Offered JP Morgan & Goldman Private Wealth Management

Hi everyone! I am an incoming intern to the PWM industry and was recently offered by these two firms Goldman and JP Morgan for a position in their summer programme. I wanted to ask for some advice to help to decide which firm is a better fit for me.

Some of my considerations are long term career prospects, culture and summer internship experience.

Thank you all in advance:-)

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Comments (12)

Nov 28, 2020 - 7:33am

Hello!! Thank you for your insights:) Do you mind elaborating more? From what I understand JPM provides its clients with a full suite of products, while GS focuses more on investments. If I am not mistaken, they both target the same UHNW segment >25mil?

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Nov 30, 2020 - 8:48am

Thank you!! I am in Asia and GS is slightly leaner in terms of number of RM as compared to JPM. I don't think MS was hiring at that time when I applied. 

I am curious, would you mind sharing more on why GS over JPM? Given that conversion is one of my key considerations, I am not sure if GS is hiring/expanding, while I am more certain that JPM is, I am slightly more inclined towards JPM.

Moreover, I do hear that GS culture (no offence to anyone) is cut-throat, even more so than any bank on the street. Is this true? I mean, I am hoping to enjoy working and not be constantly watching my back all the time. 

  • Intern in AM - Other
Nov 28, 2020 - 2:06pm

If you're offered a position within the Private Bank of JP Morgan, you would be dumb not to take that over Goldman. Goldman's PWM is highly focused on sales, whereas the Private Bank (PB) at JPM is much more focused on investment analysis, portfolio management, etc. You'll get more skills at JPM. The PB at JPM, from what I've heard, is viewed as the most elite within the PWM space. Goldman's PWM division is actually seen as a newcomer in the PWM space (since they're more apt at IB and S&T and only recently started to develop their wealth management side)

Nov 30, 2020 - 7:11pm

Thank you for your insights!:) Out of curiosity, for the above points you have mentioned, were you referencing Asia or the US branches. I am guessing that the structure and the focus is the same, however I do hear some sharing that you learn from GS Asia since the smaller team size means you get exposure to both, regardless of products or sales.

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