freetravler123

i was told that being in the mid 30s i will too old to enter the industry when i graduate in 2 years. does anyone have any insights on this?

ericdabbs

have you guys not been watching the news? I-banking is dead. the last two investment banks, Goldman Sachs and Morgan Stanley filed for commercial bank status last week.

sakky

I would hardly say that Ibanking is dead. Sure, stand-alone Ibanks are no more. But the job of Ibanking will just become one division of the universal banks.

the_prestige

2008: Investment Banking RIP

bankertimes

salary/comps are definitely going to be down this year

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Banker Times
news by bankers, for bankers

nfl2k2

My friend started at JPM this summer at $50k. Went to a really good business school, was a TA for a trig class (skilled in mathematics), had all the resume leadership BS, 3.8GPA. The sign on bonuses are more like $5000, and they are taxed, so more like $3500 if you're lucky.

IMO, you'd be insane to get into IB these days if you have no experience.

Roger_Dooley

>>Ibanking will just become one division of the universal banks

Companies will still need financing, M&A help, and so on. I think the days of insane payouts may be over, though, as the big corps take over.

I recall reading Jack Welch's commentary about GE's unfortunate foray into the area with Kidder Peabody. The conversation went something like this:

KP manager: "We need to give this guy a $12 million bonus."
Welch: "Why would we do that? The firm lost money, and he had a lousy year."
KP manager: "Well, he might go somewhere else if we don't."

GE bailed out soon after that, in good part because even though Welch thought it was nuts, that was how the industry worked. Might be different today.

gellino

Wasn't it more Kidder Peabody collapsing in the aftermath of the Joseph Jett scandal and PaineWebber swooping in and buying the remnants on the cheap?

target770

OK i got a question:

I am at UT Austin with a 3.5 GPA
I have done 2 summer internships at medium (to the larger side) IBs
I am not trying to go to GS or MS but i was wondering what kind of Wall Street IBs i would be accepted into and could work for.

Also around where would be my pay
(I have reseached all these questions just confirming answers b/c have gotten conflicting answers.)

London_ibank

Target770 - I guess you don't want to (or can't for whatever reason) work for either of those banks you did internships with? that seems to be the 'easiest' way to get a permanent job in IB these days.

Your marks are good and you have work experience so you should definitely be able to make it to the interview stage with that. In my opinion most IB jobs come down to the interview stage .. if you can sell yourself and they like you, they will hire you.

I am starting at Deutsche Bank in London in September and I graduated from McGill with only a 2.95 GPA and had no banking experience..so trust me if you sell it at interview you are in regardless of your credentials.

Good luck with your search.

oh starting salary on this side of the Atlantic is 40K pounds plus 10% signing bonus. can't comment on end of year bonus because I don't know yet.. not that things are looking too promising these days haha.

from what i've heard JP Morgan starts at around 42K, GS around 45K. the majority of the others start you around 35-40K GBP base.

chady

do you really need great grades and maths to get a chance at IB?

I have "average" grades, currently on my gap year awaiting university in september. I have the choice of manchester, nottingham or cardiff university. My maths isn't great, although after reading endless books about trading and taken a few quick tests, can manage them no problem. But i'm no maths genius, far from it.

Im looking to apply to some firms for a summer internship as I believe that will help getting a job after I graduate. Its not the money that i would be interested in, its more the line of work. I have always been interested in it, always will be.

So any tips/advice to give myself the best chance?