What it does: The company provides various financial services such as consumer banking, investment banking, commercial banking, and asset management for individuals, corporations, institutions, and governments globally.
Mission: JP Morgan aims to be the most respected financial services firm in the world that is focused on being there for their constituents around the world and never waiver in their support for their clients.
Size and presence: JP Morgan being one of the largest financial institutions in the world has a total of 255,351 employees worldwide, across 136 locations as of 2020.
Best known for: JP Morgan is known for being a global leader in financial services, offering its services to the world's most important corporations, governments and institutions in more than 100 countries.
The good bits: JP Morgan remains one of the largest banks in the United States and is clearly a well-established and respected player in the financial services industry. The company continues to expand into new markets across various states and shows no signs of slowing down.
The not-so-good bits: Employees have reported some difficulty in maintaining a good work-life balance at times due to needing to work overtime to complete their tasks.
The financial firm traces its roots back to John Pierpont Morgan, one of the most powerful bankers of his era. Morgan started out his financial career back in 1857 as an accountant at the New York banking firm of Duncan, Sherman and Company. From here, Morgan began his banking journey. In 1861 Morgan became the agent for his father’s banking company in New York City which was followed by him becoming a partner in the New York City firm of Drexel, Morgan and Company, a predominant source of U.S. government financing. Through this, the firm was reorganised as J.P. Morgan and Company in 1895 and with his abilities, became one of the most powerful banking institutions in the world.
Fast-forward to the 21st Century, the newly established firm combined Chase Manhattan’s Bank experience in personal and small-business banking work with JP Morgan's specialisation in investment banking, government securities, and commercial banking in order to create a diversified financial firm now famously known as J.P. Morgan Chase & Co., marking them as one of the biggest leaders in retail banking, investment banking, and financial services.
JP Morgan prides itself in fostering a work culture of respect and is committed to creating its workforce, workplace and marketplace inclusive, diverse and accessible for all employees regardless of position. Employees can expect an environment built on teamwork and support, you are encouraged to express your thoughts and ideas, which will be embraced by your teammates and managers.
Moreover, the company emphasises the employee's growth and learning. Here at JP Morgan, you are able to build the career you want through the provision of a variety of programs, roles and business areas to cater to your interests, skills and backgrounds, no matter at what point you are in your career and you will grow in pride knowing you’re in a company that works hard to do well by their clients and shareholders day by day.
For aspiring students and fresh graduates looking to join one of the most competitive and sought financial institutions in the world, they must first navigate to the careers section of their website and choose an internship or job from the list. You may click the apply button to see the description of the job and its requirements.
In the requirements for all internships, you must be an undergraduate student with expected graduation date within the current year or next, alongside being able to work in the country specified. Moreover, internships are typically available all year round depending on the company's needs. Graduates will have to focus on the job listing and the candidate they are looking for to see if they match it.
Once you have clicked apply, you will be directed to the online application process wherein you will be asked to enter your personal details, and provide your resume alongside answering position-specific questions. Then, the hiring managers may contact you to begin the interview process in order to get to know you better. Interview processes vary by program but typically, you will be invited to participate in a video interview wherein you will be asked to highlight your experiences and skills. And, If you have applied for a technical position, you may also be asked to complete a series of coding challenges.
And, if you have advanced to the final round, you will be invited for an in-person or virtual interview to meet more members of the team face to face. Here, you will be asked a mix of behavioural, technical and situational questions so we can better understand your academic and professional experience.
Finally, after the company carefully assesses your application, you may be extended an offer and begin the onboarding process.
In terms of career prospects, graduates can be excited to hear the many stories of entry-level employees progressing from bank tellers to personal bankers, business bankers, financial advisors and finally, branch managers. JP Morgan prides itself in providing on-the-job professional learning and development opportunities to all employees, offering programs with access to tools that enable successful development and advancement as well as networking and professional development opportunities so everyone has the chance to upscale.
Moreover, as the company is committed to your career growth, they also offer experienced candidates the opportunity to transition and grow their careers in all 35+ of their businesses and corporate functions and provide mentors to guide you on the way to the position you want.
Interns at JP Morgan can expect to receive an estimated salary of $21.11 per hour depending on skills, position and department. On the other hand, fresh graduates and entry-level employees can expect to receive an average of $41,996 a year, once again depending on position and department.
JP Morgan offers a competitive and comprehensive benefits package:
JP Morgan is committed to creating solutions that protect the environment and grow the economy. They have made large strides in minimising their operational impacts through methods such as using renewable sources of energy and materials, maintaining carbon neutral operations and transitioning to electrical vehicles. Moreover, the firm also contributed to helping those affected by the pandemic by supporting more than 200 food banks in the US, alongside supporting World Central Kitchen's Chefs for America, which served 3,319,542 meals in 934 locations in just 40 days.
JP Morgan Chase initiated mass layoffs and reorganisation in June 2022 due to rising mortgage rates amid a troubling housing market plagued by inflation, leaving hundreds of employees redundant and others being moved into other divisions in the company.