Rob Sivitilli is a managing director of investment banking for JPMorgan in New York. Since joining the firm in 1996, he has advised clients on M&A transactions in the real estate, lodging, industrial, manufacturing and defense sectors. He's been active in the origination of other finance products such as corporate bonds and interest-rate derivatives.
How did you come to work in investment banking?
I was getting my MBA but wasn't exactly sure what I wanted to do. I knew I wanted to do something that dealt with real estate. At that time, in the 1990s, there was a lot of demand for MBAs to enter real-estate investment banking because of a wave of real-estate company IPOs.
JPMorgan represented the best opportunity because I liked the people so much. My career here began as an associate in the real estate group. The group focused on REITs and hotel companies. In 2000, I was asked to handle M&A for the group and moved to the M&A department.
Once there, I ended up working on chemical and forest product industry deals, too, including Koch Industries' $4.3 billion acquisition of Dupont's textiles and interiors business in 2003. In 2004, I was asked to become a senior client officer in the industrials group. That allowed me to work on M&A deals, as well as equity and debt deals. My role is to act as JPMorgan's senior client contact with over 20 companies in the sector.
What's a typical day like for you?
There's lots of travel, because business has become so global. My time is split equally between face-to-face work with clients, phone communication with clients, and internal meetings.
An example of a recent typical day: I rushed to LaGuardia to catch the 7 a.m. shuttle to Boston in order to make a client meeting at 9 a.m. On the way from Logan airport to the meeting, I return a call from the CFO of another company regarding an idea we've been discussing. The client meeting in Boston goes well. It's a pitch to a CEO and management team about a potential M&A transaction, and they invite us back in a week to get into more detail. The meeting lasts until 11 a.m., and we catch a 1 p.m. flight back to New York. I'm at the office by 2:30, when we have a call with a company in the water sector looking to do an IPO. The primary purpose of the call is to agree on the best way to market the company to investors, but the call also includes due diligence. The call lasts from 2:30 to 4:30.
At 5 p.m., there's an internal meeting, where we plan out JPMorgan's involvement at the 2006 MBA Jump Start in Chicago. That's a forum where top minority students can learn about investment banking. JPMorgan is the leading sponsor. After that meeting, I'll return phone calls until about 7 p.m. and finish my day by answering e-mail messages.
What advice would you give to junior staffers?
My advice is to find a firm where they really like the people with whom they'll work, and vice-versa. Selecting a firm involves the age-old question of finding that right fit for you. During the recruiting process, keep banging on the door. Bankers have difficult schedules. If they don't get to know you, it isn't for a lack of desire but rather the lack of time.
For junior analysts and associates, I would pick three areas as critical factors for success: First, you need to be hard-working. Sure, we like smart people, but if you possess baseline capabilities and work hard, you'll be successful. It's a matter of determination and hard work.
Also, it's critical to be a team player. We're under too much stress for people to push up by pulling others down.
Finally, it's important to know when to ask others for help. You don't want to be too wrapped up in jargon.
Anything in particular students be reading or doing?
Read The Wall Street Journal. It's important to be thinking about how to make money. Think about how to do so in the current environment. Is it a particular stock? A bond? Better to sell or buy a home? Also, know about the current market. Are interest rates high? Will they come down? What do you think is a good return on investment and why? How would you invest? All of this will help you understand what we do on a daily basis.
US
