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Anyone work in JPM/GS/Morgan Stanley back office before?

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  #1 (permalink)  
Old 19-05-2021, 03:31 PM
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Default Anyone work in JPM/GS/Morgan Stanley back office before?

how is it like working as a controller?

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Old 19-05-2021, 03:46 PM
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What’s your BG and how many YOE do you have?

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Old 26-05-2021, 01:12 PM
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is this considered middle office or back office role?

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Old 27-05-2021, 01:25 AM
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Hi have worked/am working in some of these banks before, and in some of these functions as well (ambiguity for anonymity sake). The BBs dont generally distinguish between BO and MO. They are just "not FO". Having said, these are accounting related roles, hence sitting in finance. Two of the largest groups within finance are legal entity controllership ( where u look after the pnl/balance sheet of an entity, make sure it is properly funded, or that it fulfils regulatory capital requirements etc. The other major group is product controllership, where u talk to traders and make sure their desk pnl/risk is booked properly.

The roles you have shown are generally the first (entity controllership). They tend to like hiring auditors types, although there are many who are not as well. But all roles will require accounting knowledge.


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Old 27-05-2021, 02:13 AM
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Quote:
Originally Posted by Unregistered View Post
Hi have worked/am working in some of these banks before, and in some of these functions as well (ambiguity for anonymity sake). The BBs dont generally distinguish between BO and MO. They are just "not FO". Having said, these are accounting related roles, hence sitting in finance. Two of the largest groups within finance are legal entity controllership ( where u look after the pnl/balance sheet of an entity, make sure it is properly funded, or that it fulfils regulatory capital requirements etc. The other major group is product controllership, where u talk to traders and make sure their desk pnl/risk is booked properly.

The roles you have shown are generally the first (entity controllership). They tend to like hiring auditors types, although there are many who are not as well. But all roles will require accounting knowledge.
Not entirely true that there is no distinction. There are actually roles named XYZ MO (e.g. Trade Support/Client Services/Risk etc.) in top BBs. They are the ones sitting closest to the trading floor & typically have some form of communication with the clients (although not as much as the FO guys ofc).
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Old 27-05-2021, 02:14 AM
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Quote:
Originally Posted by Unregistered View Post
Hi have worked/am working in some of these banks before, and in some of these functions as well (ambiguity for anonymity sake). The BBs dont generally distinguish between BO and MO. They are just "not FO". Having said, these are accounting related roles, hence sitting in finance. Two of the largest groups within finance are legal entity controllership ( where u look after the pnl/balance sheet of an entity, make sure it is properly funded, or that it fulfils regulatory capital requirements etc. The other major group is product controllership, where u talk to traders and make sure their desk pnl/risk is booked properly.

The roles you have shown are generally the first (entity controllership). They tend to like hiring auditors types, although there are many who are not as well. But all roles will require accounting knowledge.
Not entirely true that there is no distinction. There are actually roles named XYZ MO (e.g. Trade Support/Client Services/Risk etc.) in top BBs. They are the ones sitting closest to the trading floor & typically have some form of communication with the clients (although not as much as the FO guys ofc)
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Old 27-05-2021, 02:14 AM
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Quote:
Originally Posted by Unregistered View Post
Hi have worked/am working in some of these banks before, and in some of these functions as well (ambiguity for anonymity sake). The BBs dont generally distinguish between BO and MO. They are just "not FO". Having said, these are accounting related roles, hence sitting in finance. Two of the largest groups within finance are legal entity controllership ( where u look after the pnl/balance sheet of an entity, make sure it is properly funded, or that it fulfils regulatory capital requirements etc. The other major group is product controllership, where u talk to traders and make sure their desk pnl/risk is booked properly.

The roles you have shown are generally the first (entity controllership). They tend to like hiring auditors types, although there are many who are not as well. But all roles will require accounting knowledge.
Not entirely true that there is no distinction. There are actually roles named XYZ MO (e.g. Trade Support/Client Services/Risk etc.) in top BBs. They are the ones sitting closest to the trading floor & typically have some form of communication with the clients (although not as much as the FO guys of course)
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Old 27-05-2021, 03:57 PM
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Quote:
Originally Posted by Unregistered View Post
Hi have worked/am working in some of these banks before, and in some of these functions as well (ambiguity for anonymity sake). The BBs dont generally distinguish between BO and MO. They are just "not FO". Having said, these are accounting related roles, hence sitting in finance. Two of the largest groups within finance are legal entity controllership ( where u look after the pnl/balance sheet of an entity, make sure it is properly funded, or that it fulfils regulatory capital requirements etc. The other major group is product controllership, where u talk to traders and make sure their desk pnl/risk is booked properly.

The roles you have shown are generally the first (entity controllership). They tend to like hiring auditors types, although there are many who are not as well. But all roles will require accounting knowledge.
They do actually. Some roles in top BBs are actually named XYZ MO (Middle Office). Think of trade support, risk, client services etc.
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Old 27-05-2021, 04:48 PM
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The term "Middle Office" in BBs is a functional/team thing -> Strictly, it refers to the team that supports trading desks by booking trades, either on the street side or client side.

In other words, it is a matter of nomenclature for that one team. But as long as you do not generate revenue or bring in clients, you are "not FO". The traders/sales/bankers don't see a difference in MO/BO, neither does the company nor the employees in "MO/BO". The distinguishment doesn't make sense, especially in an investment bank, because you have scenarios where what you call as "traditional" BO teams, speaking to FO/clients, and what you call "MO" teams, that don't.
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Old 27-05-2021, 04:59 PM
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The term "Middle Office" in BBs is a functional/team thing -> Strictly, it refers to the team that supports trading desks by booking trades, either on the street side or client side.

In other words, it is a matter of nomenclature for that one team. But as long as you do not generate revenue or bring in clients, you are "not FO". The traders/sales/bankers don't see a difference in MO/BO, neither does the company nor the employees in "MO/BO". The distinguishment doesn't make sense, especially in an investment bank, because you have scenarios where what you call as "traditional" BO teams, speaking to FO/clients, and what you call "MO" teams, that don't.
Agreed - either your revenue-generating or you're not. That's all.
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