Wells Fargo IBD: Up-and-coming?
Received a full time offer at Wells Fargo IBD as an Associate. Any thoughts on this firm? Is much expected from them in the future?
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Congrats! Grab the offer and learn there and you will have many opportunities with a brand name like Wells
Fastest growing investment bank, in terms of revenues. LevFin is very strong, consistently places very well into the bayside. Other groups do well too, but I just know specifically that LevFin stands out. Great place to be, and Charlotte is a great place to be, doesn't quite have the buy side recruiting exposure, but if you work hard enough and have a good experience, getting into a megafund is possible.
I would recommend trying to go to NYC and recruit from there. M&A, Industrials and FSG seem to be the strongest groups in NYC.
I've been hearing about WF being an "up and coming" bank for years now, so I wouldn't get my hopes up. At the end of the day, they're a very solid MM bank and you could do very well for yourself there, but they are still a notch below the larger BBs.
They are still among the top ten banks on a revenue/fees basis and loved (financially) by Buffett. Not a bad choice if OP wants a career in banking or MM exit opportunities.
The reason Buffet loves them has nothing to do with their IB-division at all. If anything it would probably wold him back rather than encourage him..
Bingo.
Were you an MBA hire?
Up and coming like the new development near s stadium.
Very solid MM bank. Would categorize it a little below Jefferies if we're ranking them.
Lots of different opinions on this topic on WSO as I've come to learn firsthand. Best advice would be to ask people you know who work there.
I wouldn't turn it down. My anecdotal experience while networking was that the bankers from Wells Fargo were the only ones who, as a group, seemed to genuinely like their jobs.
Doesn't WFC IBD mainly focus on M&A financing (via TLAs, TLBs, notes etc.) rather than M&A advisory? Anyway congrats, knew a guy who jumped from WFC IBD to BB after a year.
Any thoughts on Wells Fargo IBD? (Originally Posted: 06/16/2013)
Searched and saw some older threads, but haven't really seen anything as of late. Curious what word on the street is (or any other opinions or comments the community may have) regarding WF IB.
From what I've read so far, sounds like they've been pretty successful since building out the platform ~5 years ago through the acquisition of Wachovia and recently growth has been pretty good. Advising on the Heinz deal seems like a pretty big mandate too..
Just curious if anyone works for them, has worked for them, or has any other insight?
i've heard lev fin is their best group
still kinda crappy.. they've been doing really well for themselves, and i personally kinda like the bank, but they have still yet to grab BB status. other than lev fin i wud choose your normal BBs at the junior level.
clearly doing very well on the financing front given their competitive balance sheet. though couple friends at the bank shared with me their credit depts still very conservative making lending more difficult than it needs to be.
you see them mostly on balance sheet related deals (also strength in lev fin) but not much for M&A. still a very profitable firm and surprisingly pays top bonuses since the bank has had little to no issues since the financial crises unlike its other BB peers; job security is great as well.
Got a friend in their Consumer IB group. Seems happy with things over there.
Knew someone in their LevFin group in Charlotte - he wanted to get out (no surprise since it is IBD). Now he's working in a MM PE firm on the west coast.
I said nothing negative or wrong...actually said they are very profitable, give great bonuses and offer strong job security?
why the monkey shit? lol not that it matters but wtvr
Thanks for the opinions folks... Any other insight? Obviously they're not BB yet, but do they seem like they're on track to be? If not, what's holding them back? If so, what are their next logical steps? What are they doing to get there? From what I've heard they've brought in a lot of people from other BBs and have even had some of their staff poached by other BBs, so it would seem from a staffing perspective they're moving closer.
Some groups are poaching talent from other firms in an attempt to win bigger advisory mandates. However, the bank's so focused on its conservative culture that it's often not willing to try to win deals when they can get debt deals done so easily with their balance sheet.
Overall- bank with good culture; likely to get good experience on the debt side; growing fast, but still not very well-respected among the big boys; pay is on par or above the Street numbers; exit opps relatively weak from what I hear; good job security
this is exactly what I said. yet I got monkey shit for it. interesting....
I imagine they are a reasonably conservative IBD in relation.
Id go with the majority and say good job security and a culture of the broader business i.e how they wrote loans, no subprime. Their lending sides culture will slowly be integrated through the Wachovia purchase and reflected in their IBD. Their top line in IBD is the highest growing of any of their divisions and something like up over a 1/3, albeit off a much smaller base, and they got a bit in the Heinz takeover. Which i guess indicates a Buffet tick.
Catching up to the BB's. Might they be classified as a BB as well soon... (according to; dealogic, thestreet - the news website not 'i heard it on the street' and and their 1Q 2013.)
