Company: J-P-Morgan
Date: 2019-10-02
Overall rating: 2/5
Employment status: former
Experience level: Confirmed

Not a meritocracy
Pros: Good brand name.  Some people are smart and humble and great to work with.
Cons: Bonuses are discretionary and determined by managers.  The clients are “covered” by bankers and given to bankers subjectively.  Many managers do not understand what a merit-based environment would mean.  Those in market manager or regional manager positions control a lot, such as who gets what clients, who gets referrals, who goes on what calls.  It is kind of bizarre how much control they have over large staffs.  Many managers have little professional or life experience outside of the silos at JP Morgan private bank and so the culture tends to persist.  Many of those considered top performers do not source their own business, and instead they “work on” big clients or deals that were handed to them.  Face-time is very important at JPM.