What it does: Provides financial services
Staff stats: Over 240,000 globally
The good bits: International travel, big salaries
The not so good bits: Huge workloads
Hiring grads with degrees in: Teaching, Education & Human Welfare; Engineering, Maths, IT & Computer Sciences; Finance, Accounting, Economics & Business Administration; Health & Medical Sciences; Humanities, Arts & Social Sciences; Law & Legal Studies; Property & Built Environment; Sciences
The J.P. Morgan story
J. P. Morgan was the creation of John Pierpont Morgan. Morgan was a sickly, upper-class American art history grad. His first job was at a London-based merchant bank his father had co-founded. After returning to the US, Morgan worked for a number of prominent New York banking houses before setting up J.Pierpont. Morgan & Company in 1860. (He also inherited his father’s company, J.S. Morgan & Co, in 1890.)
Morgan was the greatest, or at least most famous, banker and financier in the world by the turn of the 20th century. He was also the prototypical corporate raider. Morgan was so given to taking over troubled companies and returning them to profitability by replacing their managers and reorganising their business structures that the process came to be known as “morganisation”.
Morgan died in 1913. Two decades later, after the passing of the Glass-Steagall Act, the ‘House of Morgan’ was broken up into three separate businesses. The business that kept the J.P. Morgan & Co name was restricted to operating as a commercial bank. (Half a century later, in a far more relaxed regulatory environment, it got back into investment banking.)
In 2000 J.P. Morgan merged with finance industry behemoth Chase Manhattan Bank. JPMorgan Chase & Co, headquartered in New York, is the largest bank in the US and the sixth-largest in the world. It has total assets of US$2.5 trillion (A$3.2 trillion) and, by some estimates, is the fourth-largest public company in the world. In 2017, it had revenue of over US$99 billion.
J.P. Morgan (or its predecessors) have had a presence in Australia since 1872. It’s now one of the few full-service, fully integrated financial institutions in this corner of the world. It provides products and services from J.P. Morgan’s Corporate & Investment Bank, Asset Management and Private Bank to corporations and governments, as well as institutional and sophisticated investors, across Australia.
J.P. Morgan strives to “attract talent from the broadest pool to foster innovation, creativity and productivity”. It is “deeply committed to hiring and retaining employees from different backgrounds, experiences and locations”. It has introduced industry-leading initiatives to hire and promote staff who are disabled, female or from ethnic minorities. It even has an ‘Autism at Work Program’, which fosters an “accepting” work environment for autistic staff.
Throughout the Asia-Pacific region, the business seeks to “promote economic growth and economic inclusion”. It aims to achieve this through “philanthropic initiatives in the areas of workforce readiness, small business development and financial capability”.
J.P. Morgan’s foundation gives around US$200 million (A$255 million) each year to non-profits across the globe. The company also encourages staff to volunteer their time and expertise to local communities.
J.P. Morgan has a goal of sourcing 100 per cent of its energy from renewable power by 2020 and facilitating US$200 billion (A$255 billion) in clean [energy] financing by 2025.
The recruitment process
If you’re interested in working at J.P. Morgan, you may wish to do an internship there while studying. (If you perform well, you’re likely to be offered a full-time grad role.) Whether you’re applying for an internship or grad role, you’ll be expected to be a strong academic performer who also is well-rounded (as demonstrated by participation in extra-curricular activities). You should also be driven, creative and a good communicator.
In this part of the world, “internship and graduate opportunities are available in Investment Banking, Global Markets, Corporate Analyst Development Program, Technology and Finance”.
To get a grad role at J.P. Morgan, you’ll need to search for an appropriate role on the careers page of the company website. The recruitment process varies somewhat from role to role. But you should be prepared for the following: technical and psychometric online assessments and a phone interview leading to a group assessment (which may involve case studies) and a face-to-face interview with a small panel of senior staff.
Grads report earning salaries and bonuses that are above the industry average. Benefits include parental leave, flexible work options, subsidised personal insurance and discounts on “banking services, electronics, arts and entertainment, fitness programs, travel and more”.
If you work late you can expect a free dinner and taxi voucher.
After hiring ambitious overachievers, J.P. Morgan likes to keep them motivated. You’ll have regular and comprehensive conversations with your manager about how to progress your career. The company invests heavily in professional development tools and training programs and staff are encouraged to take advantage of them.
The company will also “encourage you to push your boundaries, explore new opportunities and meet new people”. Taking your career to the next level “could mean taking on more responsibilities and growing within your current team or exploring new roles, teams and businesses around the globe”. J.P. Morgan alumni have frequently gone on to fill high-level corporate, government and political positions and senior corporate, political and government figures, such as Tony Blair, have had staff or advisory roles at the company.
The vibe of the place
J.P. Morgan prides itself on “doing first-class business in a first-class way”. That means staff are expected to not only treat clients well but also “respect, value and support” their colleagues. If you “believe in doing the right thing even when it isn’t the easiest thing” and want to be a valued member of teams that “are disciplined, work well together and execute consistently”, then J.P. Morgan should be a good fit for you.
Star Rating: 4.1 stars
From the Employer:
"J.P. Morgan is a global leader in financial services, offering solutions to the world's most important corporations, governments and institutions in more than 100 countries. The Firm and its Foundation give approximately US$200 million annually to nonprofit organizations around the world. We also lead volunteer service activities for employees in local communities by utilizing our many resources, including those that stem from access to capital, economies of scale, global reach and expertise.
With more than 140-years' history in Australia, we have long-established, deep client relationships and broad product capabilities in the country. As one of the few full-service and fully-integrated financial institutions in Australia and New Zealand, we provide products and services from J.P. Morgan’s Corporate & Investment Bank, Asset & Wealth Management and Commercial Banking to corporations, government, institutional and sophisticated investors.
Our people work hard to do the right thing for our clients, shareholders and the firm every day. Joining us means you’ll learn from our experts in a supportive and collaborative team environment where you will be supported to make an immediate impact from the start. We want to see your creativity, communications skills and drive. While your academic achievements are important, we’re also looking for your individuality and passion and want to help you fulfil your potential as you build your career here.
Internship and graduate opportunities are available in Investment Banking, Global Markets, Corporate Analyst Development Program, Technology and Finance, so we encourage you to learn as much as possible about our business areas and roles."