring team than an M&A team? I'm not convinced.

Our deal flow here is starting to pick up already...

Jan 23, 2013
Execution:
Devils Advocate:
Execution:

I However he won't actually start work until Sept. 2010 and by then everyone expects the market to have picked up and they'll be much more M&A to share around.

Funny, because I also recall people in late 2007 expecting the market to not worsen to this degree, and then Bear Stearns collapsed in March; and then, people expected things to pick up during the summer of 2008. What was the saying? "We're in the 8th inning of the ball game," and then well Lehman went down, Merrill got bought, and Morgan Stanley flirted with death.

It's safe to say noone knows what the hell they're talking about.

You point is good but look at the timeframe. We are not talking about summer 2009, we are talking about Autumn 2010! And, at the end of the day, your examples make a point but expectations can't always be wrong.

Are you really saying that First Year Analysts who start in 2010 would be better being in a restructuring team than an M&A team? I'm not convinced.

Our deal flow here is starting to pick up already...

Yeah...I'm just a little uneasy, starting at a BB in July. All of my optimism has been sucked out after witnessing this bullsh!t...I've been erring on the side pessimism for a while now...

Jan 23, 2013

Both great firms, depends on your personal preferences (cultures, BB v. Boutique). I sent you a PM.

Jan 23, 2013

Short term = Lazard
Long term = JPMorgan

Like someone said above, Dimon is an excellent leader. I also expect JPMorgan to see a quicker recovery when the market starts going back in the right direction.

Jan 23, 2013

I agree, you should be more focused on BB vs Boutique difference. There is a world of a difference between Lazard and JPM cultures. You can pick Lazard because all of the (mostly in college) people on this thread are saying to do so, but its really a decision you should make based on what each bank has to offer you and what type of environment is most conducive to your personal preferences. Because if you go to a place you're completely miserable at, you may not get a FT offer, and even if you do, why would you want to take it?

Luckily its an internship so you're not locked into it. This is the exact benefit of an internship.

Jan 23, 2013
Marcus_Halberstram:

Luckily its an internship so you're not locked into it. This is the exact benefit of an internship.

This is a great point. Keep in mind that the internship will give you an opportunity to get to know the company, and if you don't like it you can always interview elsewhere when full-time rolls around.

As far as the timing aspect goes, I would place more emphasis on firm culture and the BB v. Boutique preference (as stated here previously). No one on here (especially the college students without experience in the field) can predict where the markets will be in the next couple of years--you should pick the place where you will a)fit in and b)enjoy yourself. Picking a company based on (perceived) prestige is the most evident sign of sophomoric naivete.

Jan 23, 2013

In this market, finding an offer without having been a summer associate at that specific bank will be difficult. I don't really know how the exit opps compare for both firms, but they will hopefully be more plentiful 2 and a half years from now. Assuming they're equal it would mostly be a question of fit, ie. BB vs. boutique.

Jan 23, 2013

Can you list your stats (school, GPA, EC's etc) so others can get a feel for successful applicants to Lazard

Jan 23, 2013

A family member of mine works at LAZ. I visited the office to meet with him and his colleagues (trying to network). When I arrivied, the people showed no emotion. It looked as though they really divide their personal and professional life.

When they talk to their colleages, they talk right to the point, hand over what they have to and don't say anything else. When they met me, they introduced themselves and got back to work (literally 30 second intro).

Now I took it as - wow, they must really not like me trying to get in the firm through networking - wow, they are straight up workaholics; I'd learn a shit ton if I got placed here.

I asked that family member why the atmostphere at LAZ was like that. He responded something along the lines of - "What are you talking about? Why is the atmosphere like what?" Apparently, he fits right in the culture at LAZ and finds those emotionless/no collegiate interactions to be the norm.

In hindsight, it really depends on your personality and fit with the firm's culture.

Jan 23, 2013

Wow, that's a big turn off :( Lazard was my dream place to work at, but work atmosphere is probably the most important aspect for me. Are there any elite/good boutiques with good & friendly atmosphere?

LeggoMyGekko:

A family member of mine works at LAZ. I visited the office to meet with him and his colleagues (trying to network). When I arrivied, the people showed no emotion. It looked as though they really divide their personal and professional life.

When they talk to their colleages, they talk right to the point, hand over what they have to and don't say anything else. When they met me, they introduced themselves and got back to work (literally 30 second intro).

Now I took it as - wow, they must really not like me trying to get in the firm through networking - wow, they are straight up workaholics; I'd learn a shit ton if I got placed here.

I asked that family member why the atmostphere at LAZ was like that. He responded something along the lines of - "What are you talking about? Why is the atmosphere like what?" Apparently, he fits right in the culture at LAZ and finds those emotionless/no collegiate interactions to be the norm.

In hindsight, it really depends on your personality and fit with the firm's culture.

Jan 23, 2013

pretty good atmosphere, very collegial/friendly

Jan 23, 2013
PussInBoots:

Wow, that's a big turn off :( Lazard was my dream place to work at, but work atmosphere is probably the most important aspect for me. Are there any elite/good boutiques with good & friendly atmosphere?

If your top criterion is work atmosphere, how can you determine Lazard is your dream place without having ever experienced their work atmosphere?

Jan 23, 2013

Congrats! I think both are great firms! I think you should go with the firm that you liked better (people, firm environment and etc.)

Both are good firms, and you can't go wrong with either one of them...which makes it even harder.

Jan 23, 2013

JPMorgan

Jan 23, 2013

I only met with one group at LAZ, so don't be "turned off" by my experience.

Other groups could be different.

Jan 23, 2013

Lazard

Jan 23, 2013

JPM only gets M&A due to its ability to lend of the balance sheet. ALthough they do a lot of deals, the skillset you would learn from Lazard would be better. Everyone knows JPM finishes high in league tables cause they provide financing.

Jan 23, 2013

i vote lazard...but in all honesty you will be fine for both exit-ops and b-school either way. with jpm you might have to explore those options a little earlier than desired :)

Jan 23, 2013

tough one, but JPM for me.. not too sure about lazards strengths

Jan 23, 2013

jpm

Jan 23, 2013

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