Secured offers for GS NY (ECM) as well as WF CIB (Generalist) for SA 22. Obviously ECM is not optimal so is it worth turning down GS for the chance to be placed into M&A or coverage at WF? Also for WF, there's the sizable risk of ending up in Charlotte and/or capital markets, as capital markets is also included in the placement process. Any thoughts are appreciated.
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Recruiting FT from GS ECM to coverage at another BB/EB, assuming you get a return offer and even if not, would be relatively trivial. The story is already written, "I loved my time at Goldman, but felt that I would prefer to start my career covering x." Just as an example. Easy, credible, and lots of other banks would be happy to have you.
FWIW, interned at WF and aimed for coverage groups and M&A in NYC. Networked hard. Got capital markets in Charlotte. You need to play your cards right if you accept WF.
Can you elaborate a bit on this? Just accepted WF for SA 2022
Those diversity kids they hired at the start of recruiting got a 3-month headstart networking for group placement. You just accepted an offer, roughly a month before their dogshit placement day process. You are already behind the ball substantially in terms of getting the group you want. Almost everyone guns for NY groups as few people want to be in Charlotte. What's there to elaborate?
It's true that WF has shitty placement, and most of time HR plays a big part in this. They will claim that it's a "matching" process but it's already predetermined by teams by picking CVs that they like the most.
Also for those that accepted. The groups get to see how you placed them in rankings. I don’t get how that’s remotely fair for interns.
Source: interned there and I asked HR if the groups get to see my ranks
Yeah, it's fucking nuts that they do that. During the FT offer decision, you better pray that they don't remember your group ranking or you might not get a return offer, and nobody is willing to explain what happened or what you did wrong.
I don’t get how it’s fair. Either you have to 100% for one group and place all of the locations for the group in your top picks or you gamble by spreading out your choices to different groups in one city. I wasn’t the only one who got fucked over for placement. Some got groups they didn’t want or even got Charlotte when they literally go to fucking NYU and wanted to stay in NYC. I don’t get how WFS can keep talent by having a lot of their spots in Charlotte. Yea there is a lot of people that would rather be in Charlotte vs NYC but they are no where near the majority.
worked at WF in cap markets, had to lateral just to get to coverage. GS hands down. the experience will be immeasurably more valuable and after a year can either hop internally or go to another top BB coverage, which will also be immeasurably more valuable deal experience than co-manager deals at WF
GS ECM. Try it first and can still move within towards coverage / industry.
I actually would say WF. They are doing much better in terms of deal flow, and its IB vs Cap Markets. I was literally in the same position last year (UBS IB vs. GS DCM) and took UBS. My friend in GS DCM is leaving because he couldn't lateral. I'd stay away from GS financing and take the WF job. Everyone on this site drools over GS, but imo the WF gig is better, and will allow you to lateral quicker.
BTW, i'm a first year analyst, not an intern. Gotta fix that
Since when is ECM / DCM not IB? Just curious, always thought those are included in IBD. Perhaps forum lingue.
I'd take WF. GS financing sucks (I left last year). Also, internal mobility is more difficult than you'd expect / takes minimum of 2 years. Take WF and don't look back
Sucks why? Genuinely curious
GS ECM easy
GS ECM all day. It’s easy to lateral within the firm
WF no brainer. Bet on yourself and get straight into IB. Don’t go into capital markets, it’s a death trap
Take WF. GS financing is not good and internal mobility is not as easy as you think
It actually is from my experience since at least half of the analyst class in classic will have left by the time you'll make Associate. Have seen plenty financing guys rotate into our industry coverage team.
What'd you end up doing? I'd do WF. I wouldn't wanna go into capital markets.
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