I hope you were hallucinating when you posted this.
http://fn.dealogic.com/fn/MARank.htm
http://www.bloomberg.com/professional/files/2013/04/2013-q1-global-fina…
Though people think that M&A is the one and only thing in banking that matters, as other people were saying previously, Wells' bread and butter is in financing. They've had the fastest fee growth on the street in the past few years. If you're looking from a pure M&A perspective obviously they aren't a BB. But they are the biggest bank by market cap in the world and their banking platform is still growing into the size of the rest of the bank
Dude, someone gave you virtual shit on a finance forum. That's two posts complaining about it. Get over it.
thatss a Fire Blast burn if I ever saw one
+1 for you
Did you happen to notice that WF's market share went up from 0.8 to 6% globally and 2.1 to 10.7% in the US? And that their volume in America for 2013 Q1 is only 3MM shy of its volume for all of 2012?
Sure, still not a BB but it seems to be making gains
Thats pretty much the point i was emphasising, the fact that there doing a good job of gainng market share and growth. However in saying that, im wondering if the 1Q will be a bit of an aberration, did it include the Heinz deal, because if so; a deal that big may not happen again this year plus as mentioned above, they weren't really any close to the left (lead) of the page on the announcement.
Heinz deal is a bit of a misnomer. Lazard was the lead financial adviser and then JP and Wells (to the right of JP) advised the consortium. What this really means is that they provided financing and received league table credit for the M&A advisory, so in that regard it is more a case of acquisition financing masquerading as M&A. This happens a lot and across firms many of their "M&A" credit on deals will be this type of credit. It's tough to place that much financing without multiple balance sheet banks (like Citi/JPM/WF/BAML) on the transaction.
Right, this is sort of what I thought too. As has been mentioned, maybe not necessarily a bad way to build out the platform, but at the same time makes me wonder how much true growth they're getting and market share they have to gain.
Appreciate the insight folks. Will be watching them closely.
For one quarter... and it slid to 3.4% according to Dealogic's data through yesterday. Every BB is within the Top 10 and WFC is 17th globally, 16th in the U.S.
Let's see how the year pans out. Nobody is saying WFC isn't improving, but it's a long ways from solidifying itself still on the M&A front. It doesn't help that it is purely U.S.-focused (25 out of 26 total M&A deals were U.S. deals).
Wouldn't you say that is likely the case with several transactions they are included on? Not saying it isn't the case for BS banks (JPM, BAML), but even more so for a group trying to build its M&A reputation and practice?
Yes. That's basically what I was getting at. Many other banks like Citi/JPM/BAML will encounter a similar situation, but for Wells, I would expect that most of their large M&A deals are that type of situation. I just don't know that they would compete on pure advisory mandates unless they vastly undercut on fees. I could be wrong, but that's my expectation. For their pure M&A advisory I think their bread and butter tends to be in the mid market with the likes of RBC / Baird / Jefferies / Harris Williams etc.
Could it also be partly due to the culture their trying to establish. Because they are a BS bank and that their culture is much less risk - than its wall street brethren - so could that be instead of trying to give advice they are sticking to what they have excelled at analysing loan risk? so leveraging that in the M&A market? instead of spending alot of money on laterals with set salaries for rainmakers.
surprisingly enough, they made it to the top 10 in m&a league table in terms of fees
bump
Wells Fargo IBANKING (Originally Posted: 02/04/2007)
How prestigious is Wells Fargo for ibanking? Can I make it to top PE shops after my two year stint?
models and bottles baby. Wells Fargo!
you gotta be kidding me right?
Dead serious. How prestigious is Wells Fargo? They are kind of a bulge right?
You are neither funny nor original.
Seriously now. How prestigious is Wells Fargo? Am in in balls deep with models and bottles or what?
What are the chances for top PE shops after two years? I know they take more of the Goldman guys but my MD says I will get great deal experience at the Fargo.
Don't h8te guys.
which city?
I didn't even know Wells Fargo had an I-bank if that tells you anything.
All I know is that Barrington is in LA and they hire a lot of athletes.
what the fuck? seriously.
Could be a decent lower/mid market player with barrington.
they could be, but i think their corporate culture is too relaxed. i spoke with someone who works there and they said that one of their associates here back in Q2-2006 pulled the offices first all-nighter and that it was a momentous moment + they only work about 60 hours/week.
I've heard that their comps in the SF office are pulled straight off of CapitalIQ, etc.
Take that however you wish
"models and bottles" -amazing quote
Whats the difference between barrington and Wells Fargo ibanking?
after two years if you're lucky they let you drive the truck by yourself.
