JP Morgan or Wells Fargo?

[nala]

My daughter asked me for advice. If any of you are In the business sector, please advise.
She is being offered two internships and must decide. Both offers are equally competitive financially.
For Wells Fargo, she would intern as investment banking. For JP, as corporate analyst. Here’s the deal. She prefers banking but is being advised to go with JP bc of the company’s stability. She plans to get her foot in the door so she can have a job after she graduates. Finally. Wells Fargo was quick to write the offer and wants a quick response. So far, JP is only verbal bc they are giving her 2 months to decide. The internship would be for next summer.
I am clueless. Please advise.

 

[missy]

Hi @nala we’re driving home now and I read your question to dh. He says corporate analyst at JP in his opinion. Reasons are better quality of life as analyst vs investment banker. Maybe your DD will like being an analyst. Worth evaluating because my dh said much better lifestyle being an analyst regarding the hours and overall work life. Investment bankers can be feast or famine with potential job instability. All gross generations however. But that’s his vote.

Good luck and congratulations on your DD receiving 2 good offers. Bravo to her! Bright future ahead.

 

[nala]

Missy, please give DH a big thank you! Very much appreciated! I will share info with DD.

 

[tyty333]

This is neither here not there but I bank with wells Fargo and I'm really not fond of them after their recent debacle of opening accounts without
the owner's knowledge. I also opened an account once that the Wells Fargo person swore to me up and down was free. After a year, they billed me
I think $89 for some kind of investment account. So much for free! When I asked for it to be closed and move the money into my checking account
the person closed it and didnt move the money. Good thing I had money in my checking account and hadnt relied on the other money being
transferred. This was all before on-line and cell phone banking was available so wasnt easy to check on things without going there in person. I guess
I really can hold a grudge but not bad enough to go find a new bank!

Good luck to you daughter!

 

[TooPatient]

JP -- I saw the life of managing people's investments. Looks good until you get close enough to see the reality. Analyst also opens up a lot more future options for her.

 

[tradergirl]

She doesn't want Wells Fargo on her resume under any circumstances. They have been sleazy for a long time and it is all over the news. It won't matter that she wasnt there when it all happened. JPMC is no saint either but Dimon at least has kept them out of trouble with the SEC since the financial crisis.

 

[tradergirl]

JP -- I saw the life of managing people's investments. Looks good until you get close enough to see the reality. Analyst also opens up a lot more future options for her.

JP -- I saw the life of managing people's investments. Looks good until you get close enough to see the reality. Analyst also opens up a lot more future options for her.

Managing OPM is a barely a step up from slinging burgers IMO. I get asked all the time to do that and you couldn't pay me enough. Horrible, horrible job.

 

[smitcompton]

Hi,
I think the earnings capacity for an Investment Banker is greater than for an analyst. For myself I would choose to go with Investment Banking, but JPM, at the moment is considered a better bank with Jamie Dimon at the head. Wells Fargo, until the last few years. was considered a top bank as well until employees did some dishonest and stupid things. Wells Fargo is trying to recover its reputation. Warren Buffet has a large stake in WF. I do too.
This is a learning process for her. Next year if she doesn't think one or the other is a good fit for her, she can try the one she didn't this year. That way she can get a taste of both.

Very nice she has two offers to consider.

Annette

 

[the_mother_thing]

I would agree with the JP-Analyst position over the Wells-Investment position for the same reasons others mention: Wells’ poor reputation, and the wider range of opportunities as an analyst. She’ll get a lot more exposure to professional aspects of the banking/investment realm vs. stove-piping in investment banking (though there are different types of investments), and she’ll probably gain a lot more corporate exposure to the operations of the firm being on the corporate side. She’ll learn how to navigate the professional nuances of the corporate world, which can be invaluable AND open up a lot of doors for her.

Good luck with whichever path she takes!

 

[nala]

Thank you all for your input! Am forwarding info to her!

 

[caf]

Nala - my cousin was at JP Morgan until recently. He was a director there. Great learning to be done there and great opportunities. My cousin only left because he is an expert in his area and another international investment firm poached him from JP Morgan. She will work hard but should make some nice contacts. Kudos to her for getting this opportunity.

CAF

 

[rocks]

Just an FYI. "Investment banking" is not managing retail money or even high net worth individuals assets. The money center and investment banks refer to that as "wealth management". If she is being offered an internship within investment banking, she will likely be an analyst, and the bankers she will support will be working on a variety of corporate or institutional transactions.

Good for her!