What it does: Investment banking and financial services to retail and corporate clients, governments, and institutions.
Best known for: The company is the sixth-largest bank in the world based on total assets and has operated for over 200 years.
Staff stats: More than 200,000 people.
The good bits: JPMorgan engages in affirmative action for hiring people with disabilities. Salaries for entry-level roles can be above the industry average depending on your location. The bank’s reputation alone is a good enough reason for many applicants to join the company.
The not so good bits: A job at JPMorgan shares the same pitfalls of working for other investment banks: long hours and being available anytime. Candidates without a strong mental fortitude and physical stamina won’t be a good fit for the company.
Hiring grads with top marks in: Accounting and Banking; Business and Finance; IT and Computer Science; Communications and Marketing; Human Resources and Law.
JPMorgan Chase & Co. was founded in 2000 in New York, U.S., after numerous developments from over 1,200 of its predecessor institutions since 1799. The following are some of the well-known legacy firms for the company:
JPMorgan has become the largest bank in the U.S. and the most valuable bank in the world in terms of market capitalisation. Among its recent ventures included the JPMorgan Chase Institute’s establishment in 2015. The global think tank has provided decision-makers worldwide with real-time and expert insights.
Today, the investment bank has become one of the leading organisations in the global financial services industry with clients in more than 100 countries.
The company has implemented new ways to recruit students for entry-level positions, including pre-recorded interviews during the application process. JPMorgan also introduced ‘pymetrics’, which is a series of online games, to measure prospective employees’ cognitive and social skills.
Applicants should also prepare for written exams, personal or virtual interviews, and group discussions to test their knowledge and other skills.
Graduates can start their career at JPMorgan as analysts or associates. The company provides more than 20 programs for such roles in different businesses and functions from private banking to information technology.
A lateral transfer is also possible. You can choose from more than 35 business divisions such as consumer banking, investor services and risk management. If you’re still undecided, JPMorgan allows applicants to explore the company through over 10 early-insight programmes. Pre-applicants can also use Online Academy and Sophomore Edge to find out more about the company.
The average salary depends on your location. JPMorgan pays around $85,000 in median salaries for US employees. In India, the average compensation is INR 1 million. The company is also one of the best-paying banks in the U.K. but only for managers. Associates earn around £105,000 compared to approximately £919,000 for managing directors.
The company offers different healthcare insurance plans for employees regardless of their location. The policies include dental, medical and vision plans, as well as life and accident or disability insurance. Other benefits such as a 401(k) savings plan, retirement fund and employee stock purchase options depend on individual circumstances.
Most employees describe the corporate work culture as traditional and conformist, but people can easily build rapport with their team members. You can interact and help customers from different industries, which can expand your knowledge and network of connections. While the company provides flexibility for certain roles, the demands can require people to be on-call anytime.
JPMorgan’s biggest rivals comprise Morgan Stanley, Wells Fargo, Goldman Sachs, Bank of America and Fidelity.
JPMorgan’s corporate social responsibility projects focus on small business expansion, jobs and skills, financial health, neighbourhood revitalisation, military and veterans, and employee engagement volunteering.
The company also launched the $500 million AdvancingCities initiative to invest in global cities, where local communities ‘have not benefited from economic growth’. JPMorgan also invested $350 million (New Skills at Work initiative) in community college initiatives and vocational courses for adults and students worldwide.
The company drew flak for its $75 billion investment in fossil fuel projects between 2016 and 2018, according to an analysis. JPMorgan joined 32 other companies that have invested a combined$1.9 trillion in coal and arctic energy exploration projects since the Paris climate change agreement.
In 2017, the U.S. Justice Department filed a discrimination lawsuit against the investment bank. JPMorgan allegedly allowed mortgage brokers to charge higher fees for ‘at least 53,000 African-American and Hispanic mortgage borrowers’. The company paid $55 million to settle the case.
JPMorgan also paid $264 million in 2016 to settle a Foreign Corrupt Practices Act lawsuit, which happened after the company hired friends and relatives of clients to gain new business in China. Court documents showed that the bank hired people upon the referral of Chinese government officials.
Graduates should be able and willing to invest significant time and effort after they join JPMorgan. While the company observes work-life balance in theory, the actual day-to-day tasks require a great amount of dedication from employees. The workplace environment may also be overly demanding and stressful for employees. You should prepare to be available 24/7.
JPMorgan’s strong work ethic arises from employees’ commitment to their jobs and the company’s clients. Hard work, loyalty, optimism and people with a can-do attitude don’t go unnoticed at the investment bank. Employees can fast-track their promotion if they build a good reputation within the company.