Tough Decision: JPMorgan vs Goldman Sachs

Introduction

What is the biggest decision you have had to make in your life? Don’t just pick the first thing that comes to mind; I want you to really think about it. For me, it was deciding whether to start my career at JPMorgan or Goldman Sachs. Not bad for a kid that grew up in a rough part of London.

How did I get into this predicament?

Before I tell you what I eventually decided, let me explain how I got into this predicament. Upon completing the placement year at JPMorgan in 2020, I was given a return offer to start as a full-time graduate in September 2021.

At the time, I had every intention to start at JPMorgan. However, during my final year, I decided to apply for another summer internship at Goldman Sachs. My rationale behind applying was twofold. 

Firstly, I was of the opinion that summer would be incredibly dull due to travel restrictions and another potential lockdown. Therefore, doing an internship would keep me preoccupied while also making me some money. Secondly, I wanted to see if the grass was greener on the other side. In other words, I wanted to be 110% sure that JPMorgan was the best place to be.

JPMorgan

Okay so before I get into this, let me make a couple of things crystal clear. Everything you are about to read is totally subjective.

My opinions should not be taken as fact. Especially when experiences within big organisations can differ widely depending on your team and divisions.  So, if you find yourself in a similar situation, where you are faced with two competing job offers, trust your own instincts and intuition.

JPMorgan is a massive organisation, it has over 19,000 employees (in London), and its main office in Canary Wharf has 35 floors. They also have three additional offices located across London, one of which is a tech office. I primarily worked in the tech office, but on occasions, I worked in Canary Wharf.

I would say that overall, my experience was satisfactory. However, I wouldn’t describe it as good or excellent because I didn’t particularly like my team. Everyone was super nice, but the work they gave me was trivial. Imagine doing a job that had no tangible impact on society or the firm. 

To make matters worse, there were multiple instances where I would sit idle. For example, having completed a task earlier than anticipated, my team would spend up to two weeks looking for a toothless side project they could pawn off to me.

In summary, my time at JPMorgan was amicable but not remarkable, fun but not thrilling, and contemporary but not challenging. However, there was some standout features about JPMorgan that made me proud to have worked there. 

First is their Code for Good initiative, which requires Software Engineers to spend 2 hours a week aiding a charity. Second is their Advancing Black Leaders programme, which is designed to encourage students from minority backgrounds to apply for roles in banking. Indeed, this very initiative got me interested in investment banking and gave me the confidence to apply.  The third is the people. Everyone I met at JPMorgan genuinely cared about my personal development. And I made some serious friends for life while working there.

I should end my discussion about JPMorgan by saying this. In the age of WOKE capitalism, many companies pretend to care about diversity. These company only promote diversity because it is fashionable to do so. 

JPMorgan is not one of those companies. Every effort made to help those from disadvantaged backgrounds comes from a place of warmth and genuine concern.  I will, therefore, always be eternally grateful for the opportunities and investments JPMorgan has given me. While I was only at Goldman Sachs for 10 weeks, I noticed significant differences between them and JPMorgan. 

Goldman

Goldman Sachs is much smaller, with an 8-floor office in London. Goldman’s inferior size is intentional. Their business model is to keep the firm lean while maintaining a highly skilled workforce. 

This tack has succeeded thus far with Goldman constantly punching above their weight. Indeed, I have frequently heard people say that Goldman will hire one person to do something two people would be doing at JPMorgan. 

I have to admit there is some truth to that adage as JPMorgan’s size means makes it possible to ‘hide’. At Goldman, however, it is all hands-on deck – hiding is near impossible. Among these reasons, Goldman is regarded as a much more prestigious place to work (don’t shoot the messenger).

In terms of the actual work, there is no notable difference between the two. At both Goldman and JPMorgan, software engineers exist to cut costs by automating and improving business functions. Moneywise, Goldman and JPMorgan are roughly the same. And to be honest, the money wasn’t really a factor when making the decision.

My decision

So, the moment you’ve all been waiting for. Which firm did I decide to join…? 

I decided to join Goldman Sachs. 

It was a tough decision, not least because a lot of good friends are at JPMorgan. But a decision like this cannot be made on emotions.  I picked Goldman because, logically, it made the most sense to put myself in an environment where I would be challenged and forced to adapt quickly.

In essence, my decision came down to an easy life at JPMorgan or a hard life at Goldman Sachs. While I know many people would have chosen the easy life, I am not like everybody else.  So, I join Goldman, ready for the afflictions I will face, and believing wholeheartedly that nothing can stop me on my journey to success.

Reflection

Anyone arrogant enough to believe that they are right all the time is a fool. Unfortunately, many of us lack the foresight to know whether we are making the right decisions. Indeed, even if you knew everything about today, it is impossible to know what will happen tomorrow. The universe isn’t governed by certainties; it is governed by probability. 

So, ultimately, I don’t know if picking Goldman was the right decision. However, I cannot afford to paralyse myself by dwelling on it. So, all I can do now is moving forward with confidence. 

For anyone making a big life decision, I advise you to take a deep breath, be bold and have confidence. Because the hardest path may not be easy, but it will be worth it.