Best groups at Wells Fargo IBD 2023?
I got an offer recently for summer 2024. I am wondering which groups are best for the IBD. I know the bank is growing the IBD so im excited to see which groups are expected to perform well in the coming years. I heard REGAL is best but Ive heard that doing REGAL pigeonholes you in regard to exit opportunities. I heard DCM and Leveraged Finance are also good, I would be interested. What industry groups are good? Also, kind of a side question, but how do you guys even find out what groups are good? Is it more just hearing around or do you look at league tables mostly? Thank you in advance.
1a. REGAL, Sponsors, FIG
1b. LevFin (CLT), Industrials, TMT
2. M&A, HC (NY), HC (CLT)
3. TMT (SF), All others
with levfin and m&a as the best product groups at the bank, how do they tend to exit if you might know?
1) REGAL based on exits and just being one of the best groups in RE across the street. I'd say best RE group after BAML
2a) Levfin and FIG
2b) Industrials and M&A (M&A is in both CLT and NY)
3) Sponsors (has momentum with hire of Malcolm Price and it's a big focus of the bank so it could shift up very soon)
It’s a decent group with very good exists for WF, but ridiculous the hype it gets on here. Definitely not a top 2 REGAL group.
Why is TMT SF so much lower than the rest?
Their whole TMT group sucks, might get better with Gudofsky and Hogan in the future but right now in the present it’s a bad group
Thoughts on HC in NY?
Strong team and very good culture. Deal flow isn't the best but I think they'll get there
Swap sponsors and industrials. Sponsors isn't as established atm. It probably will become very strong over the next 2 years.
Currently at WF, if you’re prioritizing exits and you want more than LMM/relatively unknown MM PE it’s pretty much REGAL or get a group you’re interested in and then try to recruit for FT/lateral elsewhere. None of the non-REGAL groups currently exit to anything other than middling corp dev, LMM/regional MM PE, or laterals and that includes the groups people on here cite as “strong” like Industrials, Sponsors, and FIG. If you’re trying to get paid street and work like 60-70 hrs a week with decent people tho, it’s a pretty sweet gig across most groups not named Industrials and Energy.
Thoughts on levfin?
Honestly the comment about exits is somewhat true, but they've definitely improved. I think a lot of it has to do with the fact that many people at Wells don't try to leave. The culture and pay are overall pretty solid, so there's a pretty big A2A culture.
Because of that, there's not a huge pipeline into PE. That being said, I do know people who will be joining UMM firms from Wells (not in REGAL). I'd say the best groups from a dealflow point of view are REGAL, FIG, and Industrials. TMT and sponsors are also up and coming.
Hey man, I know this is a pretty old thread, but I was wondering which UMM specifically they exited to?
I’ve also seen people from WF exit to UMM firms. From what I’ve seen, many WF analysts don’t do on-cycle recruiting or don’t succeed given lack of deals and ability to spin a story. The people who I’ve seen go to UMM firms did go through on-cycle recruiting and dedicated a lot of time in undergrad itself preparing for interviews. Think a lot of people at WF are behind the curve on prep but that they don’t feel the pressure to recruit immediately given that they work with a decent amount of A2As and can see a path to better WLB through IB initially. I saw a lot of people realize during year 2 how mundane and tedious the job can get and sadly, most good firms have already filled up their seats for the next year or two by then.
Mind sharing what UMM funds folk ended up at? Not saying you’re wrong or anything but when I looked I didn’t see anyone who didn’t lateral somewhere else first at a GTCR/H&F/FP type fund
I actually went and did a LinkedIn search, I didn’t find anyone that didn’t lateral first or go to MM PE and then lateral at any of H&F, GTCR, Clearlake, Veritas, NMC, FP, BDT, MDP, Berkshire, Centerbridge, or LGP. Obviously this isn’t like every UMM fund and I wasn’t like exhaustively looking but I figured if I didn’t find them at any of these there might be like 3-4 guys total
Perhaps this wasn’t clear but yeah, there aren’t that many. I know a small pool of people who exited to firms like Partners, HIG, GTCR from WF but vast majority don’t due to lack of prep. The point I was trying to make is that PE exit prestige is highly correlated with your personal effort at this firm. Wells is a lifestyle banks and exits reflect that attitude.
Thoughts on early placement into TMT SF instead of waiting for regular placement day?
Best IBD groups in London?
Bump
Tier 1: Regal (best), FIG, Industrials, LevFin - these groups are the bread and butter of the bank
Tier 2: TMT, Sponsors, M&A, Energy
Tier 3: C&R, Healthcare, DCM
Tier 4: ECM, Corp Fin, MM IB
This ranking is based on a combination of deal flow, exits, and strength of seniors.
REGAL is very strong if you can get it. Very good culture at the bank as a whole but REGAL as well. I think REGAL might pay slightly higher bonuses but I’m not sure correct me if I’m wrong. Exits for REGAL are also super strong and no other group at wells even comes close maybe sponsors will in a few years
Energy is up there but they run a separate recruiting process
Interviewed 3 kids in my entire career who went from wells ibd to a bb ibd lateral first.
Don't be fooled, there are almost no exits directly from Wells Fargo IBD to decent MM PE firms.
Pick a group and lateral ASAP, then recruit from the BB.
Touch grass
For on-cycle recruiting as a BB lateral, does it typically involve staying an extra yr in banking?
Interviewed 3 kids in my entire career who went from wells ibd to a bb ibd lateral first.
Don't be fooled, there are almost no exits directly from Wells Fargo IBD to decent MM PE firms.
Pick a group and lateral ASAP, then recruit from the BB.
did they lateral after 2 years at wells?
Regal or Industrials for coverage
If you care about league tables: DCM, REGAL, LevFin.
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