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JPMorgan and ToigoTalks present:
INVESTMENT BANKING 101
A ToigoTalks series offered byThe Robert Toigo Foundation
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BIO: CHAKANA FOWLER
Chakana Fowler is an Associate at JPMorgan in theSyndicated & Leveraged Finance group within theInvestment Bank. Prior to attending business schoolat Columbia University, Chakana was in Fixed Incomeresearch at Morgan Stanley and was a math teacherin New York City public schools. She serves as amentor for at-risk high school girls via StudentSponsor Partners.
Ms. Fowler has a BA in accounting from University ofMiami, an MS in Mathematics Education from CityCollege and an MBA from Columbia University whereshe was a Toigo Fellow.
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What is investment banking?
Working as an investment banking Analyst
AGENDA
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INTERMEDIARIES BETWEENPROVIDERS AND USERS OF CAPITAL
Mutual funds401(k) fundsVenture capital firmsPrivate equityfunds/LBO shopsHedge fundsCorporationsGovernmentsIndividuals
Providers of capital Users of capital
Corporations– Public and private
GovernmentsPublic sector– Schools– Hospitals
Multilateral institutions– World Bank– IMF
The key: INFORMATION
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Marketing – “Pitching”
JPMorgan approaches Pernod Ricardwith materials proposing the sale ofDunkin Brands, parent company ofDunkin Donuts, Baskin Robbins andTogo’s Great Sandwiches
The proposition is that Pernod Ricardcould make a good return by sellingthe Company
Mandate Sale process Closing the dealMarketing
Engagement – “Mandate”
Pernod Ricard selects JPMorgan,based on credentials and agreedupon fees, to represent theirfinancial interest and advise inthe sale of Dunkin Brands
JPMorgan then legally representsand is obligated to get the bestpossible deal for PernodRicard shareholders
Sale process
Escorts potential buyers to visitboth established and emergingmarkets for Dunkin Brands
Provides strategic and financialinformation to potential buyers toaid in the sale process
Keeps the identity of potentialbidders confidential to preserve theintegrity of the process, and ensurethe best deal for shareholders
“Closing the deal”
JPMorgan advises the client onthe best of the available biddersand orchestrates the terms of thedeal
After various stages ofnegotiation, potential regulatoryapprovals and attorney review,the deal officially is announced
EXAMPLE OF A BANKING DEAL
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INVESTMENT BANKING
Coverage groups
Prod
uct g
roup
s
Financial
institutions Energy
Consumer,
healthcare & retail
Real
estate
Technology,
media & telecom
Diversified industrials
Financial
sponsors
M&A
Debt
Equity
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InfluentialInterestingRewardingHard workCompetitiveChanging
INVESTMENT BANKING IS…
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WHY JPMORGAN?
You might be attracted to JPMorgan’s prestigiousreputation, but you will stay because of the work,people, and resources dedicated to your careerdevelopment
JPMorgan offers undergraduates a platform ofresources that separate us from the rest of Wall Street– Top-ranked internship opportunities– Intensive Global Analyst Training Program
– 1-week Boot Camp– 7-week skill-building and product training– “From-the-line” Instructors & Tutors– Global network that will benefit you for the rest of
your career– Junior/Senior mentor during summer internship– Experienced junior network during training program
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People want to make adifference
Opportunities to performglobally
Client exposure from the start
Senior management interaction
Work on innovative solutions
Constant deal flow and variety
Leverage vast capabilities and scale
On the job, real-time learning
WORKING ININVESTMENT BANKING
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If you have a question, press the number “7” or letter “Q” on yourtelephone keypad or press the chat symbol in the upper hand left handcorner of the toolbar.
Questions are taken in the order received.
If your question has been answered, press “7” to remove yourself fromthe queue.
If using a speakerphone, pick up the handset when asking your question.
Q&A
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What is investment banking?
Working as an investment banking Analyst
AGENDA
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Work with client executives, product specialists, analysts, legal andcompliance
Perform financial valuation, analysis and financial models
Participate in deal pitches
Conduct industry and product research
JPMORGAN’SANALYST PROGRAMS
JPMorgan Investment Banking Analysts…
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Financial analysis– Building financial models– Projections– Valuation
Client management
Generating ideas – M&Adialogue
Industry research
Capital markets research
Financial and business due diligence
Draft financing documents
Marketing
Deal execution
WHAT DO INVESTMENTBANKING ANALYSTS “DO”?
A standard deal involves one MD, one VP, one Associate and one Analyst…
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The morning: Begins between 8:30 a.m. and 9:30 a.m.– Review work from the night before– Meet with MD, VP and Associate to review and discuss financial
modeling scenarios– Conference call with client of the deal you are working on– Continue to work on financial model or presentation pages
The afternoon/evening/night– Continue with the analytical work– Potentially shift gears to focus on another project– Meet with deal team to structure a new client presentation– Review deliverables for the next day with VP and Analyst team
AN INVESTMENT BANKINGANALYST’S TYPICAL DAY
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Leadership
Organization
Detail orientation
Judgment
Teamwork
Vision
Problem-solvingskills
Results-focusedmindset
Communicationskills
Integrity
Intelligence
Creativity
Resilience
Technical skills
Hard work
Confidence
Curiosity
Drive
Flexibility
Initiative
Motivation
WHAT MAKES A “ROCK STAR”ANALYST?
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FREE ADVICE
Start early
Learn about the markets and the finance industry
Keep current on financial and business news
Think carefully about your options
Keep an open mind
Get to know our people
Take risks
Love what you do
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If you have a question, press the number “7” or letter “Q” on yourtelephone keypad or press the chat symbol in the upper hand left handcorner of the toolbar.
Questions are taken in the order received.
If your question has been answered, press “7” to remove yourself fromthe queue.
If using a speakerphone, pick up the handset when asking your question.
If we are unable to answer your question, please [email protected]
Q&A
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To see more of Chakana’s experience and what it’s like to workat JPMorgan, check out the videos on
jpmorgan.com/mediazone
FOR A BEHIND-THE-SCENESLOOK…
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Apply by March 15 for JPMorgan’s Launching Leaders Experience,an educational day-in-bank on April 11 for freshmen and sophomores
jpmorgan.com/launchingleaders
HOW TO GET EXPERIENCEIN A DAY…
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jpmorgan.com/careers
LEARN MOREABOUT JPMORGAN
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Stay tuned fornext month’s topic.
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