I know Wells Fargo's entire healthcare group left around 2 years ago (associate I worked with over the summer used to work there) once they decided to scrap their research/trading division and just be a pure advisory i-bank. At least as far as healthcare goes, I don't think they quite recovered. Don't know about any of the other groups, or anything about the firm in general.
Bump. How competitive is Wells Fargo IBD, specifically for SA positions?
Its a good name, but I doubt it will get you into a megafund. MM PE, sure. Why not
As an analyst at wells that started on Monday, this thread makes me :'(
A lot of IBD goes down at Charlotte. All of the industry groups are at least partially located there. This is because Charlotte was Wachovia's hub for IBD, and Wells didnt really have much of an Ibanking practice prior to the merger
Its also not a pure advisory practice. The Corporate Bank at Wells has a gigantic balance sheet, and debt products from IB will be parked on Corp Banking's balance sheet for the term. Theres no trading, but that doesnt mean there are no capital markets. It just means we retain whatever portions of the syndication we underwrite.
Also, at least in Charlotte, the culture is incredibly relaxed. Some of the chillest dudes i've ever met.
I've heard that the other offices are more stuck up and less jovial altogether. Could be a myth, but I KNOW that any group would be hard-pressed to surpass WF Charlotte in terms of an awesome culture. This is because Wachovia employees were cool as shit, and WF people are more mundane in comparison. A lot of legacy wachovia people stayed in charlotte.
Awesome, thanks! Would you say it's easier to get into than other BBs, or on par with them?
I interviewed for a single analyst slot. They interviewed 20 people for the slot, out of the ~300 resumes dropped in the first 12hours of the position being available.
anyone in the industry knows and respects WF. make good connections
Wells Fargo IBD Exit Opps? (Originally Posted: 12/10/2015)
Interested in how exit opps from Wells compare to those at other banks. Also any other insight if this is group/location specific. Thanks.
Good groups at Wells Fargo (LevFin and Financial Sponsors) have pretty decent exits.
sponsors you will do a lot of work to win mandates and then not win mandates or have credit shove something back in your face. Lev Fin or bust at Wells. Charlotte ain't a bad place to make paper for a few years either
M&A and Industrials in NYC is also strong. Considering M&A is growing year over year at Wells and is shifting to NYC, seems like a solid group to be in.
Wells Fargo the IB (Originally Posted: 05/20/2012)
Recently WFC has been on the rise as a premier investment bank. Many people on Wall Street consider it to be one of the best places to work because of its safety and conservatism. As a premier investment bank, can it go head to head with other BB's such as JPM and GS?
Some Background: Two acquisitions have Wells Fargo in a great position to build its business. The firm acquired LaCross Global Fund Services from Cargill last year and Merlin securities just a month ago. LaCross is a hedge fund admin that provides outsourcing of administrative services to hedge fund clients and Merlin is a prime brokerage unit.
With Merlin's client base and Lacross' expertise, WFC is in a tactical position to build relationships with more hedge funds. The growth of WFC as an IB adds more competition to Wall Street. It should be interesting to see WFC climb up the ladder as others continue to cut the fat from their operations.
Too big to fail? This time we will see if a bank is too big to succeed.
Not to mention WF's lending divisions, both wholesale and retail.
Just curious if anyone has thoughts on what obstacles Wells has to overcome into the future in order to continue its rise within IB.
http://markets.ft.com/investmentBanking/tablesAndTrends.asp
The tables show the growth of WFC over the past year. What will be the biggest barriers?
WFC is definitely a solid bank.. but I'm not sure the acquisition of Merlin was all that much of a great thing.
If Wells makes their Merlin clients go self-clearing, they could lose 80-90% of their client base to guys like BTIG.. however it is a step in the right direction I suppose.
I wouldn't want to work for WFC because of the likelihood of getting placed in N Carolina.
From an investing standpoint, I think WFC is a great buying opportunity given their position in mortgages and the rise of their wholesale units.
I think that it is unlikely that WF will ever be viewed as a top/elite/prestigious IB, and that's not necessarily a bad thing. Their senior management views i-banking as simply another service to offer their clients. This will likely continue to play well in the middle market and with companies that don't want to work with a "wall street" firm. That said, they aren't going to supplant GS/MS with that focus.
For those of you who do not like Charlotte, what do you not like about it?
Lack of good bars. Lack of good restaurants. Lack of intelligent general population ( cant stand typical southern ideologies). Its basically a large town, rather than a small city. Almost completely monoculture. Impossible to network with employees of any institution other than WF and BAML (if I lived in a real city, I'd be cold-contacting people all the time and asking to meet for coffee)
Coming from a Carolina school, and Charlotte being a target while NYC is semi, How would the compensation and exit opportunities be coming out of Charlotte IB? How about WF and BAML in particular?
