At a Glance
"Compensation is incredible"
"We have recently transitioned to being a firm filled with younger professionals which has changed the social climate"
The firm is hiring aggressively now
Formal training is sorely lacking
Hours can be "grueling"
"Snobby--only ivy league, regardless of ability"
"Lots of work"
"No career advancement"
About First Manhattan Consulting Group
A bite out of the Big Apple
Founded in 1980, First Manhattan Consulting Group is a strategy and risk management consulting firm serving financial institutions, vendors, investor groups and financial service providers. Since its founding, the New York-based firm has made its mark on the financial sector, completing over 3,000 assignments, including jobs for 80 percent of the 70 largest U.S. banks, major insurance carriers, banks and other financial institutions from 22 countries, and some of the country's leading private equity firms.
On the fast track
When he isn't racing Porsches--one of his favorite (and fastest) pastimes--Jim McCormick is busy running the show as FMCG's president. An expert in retail and commercial services, McCormick draws on over 30 years of financial services consulting experience as the face of FMCG. He has given testimony to the U.S. Senate Banking Committee and has appeared over 150 times as a speaker before various financial services industry groups, such as the Bank Administration Institute, Consumer Banking Association, NY Bankers , Institute of International Bankers, Risk Management Association, Corporate Financial Group, NACHA, The Capital Roundtable and others. McCormick has also appeared on CNN, CNBC and other broadcast venues, and has been widely quoted in national publications like Institutional Investor, The Wall Street Journal, The Economist, The New York Times, Businessweek, Fortune, The American Banker and others.
Divide and conquer
FMCG boasts a number of skills and services it offers to clients, not least of which is its trademarked Financial Personality (FP) marketing system. Over the years, the firm says, it has realized the importance of segmentation in the banking and financial services industries. But, relying on overly simplistic breakdowns like straight demographics is not enough. Jointly launched in 2006 with information services company Experian Group, FP provides marketers of lending products the ability to improve customer and prospect targeting, to better align products and offers, and to tailor messaging to appeal to prospects.
Using the FP system, consumers receive a "score" that is based on their needs and attitudes toward a specific financial product--information gleaned from direct consumer market research. The scores provide information about a consumer's product requirements (what needs they want fulfilled), beliefs (what emotions the product stimulates), and usage (how often the product is used). That information is combined with credit and demographic data and, after some number crunching, the reports are used to tweak media and marketing campaigns. Clients, FMCG boasts, "routinely generate two times to three times improvement in marketing spending return on investment." FMCG has developed FP structures for most major lines of business in consumer financial services, including home equity loans and lines, mortgages, deposits, credit cards, life insurance, secured lending and investments.
Preach what you practice
Never tight-lipped when it comes to advice for clients, FMCG also offers its expertise via its value-based management white paper series. These papers are made available to financial institutions, journalists, bank analysts and academics, and feature the firm's insights on strategy, risk management, retail banking, marketing, technology and other topics relevant to the financial services industry. Recent issues have addressed stress testing, top-10 questions to ask during due diligence, small business deposit growth, payments strategy and breakthroughs in direct marketing.
FMCG staffers also make themselves heard through presentations at national conferences and in their analysis of financial issues in the media. The firm's managing vice presidents and vice presidents also appear regularly on panels and as speakers at industry conferences around the country and abroad. The firm has also been quoted over 500 times in numerous magazines, newspapers and industry publications and the firm's experts, not known to be camera shy, have appeared on CNN, Reuters, Bloomberg and network news programs.
90 Park Avenue
New York, NY 10016
Phone: (212) 557-0500
Employer Type: Private
President: James M. McCormick
2010 Employees (All Locations): 70