Best Group Vs. An Actual interest
Context: Accepted a SA offer to Wells Fargo. Top groups are Industrials, REGAL, Sponsors and FIG. I'm not sure what I would like to do post analyst stint (Not sold on PE), but I do know I would like to be in the TMT industry. There TMT group is a lot of pitching. Exits are not too strong, but it could be growing. Is it a smarter play to join a top group like Industrials or REGAL and pivot over to TMT (if possible), or go straight into TMT figure out my next move from there?What are the pros and cons of each? What will be more beneficial to my career? #summeranalyst #grouprecruiting #coveragevsproduct #wellsfargo
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I would always recommend choosing a group where you would be happy. However, I think for Wells Fargo, it's a unique because the top groups punch well above the rest. REGAL & Sponsors have arguably the best exits out of all the groups due to the size of deals and nature of the groups. REGAL consistently has UMM exits to REPE. WF's new head of banking was a legacy banker at Credit Suisse with many years in Sponsors. Before I left Wells, the bank hired a handful of new Sponsor MD's despite the harsh environment. FIG is the Investment Bank's highest revenue driver and has worked on some prestigious deals in the past and continue to work on some solid ones now.
After these groups, the quality and exit of the rest drops off steeply. Although you could make the case that TMT as a group within WF is growing, it's to be seen whether or not Wells will be able to see it through. The group does do a lot of pitching but conversely works on many many deals ranging from LMM to UMM (which ultimately will give you a lot of good reps). At the end of the day, any group you go to you will have a good experience. You might just not work on the biggest and most premier deals.
Source: Just left the bank after 2 year analyst program.
but then REGAL would force you into the REPE world would it not?
It wouldn't necessarily pigeon hole you into REPE but it would only make sense for you from a recruiting standpoint for recruiters from REPE to target you. Your skills would be much more applicable in that space anyway.
Is it cool if I PM you?
How’s the M&A group at wells? Specifically New York
M&A is similar to the rest of the pack. You will be pitching a lot but they pump out a large number of deals that are of quality and the high deal flow provides good reps. Again, you just won't be working on the biggest deals on the street.
Can someone explain why industrials is lauded by some but not by others? Really confused on if it’s just a WSO thing or if the group is that strong at WF.
Bump, in a similar situation at an MM (RBC,Jeffries,HL) and stuck, I dont hate the top group necessarily but Im also not sure about being in it long term. Tech has always interested me so Im more comfortable doing that. Not sure if the answer is to go with the top group or do SA in Tech then FT recruit somewhere else
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