Top MBA Recruiters: JPMorgan Chase
The largest bank in the United States, JPMorgan Chase & Co. is a multinational banking and financial services holding company based in New York, New York. JPMorgan Chase is one of the Big Four banks of the United States, along with Bank of America, Citigroup, and Wells Fargo. According to Bloomberg, in October 2011, JPMorgan Chase surpassed Bank of America as the largest American bank by assets.
JPMorgan is also the world’s sixth largest bank by total assets, with total assets of $2.35 trillion, and the fifth largest public company in the world, according to the Forbes Global 2000. The bank is also a major provider of financial services, and according to Forbes is the world’s sixth largest public company based on a composite ranking.
JPMorgan became the country’s largest bank thanks to a number of key mergers. Some of these mergers include:
- In 1991, Manufacturers Hanover Corp. merged with Chemical Banking Corp., under the name of Chemical Banking Corp., then the second-largest banking institution in the United States.
- In 1996, The Chase Manhattan Corp. merged with Chemical Banking Corp., under the name of The Chase Manhattan Corp., creating what was then the largest bank holding company in the United States.
- In 2000, JPMorgan & Co. Incorporated merged with The Chase Manhattan Corp., effectively combining four of the largest and oldest money center banking institutions in New York City (JPMorgan, Chase, Chemical and Manufacturers Hanover) into one firm under the name of J.P. Morgan Chase & Co.
- In 2004, Bank One Corp. merged with JPMorgan Chase & Co. The New York Times said the merger “would realign the competitive landscape for banks” by uniting the investment and commercial banking skills of JPMorgan Chase with the consumer banking strengths of Bank One.
- In 2008, JPMorgan Chase & Co. acquired the deposits, assets and certain liabilities of Washington Mutual’s banking operations. This acquisition expanded Chase’s consumer branch network into California, Florida and Washington State and created the nation’s second-largest branch network — with locations reaching 42% of the U.S. population.
- In 2010, JPMorgan acquired full ownership of its U.K. joint venture, JPMorgan Cazenove, one of Britain’s premier investment banks.
JPMorgan and the MBA
JPMorgan is a highly popular destination for MBAs to seek employment. According to Fortune’s list of 25 Most Desirable MBA Employers, JPMorgan was ranked tenth, with 7.94 percent of MBAs wanting to work with the investment bank. The Fortune profile states:
Looking to fill around 115 spots with MBA talent, J.P Morgan will place the hires in investment and private banking, as well as research and sales positions. Independence, maturity, drive, initiative, and integrity are key. MBAs who get the nod enjoy an average starting salary of $95,000 a year, a sign-on bonus, relocation assistance, and perks like discounts on hybrid and green-friendly cars.
According to CNN Money, JPMorgan looks for academic achievement and strong track records in potential hires, but successful candidates don’t always come from a financial services background. Noreen McEnaney, who runs campus recruiting in North America for the investment bank told CNN,
“We really look for people who have unique and diverse backgrounds. We’re always looking to add fresh perspectives and appreciate the value of people who shift career tracks at the MBA level.”
“Associates have the opportunity to make an immediate impact and really do have client interaction which is very important to their career growth.”
JPMorgan maintains a presence at top B-schools across the country, and offers a number of special programs and internship opportunities to MBAs so that they can get their foot in the door at the firm.
For example, there is the Early Advantage MBA program. Designed for rising first year MBA students from diverse backgrounds. Participating MBAs will explore the career opportunities available in investment banking and wealth management, meet and network with senior firm leaders, and attend workshops, refining technical skills and learning to leverage their personal brands for maximum career impact.
After completing the program, MBAs will possess a strong foundation of knowledge about JPMorgan. A deep understanding of the firm can take a career to the next level through the bank’s network, MBA summer internship, and full-time programs.
One of the internships offered by JPMorgan is the Winning Woman MBA Internship. This program is for first-year MBA female students looking for an exciting place to put their skills and background into practice. MBAs participating in this internship can experience the firm’s culture of success by observing and interacting with the inspirational women in various areas and at various levels of the business.
Participants will gain insight and networking opportunities from presentations and interactive skill sessions led by inspirational women at the company. According to JPMorgan, the foundational introduction offered through the Winning Women program will help MBAs build their career in financial services.