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Probably back office since it does not really generate any external revenue.
Sounds pretty back office. Meaning you sit in some distant office and various groups call you with their issues. Middle Office tends to be attached to a specific trading desk.
Edit: Actually, I take that back. It’s more of a corporate finance sort of role. I’ve seen these jobs elsewhere, and you sit in the corporate entity, not in the investment bank.
WCAS is part of their credit risk department. Is it a back office?
It sounds backoffice, as Ohai described. Wouldn’t worry about it too much at this stage unless you feel like you can get a better offer
I don’t know if they would call themselves “back office”. The label might not even apply to this. In terms of pay though, it is probably back office ish.
The Solutions part throws me off, maybe they do product support? I have to deal with a Credit Analytics team sometimes and I’d call them BO.
Credit stuff is generally back office ish (basically you just look stuff up and keep records). However, the listing mentions specifically that this is in “Corporate Risk”. A few large banks I know have recently established this division, maybe as part of some regulatory controls, and it is generally a corporate division, not part of the securities unit. Wholesale banking also generally incorporates capital markets, corporate banking, and other non retail businesses. I don’t know if it matters either way. What should matter is compensation (probably $100k to $150k for associate), and lateral opportunities (no idea).
Thank you very much for your comment, and it is very helpful. How much do you think the compension is for the first year analyst? (including bonus, if it exists)
I don’t really know, but in NY City, anything below say $60k is downright cruelty. These sort of jobs usually have 10% to 15% bonus. You probably won’t break $100k in the first year.
Again: I don’t actually know. I’m extrapolating from other sources.
So maybe like 85k for the first year?
I can’t see the listing, it’s not available in canada. Wholesale usually means capital markets though. Couldn’t tell you the salary but not sure it commands a premium 1st year salary. Again without knowing the actual job it’s impossible to know precisely. Didn’t you get the offer already?
Wholesale banking is literally every banking function that serves large clients. This is actually what the term means; it is fact, not my opinion.
Dude did not get any offer and I doubt he even applied yet, so this is all probably a waste of time.
$85k for you is the high range. I’d say $75k average total in the first year. Check on Glassdoor for similar roles if you want some real estimates.
Not sure why you felt I was arguing that fact. For the record, I wasn’t.
Sorry if that came out strong. What I was trying to emphasize is that this is most likely not an investment banking or securities job. It is an operational job related to JPM, the corporate entity, and not directly to its financial services business.
I got it. Thanks!