JP Morgan PWM, PB, AM Structure

Gekko21:

AM is the division. It is then split up into Investment Management and the Private Bank. IM is divided into Sales, Research, and the actual Portfolio Managers for large institutional clients. The Private Bank handles high-net worth individuals. PWM I think handles "retail wealth management clients" and is another group under the Private Bank. When I say retail, I mean that the clients have wealth (500,000--2.5 million or so), but are not the 10 million plus that the other area of the Private Bank handles.

JP Morgan recruits for IM or PB and then you are placed from there.

From what I understand I think PB and PWM differ from overall client net worth and by extension maybe overall breadth of service offering; 25M is the cutoff for PB, not so sure what happens when the client has fluctuating net worth, as it is a relationship business and passing off clients around might hinder building a long-term relationship with the banker. Just different groups, sort of like the differentiation from MM and BB banks, but often work in the same building in regional offices.

IM is really divided up by asset class (and hence overall strategy), with each different asset class having its own group that has a team of sales/marketing, research, the portfolio managers, and quant portfolio construction/security selection. Lots of flexibility in what each individual can do in IM, not so sure about PB/PWM.