Junior Bankers Need to Work 12 Hour Days, J.P. Morgan's Erdoes Says

Let's talk about how somebody becomes a wealth manager. I mean I don't know if people grow up and say I want to be a wealth manager and I don't want to have a special course at Harvard Business School or other places how to be a wealth manager. But what kind of people do you hire. Who are going to manage the money for other wealthy people. And how do you train them. So training on Wall Street but specifically in wealth management is a is a very very long process. We we have twenty two hundred analysts starting today and they're going to be working through the summer. We have thirty six hundred analysts across J.P. Morgan Chase that will that will start at the very end in the September time period for their full time role. And we work very hard to go through in-depth training and then to work through which ones actually are good at stock investing which ones are good at MSA transactions which ones are good at helping people understand things in a more simplistic matter. That's a two to three year training program but that's pretty fast. If you think 10000 hours is about what you need to master any subject. If someone comes in and has a regular you know eight hour a day job five days a week to take about five years to have a base level mastery on Wall Street it's more like 12 hours a day six days a week. That cuts you down to about two and a half years before you become mastered in something. Once they've got that under their belt they can then join a team. And if they've been successful going through the analyst program joining a team then the team will work through how that works. But it is a constant education each and every day. Every morning we start with an 8:00 meeting and I call it like a mini university. And it's not just about what you've read in the newspapers as to what happened overnight. It's about understanding how all of those components fit together in a client's portfolio. And then what might be right for you would be different than somebody else. And you're synthesizing all that information every morning and then you're going out in your figuring out how to apply it to each situation. Suppose somebody who's got five billion dollars with you under management and he or she calls up and says my son Johnny is really smart and he's graduating from a college soon nice junior college. And he would like to be in the wealth management business. And can he be trained by J.P. Morgan. How do you deal with those kind of problems where your big clients who want their progeny to be in the wealth management. Yes absolutely. Well if that ever happened and that happens all the time. And of course you know we always want qualified candidates. So we encourage everybody to apply to J.P. Morgan Chase because there's lots of different homes across the two hundred and fifty thousand roles that we have at J.P. Morgan Chase also across so many countries around the world. It's really fun and exciting to think about where you could move around in a young age and be able to have the experience of working in a global firm. But if you don't and you aren't hired we also do a lot of work for families and doing education programs for the children of families. So if you don't decide that you want to work on Wall Street you can come in for a week long two weeks long. Some of them are three weeks long. And we help you to understand the principles of managing money so that you get that basic exposure. And then for lots of families we spend time meeting once or twice a year with the whole family. And we sit together we talk about the goals we talk about giving. We talk about how to run a proper family office with a set of children and parents and how the dynamics of that work.

Channel: David Rubenstein

Views: 565,475

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Id: MgYNP6SK-eU

Length: 3min 35sec (215 seconds)

Published: Tue Jul 20 2021