Thinking of working for JPMorgan outside the U.S.? Where should you base yourself if you want a job in the front office that will allow to focus hugely on clients whilst generating high revenues per head?
However, a chart shown on page 53 of JPMorgan's latest 10Q quarterly report, which gives figures for JPMorgan's 'international wholesale operations' (the corporate and investment bank, asset management, corporate banking, treasury, and the chief investment office), suggests you ought to try Latin America. Why?
1. 43.7% of JPMorgan's headcount in Latin America is front-office bankers, compared to 40% in Europe the Middle East and Africa (EMEA) and just 20.3% in Asia.
2. Revenues per head in Latin America are $1.2m for all staff and $2.7m for JPM bankers in the front office. This compares to revenues of just $800k per head of all staff in EMEA and $226k per head for all staff in Asia. Front-office bankers in EMEA generate revenues of $1.9m and front-office bankers in Asia generate revenues of $1.1m - both are far behind LatAm.
3. JPMorgan's Latin American operation has an incredibly healthy front office banker: client ratio. There are six front office bankers dealing with each significant client in EMEA, nine in Asia, and 15 in Latin America.
4. JPMorgan is expanding its Latin American front-office banking team. Over the past year, it's hired 67 people in the region, an increase of 11.5%. In EMEA, its hired 551 people, an increase of 9.5%. In Asia, its hired 231 people, an increase of 5.5%.
If you work for JPMorgan's international wholesale operations, it looks like you want to be in Latin America, or failing that EMEA. Asia is not so good.
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