Q&A: Wells Fargo Financial Analyst Program for Commercial Banking

Here is my overdue write up on Wells’ FAP and thoughts on the process/ program. This is most applicable to Commercial Banking or CRE divisions.

wells fargo commercial financial analyst program

I applied with less than 1-year experience, got the offer, and ultimately declined - - they countered w/ better corporate title, base, sign-on, and bonus % increase.

Applying to the Financial Analyst Program

You either apply to a specific location (i.e. SF/LA/NYC Office) or to the general program (normal recruiting).

  1. Site Specific: These opportunities pop up sporadically but if you miss the 1 day to submit your application for normal recruiting or want to be 100% sure you get the office of your choice, this is the only way. Also, you spend ~3 full years with these people and they will typically invest more in you.
  2. General Program: Those that apply to the program through normal recruiting will go to a centralized underwriting office for 1 year and be literally immersed in deals/ credit. Typically this is Phoenix for West Coasters. Wells’ promises the “office of your choice” after this year is over – this is B.S. unless you have this stipulation in writing. Placement is a highly political process.

Program Overview for Wells Fargo FAP

  1. Year 1: Take 2nd semesters of Fin. and Management Accounting and go to 1st year, 1 week Credit Camp in SF or Charlotte. After Site specifics stay at their offices and Centralized analyst group gets placed - - this can be anywhere from NYC to Visalia, CA (Google if you don’t understand the point I’m illustrating).
  2. Year 2: 2nd year, 2nd week of Credit Camp.
  3. Year 3: Last year; 3rd year, 3rd week of Credit Camp. Hopefully you have demonstrated some skills and talent otherwise you have just churned and burned yourself.

Exit Opportunities for Wells Fargo

When it comes to this program, you are either in or you're out.

  1. CMTP: 6 month intensive credit training in SF. Your Home Office must sponsor you. The intent is to bring you back as a Relationship Manager (Sales role). Again, highly political process. They say it’s for the high achievers of each class which is true BUT, unless it’s written in your offer or you know someone, don’t bet your life on it.
  2. Portfolio Manager/ Credit Analyst: Manage a portfolio of credits w/ lower sales goals or analyze credits - - the latter is their worst case scenario.
  3. Out.

What Can I Expect For Compensation at Wells Fargo?

Experienced: 60-70K Base, 0-15K Sign-On, and 8-10% FYE Bonus Non: Experienced 60K Base, 0-5K Sign-On, and 8% FYE Bonus Feel free to ask me anything about Wells, the program, or commercial banking as a whole. I've seen both sides of CB - credit and sales, however I should point out that Wells isn't bifurcated in this regard. Learn more about the program below.

You can learn more about Wells Fargo on the Wall Street Oasis Company Database.

Read More About Commercial Banking on WSO

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What did you do beforehand? Was it relevant? Did it prepare you in any way?

Would you do it again? Seems like you were on the fence about taking the job.

What do you see yourself doing in the future? CMTP?

FYI: I started in FAP out of school

Array
 

1 year of Tech Banking on the Sales side (think SVB) and currently a credit analyst. So, very relevant and having been on both sides (sales & credit) gives me a unique perspective.

Would I do it again? I'll have to make that decision in 2 or so years - let me clarify something. FAP is a good opportunity but what put me on the fence in the 1st place is that I have an amazing mentor/ network at my current bank.

Future? CMTP is a definite possibility. There isn't a comparable program out there in the marketplace today.

 

Hey,

Thanks for the great post. I may be doing the SFAP this upcoming summer. Any advice on how to excel/stand out in the span of 10 weeks?

Also, does the bonus vary on what LOB you are in? And would you say any lines are better than the others in regards to career advancement?

Lastly, Any tips on playing the political game so that you are a shoe-in for CMTP?

 

Excel/ Stand Out: You have 10 weeks to audition yourself - be likeable, stay late, and fit in. You want to be first in and last out but somehow go to all the HHs and weekend ragers w/ the analysts. Attention to detail but always look for the big picture.

LOB bonus does vary - Corporate Banking and Specialty Lending groups have the highest. Having said this, Commercial Banking gives you the best exposure thus career advancement. Example: The deal structure on Goodyear's (Corporate Banking) ABL $2Bn Revolver is so boring it's like watching paint dry, however the structure on "Al's Tire Barn" (Commercial Banking) $2MM Revolver would be a lot more complex and detailed.