I'm pretty sure the Charlotte vs. NYC/Chic has been talked about a lot on here.
Comp is pretty similar at both BBs in Charlotte/NYC Exit Opps are def better in NYC.. always.
As far as the city itself - It really depends what stage of life you're in. If you're young and looking for a radiant town with bars/clubs/young people all over the place, Charlotte may not be enough for you. There are a fair amount of places to go out, but like someone said before it is a very SMALL city. It's likely that if you're into clubs, you'll be going to the same places every few weeks (at least).
But if you're in the latter stages of life and settling down (e.g. wife/kids), Charlotte is a very ideal place.. nice weather, nice people, good pay, and lower cost of living.
I've done both and like both for what they are.
Lived in NC for a while, Cries, you sound as ignorant as your perception of peeps down there. Which is cool, more room for me down there once I leave my "real city."
fuck charlotte. its pretty much just WF guys here now, with a few suntrusts and bbnts. BAML is pretty much gone. its a growing city but its far a cry from being a "real city". unless you are a born and raised southerner, i'd stay away esp if u are single and in your early twenties. southern culture is so dry.
BofA is pretty much gone? Have you not seen their big trading floor in Hearst Tower? Or the fact that Bank of America has more buildings than any bank in Charlotte? Maybe you're just talking about the Merril Lynch side of the business? Curious.
I've talked with one IBD MD in NYC that was pretty cool. Their strong lending position allows WF to have some great connections for ancillary revenue (M&A, ECM, advisory, etc) which as well all know is the true name of the game. Either way, he not only said he is glad to work at a growing investment banking division but it is also very conservative, implying that the growth is sustainable and will not f anything up if macro economic factors don't improve. He also loved that they get to work on some MM deals that are more interesting and non-cookie cutter than the megadeals. To an analyst, you might not love that idea, but for an MD who has had his rounds at top tier BBs it made the place sound like a great place to be.
WFC has the potential to be the bank of the next decade, as long as they continue to slowly rid themselves of the old legacy people and bring in quality talent. If I had to do the BB route again, then I'd go WFC.
let's be honest, Wells Fargo isn't a bad place to work at. but no way in hell they can even be compared to the other big banks in terms of recruiting for buyside jobs. no, almost all headhunters won't give a damn (notice the "almost" here... exceptions do apply of course) if you are from wells when they are submitting resumes for the top funds.
either you go to a lower MM shop or you get out and lateral, simple
Curious if there are groups within WF that are more well established than others. Essentially, what are they known for? This applies to all of their offices: NY, Charlotte, Chi, Houston, SF...
Wells Fargo needs to buy an investment bank if it wants to start playing in the big leagues.
In the last 12 months they have only done $28 billion in M&A, and that puts them behind Jefferies, Moelis, Centerview, and Tudor Pickering Holt (TPH). If they want to quickly start playing with JPM and BAML as big balance sheet investment banks they should buy Morgan Stanley (market cap of only $27B).
If they want to slowly grow, they could buy a few of these other ibanks and start rolling them up.
No way they get there organically.
B-School, they bought Wachovia. It takes time.
You also mentioned TPH. I dont know where you got your information, but they are an energy only ibank that has been around for 7ish years. I would call whatever size they are at to be both organic and rapid. While they are a strong energy ibank, I dont believe they are anywhere close to the levels of Jefferies or any bank larger on a national or international level.
@ Conan Sobroen
Dude, TPH has grown rapidly, but that occurred because Bobby Tudor pulled out some of the Goldman Energy group. The senior folks from that group who did not spin off to form TPH went to Evercore and Moelis. "Organic" is in the eye of the beholder. The reason those guys attracted the top talent that they did was because they are a private partnership. I find it hard to believe that you really thing that WF would be able to poach serious senior bankers from a shop like Goldman or Morgan Stanley by waving corporate bank stock at them.
As for Jefferies, more than half of M&A deal credit comes from energy banking because they bought the energy Randall & Dewey in 2005 the core of which continues to be the majority of their deal flow. The only reason Jefferies is above Wells Fargo in the league tables is because of that acquisition. Do a CapIQ or Factset pull and you will realize that buying TPH would put them right behind UBS in domestic deal flow. How do you think the bulge bracket shops got bigger?
If Wells Fargo wants to build out an I-Bank they should do exactly what the shops before them did, buy someone.
