JPMorgan Culture / Hours

Hi everyone - long time reader, first time poster. Rising sophmore looking into different IBs. Was wondering if anyone had insight into the culture of the non-NYC offices of JPMorgan (mainly looking at Chicago, Dallas, SF, LA). I also read that the bank has "protected weekends" - do they enforce that like some of the other banks or is it mainly just for PR?

Comments (31)

Oct 2, 2017

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Oct 2, 2017

Have heard that hours in the Chicago office are tough, not sure about the others. Haven't heard much about the protected weekend policy

Oct 2, 2017

Okay thanks! Anyone else know? Am curious about the protected weekend. I know that some firms like Goldman are pretty good at enforcing weekend policy but others less so. Does JPM actually stick to the policy?

Oct 2, 2017

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Oct 3, 2017

No one has worked or is working at JPM?

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Oct 3, 2017

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Oct 3, 2017

(3) Historically, JPM has fared significantly worse than GS or MS in megafund PE recruiting. This is unlikely to change in the foreseeable future because most of the large-cap PE firms are dominated by GS and MS alumni across all levels. Naturally, These guys will pull for analysts coming out of those firms.

Oct 3, 2017

Where do you get this information ?

Oct 3, 2017

I've been through the Pre-MBA PE recruitment process. As I've mentioned before with regards to this topic, many of the large-cap PE firms hold information sessions intended solely for GS/MS analysts.

There is another easy way to verify that what I'm saying is true, at least for KKR and SLP. Go to their websites and search for the terms Goldman Sachs or Morgan Stanley. The number of professionals with a background in either one of these two firms far exceeds the number of professionals who came out of JPM. I know personally that this also holds true for TPG. I'm not so sure about BX or Carlyle, however. So you might look into that if you'd like. You might also look at the biographies for smaller PE firms like FP, GA, MDP, etc. Most of the time, you will find that MS and GS dominate the ranks.

I'm not saying this will always be the case, but it's unlikely things will change within the foreseeable future. One of the largest factors in PE recruiting is the willingness of your MDs to put in a good word for you, and the willingness of someone else at the PE firm to listen to that MD. So, for example, in a PE firm littered with MS and GS alumni, it's only reasonable that hiring decisions will be greatly influenced by the recommendations of MS and GS MD's, who will, of course, only advocate for GS or MS analysts.

Consequently, JPM analysts will have a harder time placing into megafunds compared to GS or MS analysts. In fact, this used to be quite common knowledge. I think a lot of students coming out of undergrad right now believe that JPM is on par with GS/MS in terms of exit opportunities. This illusion is probably partly created by the fact that JPM has indeed enjoyed spectacular performance coming out of the economic crisis. Nevertheless, this improvement in Investment Banking / Sales and Trading performance does not necessarily translate into better exit opportunities for entry-level analysts due to factors I've described above. Furthermore, the increased Investment Banking market share that JPM has gained by no means puts it above GS or MS IBD, both of which still enjoy significant deal flow, probably more than JPM over all.

Oct 3, 2017
reallycoolguy:

I've been through the Pre-MBA PE recruitment process. As I've mentioned before with regards to this topic, many of the large-cap PE firms hold information sessions intended solely for GS/MS analysts.

There is another easy way to verify that what I'm saying is true, at least for KKR and SLP. Go to their websites and search for the terms Goldman Sachs or Morgan Stanley. The number of professionals with a background in either one of these two firms far exceeds the number of professionals who came out of JPM. I know personally that this also holds true for TPG. I'm not so sure about BX or Carlyle, however. So you might look into that if you'd like. You might also look at the biographies for smaller PE firms like FP, GA, MDP, etc. Most of the time, you will find that MS and GS dominate the ranks.

I'm not saying this will always be the case, but it's unlikely things will change within the foreseeable future. One of the largest factors in PE recruiting is the willingness of your MDs to put in a good word for you, and the willingness of someone else at the PE firm to listen to that MD. So, for example, in a PE firm littered with MS and GS alumni, it's only reasonable that hiring decisions will be greatly influenced by the recommendations of MS and GS MD's, who will, of course, only advocate for GS or MS analysts.

Consequently, JPM analysts will have a harder time placing into megafunds compared to GS or MS analysts. In fact, this used to be quite common knowledge. I think a lot of students coming out of undergrad right now believe that JPM is on par with GS/MS in terms of exit opportunities. This illusion is probably partly created by the fact that JPM has indeed enjoyed spectacular performance coming out of the economic crisis. Nevertheless, this improvement in Investment Banking / Sales and Trading performance does not necessarily translate into better exit opportunities for entry-level analysts due to factors I've described above. Furthermore, the increased Investment Banking market share that JPM has gained by no means puts it above GS or MS IBD, both of which still enjoy significant deal flow, probably more than JPM over all.