Shoe-in for CMTP: Your home office RVP needs to believe you're capable of being a high producing RM and will stay w/ Wells for the long haul. Get to know people in high places and impress the hell out of them so they take you under their wing.

 

What do you think the RVPs are pulling in comp wise? Or even the SVPs / LTMs?

I work for a regional bank and was given an offer for a VP RM role in 1 of their RCBOs but the offer didn't excite me - matter of fact, 2 years later I'm making way more money than their offer.

Also - is it pretty much known that you have to move to get promotions? A lot of the top guys in the RCBOs seem to be transplants.

How's credit culture? Constrictive/ conservative or can you get deals done their with minimal push back / conditions.

Is the Capital Markets relationship good or adversarial? How often do they get involved with the RMs?

What's are the top VPs getting paid in terms of annual bonuses?

WF seems to expand then cut based on the market - they were on a hiring/growth spree 2-3 years ago but now seem to be quiet. Am I wrong about that?

 

I didn't choose Wells in the end, so I can't answer some of these Qs.

Almost all the RVPs/ LTMs are transplants. In CA, I only know of a few that progressed from RM > LTM > RVP. Most of the time, they are poached from another bank.

Wells has gotten quiet as far as hiring. Ive noticed it with the analysts where a ton get hired in anticipation for regional growth, do their 3 years but then get passed over for CMTP - essentially pushing these people out of the bank.

 

Great thread though I'd add some color

not sure what comp is for RVPs and LTMs but for VPs and SVPs the base is around 120k and 145k respectively (numbers are median, they have a range). Bonus is a percentage/ multiple of that. I've heard around 250-300k all in and 300-400 from a top producer. (full fledged RM with his own portfolio)

Not sure about needing to move around to get promoted but yes there are a lot of SVPs and LTMs poached from other banks.

Credit culture is conservative but Wells is big on "expert judgment". If the RCBO can justify the reason to stretch they can usually do the deal. However, Wells frequently loses to other banks who are looser on structure, especially in this environment. You can get deals done but sometimes Wells can be a little too restrictive/ hard to work with but i get why, their conservative underwriting is why they got through the financial crisis so well.

Don't have another bank to compare to but from what I've seen the relationship between the investment bank and the commercial bank is very collaborative. IB and CM fees count towards the commercial banks revenue goals and the IB guys don't have their own balance sheet so they need to use the commercial/corporate bank's for capital markets transactions which means that any capital markets transaction using Wells balance sheet has to go through the commercial/ corporate banking credit approval process. IB also leverages the commercial/ corporate bank's existing relationships (via lending etc.) to get their foot in the door for IB business. So for those monkeys that aren't as familiar an example would be Company XYZ has a syndicated revolver with Wells to buy inventory and fund receivables. Commercial bank would manage the relationship and the revolver. Commercial banker gets wind the company is looking to do an acquisition, calls in his dedicated I banker (the commercial bank has a dedicated middle market i banking group at wells) and lev fin to pitch. If wells gets tabbed to be the lead underwriter on say an upsized revolver, a Term loan B, and a high yield bond, the commercial bank would underwrite their hold in the new revolver as well as the TLB (wouldn't be held by wells, would be sold to investors but it has to be reviewed via the credit process in the worst case scenario that Wells cannot sell off the entire issue, ditto for the bridge loan supporting the HY bond). Lev fin would then syndicate, execute, and distribute the Revolver not committed to by the commercial bank, TLB, and HY to other banks and investors.

Not sure about the wells hiring patterns.

 

Thanks for the quick response.

Any comments of the Wholesale Risk business? Also, you can apply to CMTP without being part of the FAP? I'm only asking because you said you turned down wells but said you were considering it.

 

Risk will typically pay less initially and over time. Doesn't mean that you won't learn a lot. I would pick the other 3 groups I mentioned.

Typically you can't go to CMTP if you don't do FAP, however CMTP does reserve a # of places for MBAs (w/ no experience) or Experienced analysts they've been watching - the latter is my situation. I have good connections and have maintained good relationships w/ the office that recruited me - even referred business their way.

A helpful tip to realize (that I didn't a few years ago) is that the "door" is never closed unless you close it - so GregT turned down a VP, RM role and I turned down a Officer, FAP role, if you maintain relationships and your standing in the marketplace, you'll always be on their radar.

 

This thread came at a very good moment.

