BAC vs JP Morgan

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Dec 17, 2008 8:23 pm

Wanted some help from those who know.  I am being recruited by both JP Morgan and Bank of America.  BAC is offering 18 million book and three bank branches with 3 Client Managers.  JP is offering around 20 million 4 banks but not as nice of an area as the BAC.  Does anyone have any good advice?  Thanks

Dec 17, 2008 8:27 pm

Try Merrill, you can enter the training program and transition to a branch when they finish the combination of BAC and ML. While your being trained you can be paid a salary.

Dec 17, 2008 8:45 pm

get it in writing exactly what that book of business includes. as you know there is a huge difference between a book of 20MM in fee based vs 20MM in B shares Vs 20 MM in equities that will never be sold. I don’t know JPM closely but  BAI will promise the world to get you to sign. also, the branches don’t really matter at BAI, everything goes through premier. the bankers in your branches won’t really care what you do, they don’t get paid a dime to refer investment dollars, just bank products.  what city are you in?

Dec 17, 2008 8:55 pm

wachovia isg blows both of those firms away. wirehouse platform and full access to the bank.  if the platform doesn't refer, just get on the phones.

beats cold calling out of merrill

Dec 17, 2008 9:00 pm

I’m in Los Angeles.  Are you saying that I will not get any leads from the client managers?  Would I have access to work in the bank branch?  Call on CD’s due?

Dec 17, 2008 9:05 pm
LA Broker:

I’m in Los Angeles.  Are you saying that I will not get any leads from the client managers?  Would I have access to work in the bank branch?  Call on CD’s due?

  Call on CD's due? Are you out of your frickin mind? That's how the banks make MONEY!!!! Referrals from client managers??? HAHAHAHAHAHAHAHA   Yer killin' me, Smalls!!
Dec 17, 2008 9:06 pm

I’ve looked at both options and am in a similar geographic area. BAC will tell you whatever it takes to get you in the door and then blatantly ignore it after the fact. I’ve never worked at WM or JPM but know a few people in their branches who seem to be happy. I don’t know a single BAC person I can say this about. In addition, the BAC platform (soon to be replaced by ML, I know) is about as bureaucratic as possible and you will also need to learn a ton of bank systems, refer bank products that they’re not telling you about… I’d basically a huge tangle of red tape. Also BAC is particularly known for arbitrations after departure and routinely dinging U4s. Without knowing much about JPM I’d say it almost has to be better.

Dec 18, 2008 7:06 am

you might get a CM who refers business to you, but from experience, it is rare. you will not have access to bank client info, you need to go through your cm to get that. I can’t say much about JPM but it can’t be much worse than BAI.