Is this truly the case? Very interesting... it's different in Europe, JP does just as well. So for the U.S., really GS/MS are on a tier of their own, followed by the rest of the BBs?

Oct 3, 2017

Probably what you say is true. But bear in mind, JPM has made a big leap from having an OK investment bank to a top IB just for 1-2 years time.

Oct 3, 2017

I think your response was most likely posted before I edited my previous post, but as my post indicates, while JPM may have better deal flow now, MS and GS have dominated the Investment Banking industry since the Great Depression. MS and GS alumni connections in the finance industry are significantly stronger than JPM, and that's what makes the difference for analysts. If you are after exit opportunities, don't let the people at JPM sell you on the increase in opportunities now that they've moved up in the league tables (whether they will continue to do well is not entirely certain). Relationships are more important.

Oct 3, 2017

2x2, if you think that JPM PE recruiting is even in the same neighborhood as GS or MS, then you are in for a big disappointment.

Oct 3, 2017

I am not saying it's the same. But I think this is going to change in the future as JPM is positioned extremely well for the long term.

Oct 3, 2017

The status quo with regards to PE placement in megafunds is unlikely to change within the next decade (somewhat arbitrary number, but bear with me). I received an offer from JPM IBD coming out of undergrad, but even current analysts at the time warned me that the exits would be worse than GS/MS if that's what I wanted. That's not to say JPM is a bad firm. You can still be successful as an investment banker working at JPM, but you're less likely to break into a large-cap PE firm prior to business school at least.

Oct 3, 2017

so which firms allow u to break into large cap PE firms?
Lazard, GS, Greenhill, MS?

Oct 3, 2017
Mandata:

so which firms allow u to break into large cap PE firms?
Lazard, GS, Greenhill, MS?

Given the smalller analyst class sizes at LAZ (~25) and GHL (~10), how well do they place at megafunds? I remember some recent threads about them sending kids to KKR, TPG, and Silverlake. Does LAZ send roughly 6-7 and GHL roughly 3-4 to KKR/Car/BX/Bain/TPG (as well as maybe Apax/Silverlake/Warburg).

At top BB's (GS/MS), I heard 20%-30% of the analyst class go to top funds with most of the opportunities going to the GS TMT/MS M&A ppl (amongst other top groups).

Oct 3, 2017

I don't know much about LAZ or GHL. I know BX has sent analysts to SLP in the past, but I'm not sure about their track record in general. In my experience, GS/MS have the best placement. Furthermore, (and I think I'll get a bit of flak for saying this on an Investment Banking forum) in my experience, Bain and McKinsey have better megafund placement than other BB's like JPM, BAML, or Citi.

Oct 3, 2017

okay, but within JPM, what would be some good groups.
has it historically been mainly M&A and nat resources?
Heard that although LevFin (SLF) at JPM is top on the street with BAML, in terms of learning experience, it's not that great since at JPM, analysts don't build models that much, and when they do, it's using recycling existing models... does that still lead to good PE placement? And for sponsors, do you actually do much work/modeling? or is it just sourcing deals?
Any1 from jpm on this board!?

Oct 3, 2017

How is BAML for placement in PE?

Oct 3, 2017

If you're bored and have time, you could do a query on linkedin. Sure not everyone posts their profiles there, but it's a lot easier to search for someone who has worked at say BAML and BX through that system. Atl east you'd be assured that you won't get a completely biased response... but it'll require some legwork on your part.

Oct 3, 2017

one problem i saw with GS was that I would be in an industry group, whereas at JPM i could be in M&A
I was thinking that being in M&A would make PE placement more flexible, as I would not be concentrated on PE in a particular industry
is that a valid point?

Oct 3, 2017

If you're in a top group like TMT at GS, you will have better exit opps than M&A at JPM, and will easily be able to switch industries for PE.

Oct 3, 2017

Your reasoning isn't entirely flawed. There might be a worry that industry groups will pigeonhole you to a particular industry. But the only perspective that is really worth considering at this point is: "What do the people making hiring decisions at large-cap PE firms look for?" You might guess that a broader exposure to M&A across multiple industries is preferred, and that wouldn't be unreasonable, especially if you're applying for a generalist Pre-MBA position. But at the end of the day, your guess is, well, just a guess. How can we really know what the people making hiring decisions are thinking? Well, look at the evidence, as I've mentioned above. That's probably the most reliable information you can use to formulate an opinion on what they are looking for. In my experience with large-cap PE recruiting, and just from browsing the web in my spare time, there are significantly more GS industry group kids in large-cap PE firms than kids from JPM M&A. What does that say about our initial guess? It's tough to say anything with certainty, but at least we can conclude that evidence seems to point towards the fact that GS industry group kids are at an advantage, and consequently, that our initial guess might be wrong.

Oct 3, 2017

i see
thanks for your help!
and if there's any1 from jpm here or in the know, i'd appreciate some inputs
thanks a lot!

Oct 3, 2017
Oct 3, 2017