I currently attend a semi-target MBA and was offered a spot as a summer associate at WF commercial banking, and they're bringing us as RM. I did engineering in undergrad and have experience in public infrastructure and utilities so my interest lies in their GIB group (Gov't and Institutional Banking). However, I'm currently torn between choosing GIB (commercial banking) and continuing to pursue public finance IB roles. - If I go with government banking/GIB, are there any skills that are transferable for public finance roles? - How hard is it to go from one specialty group to another (eg: from GIB to real estate)? - What are the exit options for commercial banking? Do people even exit after completing the CMTP? Exit to credit rating agency possibility? - What's the pay like for new MBA level hire? - How much sales is expected as RM? What's the quota like?

Thanks!

 

Clarify your 1st point: You're a summer associate yet being brought in as a RM? That doesn't make sense.

-A lot of times, you pigeon hole yourself by specializing too soon. As long as you have a good credit foundation, you should be able to switch.

-Only reason you'd leave after CMTP is if another bank gave you a lot of incentive or you don't want to be a lender.

-RM Sales Expectations/ Quota: I'm speculating based on my bank. For new RMs, it's $20MM in new credit (not shadow, referral, etc.). I would expect Wells to be somewhere around there, maybe more or less depending on your offer.

 

I think what he meant was that he's having a summer associate intetnship with the ultimate goal of bringing him back as an RM. I'm gaussing it's a lot like their SFAP program except it would be SRMP?

This may be a dumb question but what excatly is deemed new credit? Is it simply new leads or does it include increasing a current revolver as well? And how are risk RMs measured? Since they are in charge of distressed loans, there wouldn't be sales goals. Is there performance measures on their ability to repair or liquidate these loans? Sorry for any bad grammar. I'm writing this on my phone throughout the heat-Knicks game

 

I'm talking about this: http://myfuture.wf.com/pr-sp-mba-cb Here's what it says on the website: "We will consider associates who successfully complete their summer internship for full-time opportunities in the Commercial Banking MBA Relationship Manager Program. In this 18-month program, you will learn how Commercial Banking does business and makes lending decisions. You also will work directly with our clients — mid-sized companies with revenues from $20 million to more than $500 million from all types of industries — alongside our experienced client relationship team members. The program will prepare you for a relationship manager position in an RCBO."

Basically they gave me an offer to come in as a summer associate with potential of converting it into full time.

More dumb questions: 1. What happens during those 18 months and after? 2. "As long as you have a good credit foundation, you should be able to switch." where would one exit after commercial banking gig? 3. How much would you say part of the job is sales? 50%? 100%? 4. Most complicated loans you ever structured? or they're all pretty straight forward? 5. Any challenges (besides sales pressure)?

I swear I design bridges for a living and I still can't figure this commercial banking gig thing...

 

Hello,

This might sound like a stupid question but what happens after the 3 years are up? Like is this basically a paid internship? Or is it a possible to finish the program within 1-2 years?

Thank you

 

The program is designed to be a very clear cut path to RM (Sales/ Lending) role. I suppose if one had an amazing network/ ability to bring in business, they would expedite you and move you from a Financial Analyst role to RM.

Point of this is not to just "finish" the program. It's to build a solid credit foundation while teaching you how to be a successful lender.

 

Thanks for the fast response.( outrightoptions) So basically if you get in you start out as a Financial analyst and will eventually transition into those 2 roles you mention once the 3 years are up? Also when you say you are either in or out do you mean you have to leave Wellsfargo if you don't make the cut? Or will you stay in your financial analyst role?

Thanks

 

Do you have any color on how corporate banking (credit / rm) path diverges from commercial banking at wells as far as compensation (including annual pay bumps and % bonus goes). Also is structure and career progression the same? Does corporate banking get an annual 10k pay bump (market convention at most banks).

Also would you mind sharing salary progression after year 1 of FAP?

I personally know a guy who took a FAP role out of undergrad in the international group (is this a hybrid between commercial and corporate?) and was offered 65k, not sure what the annual pay bump is.

 

My colleague received a seasoned VP/RM offer at $135K base, $35K sign on and $75K stock that had a cliff vesting. They really wanted him and kept working on an offer and this was their final.

Annual bonus is discretionary and loosely tied to performance - i think 50% of base was quoted if you are having a good year.

It should be noted my buddy stayed at his community bank and is making way more money than the WF offer.

