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No shot bud
Ask yourself this: does WF have an international presence?
BB is not a "top 8 IBs" and one moves in when another goes out. it's the list of global, diversified banks which WF still isn't
May be an unpopular opinion but I could see them climbing up there, not necessarily now with CS departures but in a few years. They have a huge balance sheet and remind me a lot of the pre-2008 Bank of America model before the Merrill Lynch merger. If they can expand their M&A business as well as ECM (when market recovers, not now) they have a serious shot.
Their M&A franchise is pretty weak to be considered a BB investment bank imo. They are a MASSIVE lender due to their balance sheet, but their actual advisory practice is subpar.
Consider this: Wells Fargo currently sits at #7 on global league tables for total IB revenue YTD. What is interesting about this is they do not place on either the M&A league tables and/or Equities league tables. In fact, of the $1.6B in fees they have earned this year, almost HALF ($822M) is from "loans", a category in which they are #3 on global league tables. Another $573M in revenue is accounted for from the "bonds" category in which they place 7th in the League tables. In other words, ~$1.4B of their total IB revenue comes from balance-sheet based DCM deals. Roughly only $200M of IB revenue for the company comes from M&A and/or Equities combined.
So what does this tell us? IMO it tells us that Wells Fargo is a massive, lending machine, but nowhere near an elite advisory practice. Their strength is their lending capacity, not their advisory.
https://markets.ft.com/data/league-tables/tables-and-trends
https://markets.ft.com/data/league-tables/tables-and-trends/mergers-and…
https://markets.ft.com/data/league-tables/tables-and-trends/Equity
https://markets.ft.com/data/league-tables/tables-and-trends/Bonds
https://markets.ft.com/data/league-tables/tables-and-trends/Loans
This. Most people on the site care about exit opps and buyside placement which means that you should go for IB positions where advisory franchises are the strongest. Wells Fargo is a great commercial bank and a strong alternative lender. That's about it. You're better off at Piper or Baird or William Blair if you care about either a long-term IBD career or exit opps.
Ex-Wells banker here…while this is all true, M&A trajectory is definitely trending upward. Buy-side is the real focus here and I believe they’re top 10 this year, they were 20s in the past. Revenue mix heavily skewed toward loans but M&A is making up a larger % than it was before. Definitely seeing them in more active roles on larger transactions as well.
They are making a lot of good hires and while that doesn’t always pan out, it certainly isn’t a negative. While they don’t place very well for buy side from an analyst standpoint, I think things may start to really pan out for them in the next few years. They’re one behind CS in buy-side this year and are on track to overtake them next year. I think the perception on this website is too negative but that’s understandable given their history and not knowing what’s going on inside.
Awesome detail, good lookin!
From an advisory fee perspective, sellside fees will be close to 10x compared to buyside fees on the large cap deals. On the Kroger Albertsons deal for example, wells was paid $5M for buyside advisory and lead sellside advisor was paid $50m.
What groups are the best for IB
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