JPM UK industry teams
I have some questions about the JPM London setup. My questions are about the split between UK (ex Cazenove) vs general IB industry teams (UK TMT/DI vs EMEA TMT/DI). These questions are for the junior level (an/junior assoc), and NOT about generalist UK M&A execution. Would be grateful to hear from current or (recent) ex JPM IB London workers.
-what are the major differences in junior experience between UK/EMEA?
-what type of work do you perform as part of execution/UK-only work?
-as a junior, how much time is taken up by broking and what kind of work is it?
-any difference in WLB/hours?
-is there a difference in prestige/exits/headhunter views?
-is there a difference in caliber of talent at junior/mid/senior levels?
I've just done a successful process with them - happy to chat on this.
BUMP.
Interested.
1.) Share buyback / broking work is the most functional difference. Its stressful, time consuming and needs to be done throughout the day. Doesn't teach you anything, its useful for building a relationship with firms and is an angle to getting in on M&A mandates. You only work on UK clients which is honestly not a positive. London as a listing venue is extremely weak vs. rest of Europe (LSEG listings in YTD were only 2% that of all European IPO volumes). Maybe there's some exposure to UK takeover code focused work but its not a differentiator.
2.) Do you mean generalist M&A team? That is not a modelling heavy team, like it is at MS say. Models are mostly held by industry. You get involved in CIM preparation / marketing materials etc. A lot of process management work, structuring considerations etc (I've worked with a couple of M&A team people who were very competent tbf, but I was clearly more technically sound than them by virtue of being in industry)
3.) Its pretty much an Analyst 1 job that is supervised by your Analyst 2. Takes about 5-10 hours per week IIRC. Its just preparing share buyback reports / emails.
4.) Too general a question. Cazenove industry teams are usually very large. Some get crushed some don't (you can't split a deal into even chunks). Would say not as bad as country coverage teams.
5.) Not as simple as that. If you don't speak the desired European language for the role it still precludes you from the search. It is not more prestigious in the eyes of a recruiter, no. Regarding exits, most people in my team are significantly weaker pedigree / work experience wise than EMEA counterparts due to differing expectations. You can fluke into here from a semi-target with 0 internship experience, but would never fly in Italy / DACH coverage, where they'd have multiple off-cycle internships under their belt at Cinven / CVC, etc.
6.) Absolutely not. In my team, 3 people have gotten fired, all juniors in Cazenove. Best seniors I've personally worked with are all Europeans. True rainmakers are normally more generalist EMEA.
+++
You can exit to Apollo etc from any top BB as long as you are a true killer and network. I think there is some prestige to the Cazenove name and I understand there to be an alumni network but it is so negligible.
It sounds like you have first hand experience, thanks. Few followups below:
-The UK-focused industry team will hold pen on model, important slides and will work with generalist UK M&A team who does takeover panel, process etc?
-the work itself is usually delegated to analyst 1, and only takes 5-10 hrs a week? I was told it was a 9-5 job along with normal job
-To summarize if I understand, the juniors and seniors in EMEA are typically stronger (juniors due to the masters + multiple off cycle internships) but for headhunters there is no difference? All juniors will get the same exit looks?
1.) Not that black and white of course. I'm sure the M&A team does some modelling in pitches, RFPs and very generalist executions, but yes, much more process focused and less modelling intensive.
2.) Absolutely not. That's completely overstated, at least from my experience. How on earth can you expect them to execute on deals if an analyst 1 is spending 40 hours a week on broking work.
3.) The strongest juniors from a pedigree / work experience perspective are undoubtedly geographic coverage, yes, with some exceptions. All juniors across all banks will have their CVs in the system with headhunters. Exits are determined by how strong their CV is / language fit and deal experience. If you are in the UK team and have insane deal experience, you will get looks. Similarly, if you are in the UK team and have no deal experience, you will not go far in any mega fund process.
Really sound response.
UK teams will differ, DI is v strong for example but helped by the strong sector of UK listed in that space.
Exits not differed as much by team, JPM still v strong in eyes of recruiters. You shouldn’t worry about the difference, if it’s UK industry you’ll still get a strong strong experience with solid deal flow vs other BBs.
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