In WF - you have dedicated teams and groups to help in U/W and structuring a deal. In smaller banks, it is up to you to U/W the deal and get it through Credit Admin - you wear a TON of hats which is why I think the top performers at regionals and community banks get paid more.

Working on a $2.0MM revolver with a full hold requires a ton of analysis and U/W at a small bank level - while the $200MM syndicated corp banking revolvers are much bigger deals, the role you play in the deal will be much less than the $2.0MM commercial deal.

Just my opinion. Both have pluses and minuses. I chose to be a big fish in a small pond - which has pluses and minuses.

 

I have another question.

I did a LinkedIn search on "wells fargo relationship manager" and it seems like you don't really need an MBA or you don't really need a top undergrad to break into commercial banking (RM).

On the other hand, of the three EVPs that interviewed me at Wells, one has a Booth MBA, one has a UNC MBA and the other Duke Fuqua MBA. One went IB -> CmB. The other Went CmB -> Project Finance -> CmB. One has stayed with WF CmB for 24 years.

I find it odd that you have an RM with Booth MBA and RM with podunk state undergrad. Why do I see such diverse background? Is the gig that good that people move over from IB?

 

To your last point: your school/ grades won't determine what kind of producer you will be - yes, you'd rather bank on a Booth guy than a Valdosta St undergrad - but your success in the marketplace isn't confined by where you went to school.

Work-life balance is much better here and if you're a top producer, the money will be on par w/ IB - W/L balance considered.

 

Any internal hires for the FAP program? I've completed the screening -> Written assessment -> In person interview and I'm moving towards the final round at the location. Any idea what to expect?

 

Commercial Banking (and all Banking at certain levels) is really sales driven. So I don't care if you have a Harvard MBA - if you can't sale you are basically going to be a back office analyst not making much coin in CBanking.

This might answer the question about why you have a wife range of academic achievement in Commercial Banking.

Give me a guy who went to a podunk State School that took accounting 101 but is hungry and has great social skills - I'll take that guy over a genius 4.0 from Yale who has troubles relating to people and is socially akward. Speaking only to Commercial Banking.

 
IntlPlayer:

If the RM does his own underwriting, what the portfolio manager do?

From my experience at Wells:

Corporate Banking has a RM/PM split. RMs go win syndication business & introduce other products to clients (IB, lev fin, treasury). PMs underwrite the syndicated deals for WF's book, clear them with credit committee, and follow quarterly earnings on portfolio names. This specialization allows Corp Banking groups to manage more credits. We covered north of 100 credits with 3 analysts & 3 PMs (generally 1 analyst & 1 PM cover a name). Our loan book was north of $5B between the 6 of us.

Commercial Banking just has 1 role; the RM. They do both of the above jobs, but much less emphasis on cap markets & advisory. They cover very few companies. This is truly a relationship business model.

Array
 
Cries:
IntlPlayer:

If the RM does his own underwriting, what the portfolio manager do?

From my experience at Wells:

Corporate Banking has a RM/PM split. RMs go win syndication business & introduce other products to clients (IB, lev fin, treasury). PMs underwrite the syndicated deals for WF's book, clear them with credit committee, and follow quarterly earnings on portfolio names. This specialization allows Corp Banking groups to manage more credits. We covered north of 100 credits with 3 analysts & 3 PMs (generally 1 analyst & 1 PM cover a name). Our loan book was north of $5B between the 6 of us.

Commercial Banking just has 1 role; the RM. They do both of the above jobs, but much less emphasis on cap markets & advisory. They cover very few companies. This is truly a relationship business model.

Any thoughts on the career progression of sales versus credit? I've been told that most banks would never let a pure sales guy "run" the bank since there's so many more aspects to running the bank besides growing ones portfolio. From corporate banking, who laterals over to a cap markets/advisory group (pick one) easier, the sales guy (who can market or drum up business but maybe not as deep analytically) or the credit guy (who's aided in drumming up business but is more analytically astute)?

 

Hi, I just had an in-person interview for FAP about a week ago. I had a good feeling, but am getting worried because haven't heard back. About how long do they take to decide? And about how many usually get to the in-person round? Thanks.

kmonkey
 

I applied for the fulltime FAP 2015 Jan. 8th and still haven't received interview request nor have I received a decline notification. Is it possible they're still going through interviews?

 

I just received the email from the SVP for FAP interview (phone interview). If you'd like to know where she works and are able to provide the detailed information about interview, etc, please feel free to message me. Otherwise, I'd love to hear your tips/advice regarding FAP interview.