DB bought Alex Brown and Bankers Trust UBS bought Kidder Peabody when it bought Paine Webber and it also bought Dillon Read & Co. Credit Suisse bought First Boston and DLJ BarCap bought Lehman, who had bought Kuhn Loeb and merged with E. F. Hutton when it was owned by Amex
If you are going to question someone's knowledge you had better know what you are talking about. Do some reading, a little book learning could do you some good.
Wells Fargo/ Wachovia IBD (Originally Posted: 10/22/2009)
Is anyone familiar with Wells Fargo (Wachovia) IBD? what are their specialties? any deals? any info would be helpful. thanks
Bump'in this thread
Bump-the WFS website isn't very informative.
They have a 70+ slide presentation on their different groups from the website.
https://www.wellsfargo.com/downloads/pdf/careers/College_job_descriptio…
I thought it was very detailed -- shows you where they are in the league tables and also the deal flow.
There are like 4 threads on this, stop bumping.
Squak: Very informative post, thanks. I didn't know they were top 5 and top 10 in so many areas.
I would think they are strong in high yield and equity (top 5) as well as TMT which works very closely with the blue chip companies. Energy is another big one.
Their strongest is the different capital markets groups which are top 3 and top 5 in everything in the U.S.
Wells Fargo IBD Hours? (Originally Posted: 08/22/2013)
Anyone familiar with them? I personally don't care about prestige, but work/life is more important to me. Also how is the culture? I have heard various different things from people saying it's a sweatshop to it's 8:30 - 7. Can anyone that has ever worked there or still works there shed some light on this?
A friend of mine worked in their TMT group in Charlotte and worked worse hours than I did for the first two years.
I can confirm that TMT works long hours. Met an analyst from the NYC office and he confirmed he was working 80-100 typically and deal flow was very strong.
@FormerHornetDriver
Would be helpful if you included your hours as comparison :p
Energy guys work some long hours too.
My friend summered there recently and was getting off around 7-8pm. Might be different for FT, but at least it's something.
Know someone who is an associate and works ~70 hour weeks in one of the easier groups. (if that makes any sense, not trying to outright name it)
NYC consumer retail works reasonable hours from what I hear. Around 80ish. When there is a deal, there is a deal but its not a facetime-based sweatshop for sure.
Wells Fargo ibanking, prestigous? (Originally Posted: 03/06/2007)
Whats the word on NYC Wells Fargo ibanking?
not prestigous at all. Heavily focused on MM. Don't know much about deal flow but I am sure I could guess...
It is up there. PNC Bank and Wells Fargo are like a cartel, they are so powerful
Its a great place to go if you do not mind knowing that every BB doesn't even know that your company has an investment banking arm and you don't mind making half as much as any at a BB 3 years later
i didnt even know Wells Fargo had a investment banking division...in any case, its prob not a good place to be unless you somehow are able to lateral after 1 year but given the fact that no one's heard of the place, that might tough as well
My thoughts exactly
I believe a lot of their bankers quit a year or two ago after they went from being a full-service bank (offering trading & research functions) to cutting back on all non IB divisions. Don't think they have been doing too well since then.
How would the Fargo compare to MM banks such as HLHZ, Jeffereis, Piper, Harris Williams, etc.
WF doesn't even register, at all.
Well below all of those banks you just mentioned
They bought Barrington Associates, a MM shop with a pretty good reputation in Southern California, late last year. They got some great people there, and, at least before it was bought out by Wells Fargo, they paid their guys ridiculous amounts of money (associates didn't get a salary, but would get 10%-15% of every deal they were on, which apparently translated into ~$400,000/yr).
hey DISH, whats up?
it is apparent that there is an xoxohth.com contingency on this board.
Yep.
Wells Fargo IB (Originally Posted: 05/25/2011)
How prestigious is Wells Fargo for ibanking? I did a quick search but did not find anything recent. Is it close to other BBs? I realize it is not a top BB (GS, MS, exc.) but would it be very similar or a huge difference in pay and work environment. Any thoughts are appreciated. I just never here people on WSO mention Wells Fargo and I am wondering why?
Thanks again
Before the Wachovia merger Wells Fargo IB platform was weak. post merger some now consider them a BB some don't. They do bigger deals then MM ibanks but they also have a MM advisory group. There is not a huge difference in pay. I know kids in Charlotte making street and saving close to 70% of their pay annually. The guys there are more laid back and chill than other banks west coast style baby!
Most of the Wachovia groups are still at Wells Fargo, and it seems like a pretty reasonable place to work from the folks I have talked with. I doubt that you are going to be pushing the envelope there or working on that many front page WSJ transactions, but as far as a bank with a ton of upside and very little downside, Wells Fargo is a pretty reasonable choice.
Ive been told 1st year associates make 125 base with a 150 bonus for what that is worth
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