J.P. Morgan voted best bank to work for in latest Vault.com survey
Sep 05, 2012
J.P. Morgan was once again named the number one bank to work for in North America in a Vault.com survey, while also taking the top spot in Europe.
The Investment Bank was selected as the top firm in both Vault.com’s third annual Banking 50 Rankings – for a second consecutive year – and its first ever Europe Banking 25 Rankings. Both surveys took into account quality of life issues including employees’ perception of their firm’s culture, hours, compensation, business outlook and their overall job satisfaction.
The rankings from the online career site continued the slow and steady climb to the top by J.P. Morgan that started four years ago when industry insiders were heralding the firm for its successful navigation of the credit crisis, said Vault.com in a press release.
“For the second year in a row, J.P. Morgan ranked well ahead of its bulge bracket investment banking peers in nearly every workplace category,” said Derek Loosvelt, senior finance editor at Vault.com.
“It outdistanced the likes of Goldman Sachs, Morgan Stanley, and Credit Suisse in areas such as compensation, firm culture, work/life balance, and overall job satisfaction. Although in some cases J.P. Morgan trailed the investment banking boutiques in these categories, the firm far outscored these smaller banks when it came to prestige.”
Vault.com asked 3,500 banking professionals of all levels to assess their peer banking firms on a scale from one to 10, based on prestige. They were unable to rate their own firm and were asked to rate only firms with which they were familiar. Respondents were also asked to rank their own firm on categories including culture, compensation, hours, satisfaction, internal mobility, international opportunities, innovation, firm leadership and business outlook.
Banking insiders at other firms called J.P. Morgan a “strong universal bank,” with a good work-life balance. In Europe, the firm was ranked number one in almost 75% of the quality of life categories.
“I love my job,” said one J.P. Morgan insider in North America. “But the key to that is I love the culture of the bank, my team, and the working environment. I get to work with smart people in a collaborative environment.”
According to a J.P. Morgan employee in Europe, the firm has “a culture of excellence, where they work hard at training you and making you an expert in your field.”
In North America, The Blackstone Group and Goldman Sachs followed J.P. Morgan in second and third place, respectively. In Europe, Goldman was ranked second and Morgan Stanley third.