Thanks!

 

"Walk me through your resume"- yes. That or "tell me about yourself"... every single interview I've ever been to, and everyone I've talked to that has ever had an interview, has asked this question.

The obvious aside, I got "what would you look at when making credit decisions" and "how do you feel about sales" (my interview was last Thursday). Do you live in Chicago by chance?

 

I had every sort of behavioral question plus a few tech questions like "what are the financial statements"; "how are these statements related". Within two days I received an email saying I made it to the final round! Anyone know what type of questions I should expect?

 

Totally depends on the firm... they all tend to structure CB a lot differently than the other but I will say for a comp:

JPM's CB is divided up into the Middle Market ($10-$500M in sales) and Mid Corporate ($500-$2.5Bn in sales)

Middle Market guys work 40 hours a week, get paid street base of $60 if you're only in NY, get no bonus, and get no yearly raise.

Mid Corporate guys work probably 60 hours per week, all get paid street base, and make roughly $20,000-$30,000 each year in a bonus

 
patekphilippe:
what about regional banks in the middle market? i'm talking about places like HSBC, SunTrust, Chevy Chase Bank, Harris, etc.

Expect about 50-60k with no bonus or a measly one, with a 40 hr week?

What are the career paths like for these guys?

By Harris, do you mean Harris Williams? If so, I am certain that comp and hours are well higher than the figures you referenced. Had a friend from highschool that used to work for Harris Williams - his base was $55K and his bonus was $55K (he started in summer '04).

Certainly, exit ops will suffer but MM IB is still miles ahead of most CB jobs.

 
GameTheory:
Regional commercial banks like ones you mentioned (and regional arms of bigger banks like Chase) look at about 40-50 base with little to no bonus, 40 hours a week. Career path is usually straight from analyst to RM (relationship manager).

What do RM's make and how long does it take for an analyst to become an RM?

 

I wouldn't walk into a CB as an analyst wearing more than a $1,000 watch. Even that you'd look semi out of place.

The career path isn't exactly straight to RM anymore. JPM is pushing their analysts to go to the title of "Underwriter" which is basically an analyst with a coverage portfolio of specific clients (instead of the entire umbrella of the firm) and more responsibility (easier to get fired if you miss something and there has to be a write down).

Underwriter pay is not much better than analyst pay, although there are yearly raises (I think mainly inflation-based).

To become an RM these days I feel like it takes 4-5 years depending on your office needs. Some people can make the move in 1 year, but it's not going to be Manhattan or downtown Chicago (think Libertyville for Chi and Brooklyn for NYC). The pay there is better, but largely based on bonus. You're given a set of clients (a portion of the last RM to leave), but you are expected to bring in at least 1 big deal your first year (which can be very, very tough consider you'll be in your twenties trying to get someone in their forties/fifties to hand you their business, whic they built from the ground up).

Overall I'd stay away from CB because you risk getting pigeon-holed into a career that could take 5-7 years to take you into the six figure payout range.

 

I think exit ops for commercial banking are fairly weak because it deals strictly with low-mid markets without the product groups of corporate or investment banking (depending on the banks group structure). So in commercial banking it is basically just lending (not very profitable), whereas in corporate banking you deal with underwriting syndications, exposure to capital markets, and project finance. I think some banks may include corporate banking under commercial banking, but typically not.

 

Corporate banking analysts work from 50 to 75 hours a week typically (depending on deal flow). Face time is usually not important and working from home can be done on the weekends. Pay is 50 to 65K depending on which year you are and bonuses are from 5k to 25k. You will deal with many of the same topics that investment bankers look at (cash flows, risks, valuation, etc), but the focus is on debt and looking for higher ROE services/products to sell to the companies.

 

Corp banking > Commercial banking. At BAML you might be working with IBD, but it will be more of a support aka providing a revolving loan or some type of lending rather than working together as equals. Corporate banking is pretty solid and WF is growing pretty strongly.

 
nutsaboutWS:
Damn. Two other people told me BAML definitely. haha. I'm so confused...

Thats fine that people disagree, but did these people give you any factually based reasons supporting their recommendations.

Here is my point, if I sell you a car I will tell you how great the car is all by itself. I am not going to sell you the car saying that it will be mistaken for a benz. Seems to me that BAML is trying to sell you on the IB connection rather than selling you on how great commercial banking is.

