CS Head of Tech IB leaves for Wells Fargo
Came as a bit of surprise but can't blame him knowing how hard he tried to keep the group together over the past 12-18 months when all of his MDs were jumping ship. It was painful to watch him every week during Monday morning calls where he had to share the news of yet another MD departure and then try to give a morale-boost speech. Glad he found a new place. Good luck to the guy
I stand corrected, surprised he jumped to WF. Good for them I guess?
https://www.bloomberg.com/news/articles/2022-11-04/wells-fargo-hires-se…
Lol when prospects think group heads make career moves based on the analyst tier lists you find on WSO.
Wow so now it's only David Wah who's left at CS amongst the senior ranks?
Wah and one semi MD. All the other MDs remaining in the group seems to be recent hires (been with the firm for less than a year)
there are a some good ones left, though Wah has done some of the biggest tech deals on street. Will be interesting to see how this all turns out. Wonder how team will adjust to a much smaller org in general.
Wells guys just jumped to Truist
Gudofsky was a true leader. Didn't abandon the ship until no one was left on board
is WF a BB now?
what do you mean? so he didnt base one of his most important life descisions on an IB tier list that a sophomore at Cornell made? Fuck.
What IB tier list is this?
How are prospects so fucking good at completely missing the point
Was told by our banks team that WF had big balance sheet restrictions that were going away as of 2023 which should allow them to invest significantly more in IB now. Probably helps with the move. Correct me if I'm wrong
I don't believe a Balance Sheet Asset Cap has anything to do with an investment in the Investment Banking line of business. WF brought in a former executive at Credit Suisse to run the Investment Banking division and his idea to invest in external resources. No correlation to Asset Cap.
IB isn't a massively balance-sheet heavy business and the cap is only a few years old, their underperformance in IB long predates that. Yes banks that have a balance sheet can use it, no question there, but asset cap is much more of a problem for the retail arm.
WF is lower on the WSO tier list than CS, why didn’t he move to a more prestigious bank? /s
Wells is on the upswing whether you like it or not - up to them if they can keep gaining market share
That’s not what I read on WSO!
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