Commercial bankers deal with credit, bank loans, traditional lending. Where do you think traditional lending fits in with what investment bankers do?

 

Yeah i know.. BAML is 50MM - 2B. They say they source the deals for the IBD group. My friend says he thinks BAML will be better because 1st its a better bank, and 2nd you will analyze companies more at BAML. The reason he says this is cus at WF you just give loans to credit worthy customers (disney, etc). at BAML you will have to prove that these companies will be able to pay their debt obligations

Thoughts?

-- "Those who say don't know, and those who know don't say."
 

Your friend is talking out of his ass. WF is a great bank, extremely well run and conservative. Lesser known in the east, but that is going to change with their acquisition of Wachovia. Corporate banking is not just handing loans to Disney. It involves a lot more than that. Your dealing with HUGE loans, maybe Syndication, absolutely working with IB on some issues.

BAML would be decent experience, but I think your friend hears the name and thinks it is a better deal. Thats like saying JPMorgan ops is a better job than boutique IB. The name on the card means nothing, what you DO at that job means everything.

 

From what I've heard about those roles, both are similar but corporate banking = public companies whereas commercial banking = private companies (albeit large ones). Could be wrong so someone pls correct me if so.

 

BAML Commercial Banking is not a bad place to be; the people are pretty chilled out and the work is easy. If you end up in their CMDP training program, it is a decent place to learn traditional credit analysis (which is useful in many places). Without the program your training is dependent on how good your senior analyst or underwriter is. Their General Industries group is where a lot of the interesting, but smaller loan amount stuff happens, but their HIG (Healthcare, Institutions & Government) deals with larger amounts, but the analysis is less interesting (IMHO anyway).

Who ever told you that you would have interaction with IBD is 100% lying to you. There is almost no interaction between the groups unless it is a share name and that never works out well. Also, nobody moves from commercial banking to IBD unless it is IBD at another bank.

Good luck.

 

Hey sorry to dig this up but I was wondering if anyone could tell me what it takes to break into corp banking/commerical banking out of a semi-target undergrad and how competitive the process is compared to IB recruitment. What is the culture and lifestyle like

 

This is an excellent post!

I'm currently in the process of interviewing for a role in the CRE group within the FAP program. I have been working in PWM for the past 3.5 years and am itching to get out.

The FAP opportunity sounds great in order to get a credit background to build out my resume, but i'm trying to evaluate the financial implications. My current base is 2x the FAP analyst position, and my bonus is also at least 2x of the FAP position.

I view this opportunity as a great way to get into the RE industry, build a credit background, and not pay for a graduate degree. But the thought of moving before my bonus in January and taking the significant pay cut is a bit frightening.

Any thoughts/advice?

 

My main goal is to get the credit experience & training. I figure that would be a great opportunity to then either go into origination or make a switch into RE PE.

Ultimately, I feel like it's better to make this switch as opposed to paying for business school. I just hope they would be open to waiting until I get my last bonus!

 

What is typical base for a Relationship Manager 1 at Wells (Corporate Banking Portfolio Manager)? Of course have searched online but if anyone has direct knowledge would be much appreciated. Thanks.

 
<span class=keyword_link><a href=/resources/skills/trading-investing/hard-assets>hard assets</a></span>:
I would be very curious to know the general progression.

I hear that 1st year analysts are around $65k. How does that change to year 2, year 3, and then RM? Is the bonus really only 8-10% of your salary?

I just completed my 1st year with the bank, and I received a modest 2% bonus. That’s fine and all, but I was told theat after I complete my 2nd FAP training course I will receive another pay increase. Does anyone know how much that will pay increase (from year 1 to year 2) will be?

BTW, This place is a great place to work.

 
Best Response

It is tough going at Wells Fargo right now, Even though the shit was contained in their Retail unit - the public don't know the difference.

We just pulled over one of their Relationship Managers from one of their RCBO units. He said he had a 40 year old commercial client start moving shit else where. We got in front of a 70 year old WF client and are proposing on that business. Clients leaving, employees leaving.........I think it is going to get worse before it gets better. This thing has some legs on it. Stumpf has to be sitting there like WTFH?

As a Retail/Commercial/Corporate Banker - I wouldn't want my reputation in the market tarnished by this shit. I'd be jumping ship too.

 

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Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (85) $262
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (65) $168
  • 1st Year Analyst (198) $159
  • Intern/Summer Analyst (143) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

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From 10 rejections to 1 dream investment banking internship

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