Is Wells Fargo a BB poll...
I have seen a lot of controversy on this topic in the last year. So let us settle this. They are already outranking lower-tier BBs, including my own, in YTD league tables...
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Probably not yet. BB banks are present in large transactions globally, across different products. I haven't really seen WF on many things here in EMEA from a financing perspective.
But I have high hopes for them!
Don’t subtweet me like that
Yes (I work there)
Need to enhance global presence, but definitely BB level domestically in the U.S.
The Wells Fargo BB sentiment entirely exists on WSO only. My firm has never taken a kid from Wells Fargo, and it’s pretty shocking how few of their analysts end up on the buyside. Every well’s banker I’ve met is a career banker and wildly relaxed,maybe that’s a good sign for their culture but it sure as hell ain’t the place where you are getting “BB” deal reps or “BB” looks from the buyside.
Also noticed a lot stick in banking. Only heard good things about hours and culture there so people just may think it’s a better route than PE.
Absolutely not wildly relaxed. Culture here ranges from decent to completely shitty depending on groups. Some are legacy Wachovia who have no life, hate their wives, so drown themselves in work not realizing that their co-workers are NOT having a midlife crisis like them. I don't know where they find some of these people. Protection for juniors is substantially less than your average BB.
Please add some color to this. Have usually heard good things about culture. The Ex-Wachovia heads do seem problematic.
WSO's influence is pretty significant tho
WSO is read largely by prospects and juniors. WSO opinions might matter 10-15 years in the future; but it's at best a lagging indicator for very far in the future. At worse, it means nothing. WSO base is mostly prospects and juniors who are far more interested in buyside roles with most people leaving WSO completely post their associate stints (very few non-cosplaying VP+ people on here).
My group had like 5 people go to solid UMM PE shops, not sure what you’re smoking.
But yeah, people tend to stick around more at WF either due to lack of attractiveness on the open market or relatively good culture there. Most likely a bit of both.
Hold this “BB” L
;)
Bulge bracket latina?
Not yet. What I can see is them doing very well in the US, but globally they are lacking. Part of the big banks being bulge brackets is, that they offer their services globally and are significant player in each space.
Does anyone know what the comps look like for analysts at Wells's top groups (M&A, regal, Industrials)?
On par with BB’s
Lol cmon man...its like 140-160 all in
Analysts are paid roughly the same as the BBs. Mid levels are paid more than the BBs on average.
If this website is a UBS death cult it’s also a WF dick sucking cult. The amount of glaze I see for Wells is ridiculous, likely from the same 12 dudes who work there. Laughing my ass off at the dude above who said “they see staying at wells as a better route than PE”. That’s some horse shit. It’s a solid bank but no one outside of WSO sees it as a BB
IDK why people not in the industry see PE as the ultimate path. Its oversaturated for lower pay, + 2 years out of making money that will cost you $200k only to - maybe - come back to the industry at one of these underperforming funds (most of them)
Congrats on UBS. Most WF PE exits are MM so the pay difference is hardly visible. This is group dependent but some people will see more hours in MM PE than WF IB, also no need for an mba
Sorry, but is that argument really that wrong?
With the right senior supporting you as a mentor, it's absolutely debatable whether it is better than PE. In PE you work similar hours, for the slight chance to get that VP promotion. Then we have to factor in PE being oversaturated and the growing IB division at WF. I think the chances of advancing to a senior role there are significantly higher than that VP promotion.
Had a former colleague leave for MM PE a couple years ago. Talented analyst. 2 years and out.
Worked more than IB (7 days a week, majority of weekend days, into the deep nights on weekdays)
He decided against business school. What are the chances he spends $200k on a mag 7 (if hes fortunate to get in), and then places as a Sr. Associate / VP at another firm? Especially when competing with former MF and UMM PE Associates coming down market post MBA.
Cost Analysis:
Conservatively, unless you go to a MF as an associate. You leave $100-$200k on the table for PE vs IB for 2 associate years.
Then you pay 150-200K for an MBA program when you otherwise would be making 300-500 a year in banking.
Lets be conservative 100k (PE Associate vs banking forgone earnings) + 300k (Banking TC when would be in MBA program on PE route) + 200k (forgone MBA Cost) = $600K (potentially closer to $1M)
Over 25 years compounded at 7% -> $2.2M
I like the idea of being an investor, and I am by no means risk adverse. If I wasnt already burdened with undergrad student loans at a magnitude of ~$100k then I would consider it. But I have not heard great stories on PE total comp, PE glory days are over.
Returns have been bad, impacting carry and what senior comp COULD be. Over saturated industry. Most firms don't have a differentiated approach. Lower comp than banking until you're a VP (possible even later). Hours just as bad as IB at most firms. And even more competitive coming out of business school for coveted middle manager spots
If DB and UBS are BBs, then WF will become a BB once they get any modicum of share outside of America. In other words, in the next 3-5 years at this rate of expansion, maybe even quicker. If not, then WF is very far off. The difference in global quality across regions between WF and other truly global BBs is ginormous. It outperforms DB and (at least over the past few years) UBS in the US but still has lower market share in every other region so it's still a worse global bank than those two (but obviously better pure American bank in terms of purely evaluating banks for flow). The two closest actual comps to UBS/DB is undeniably Jeff, who are also stronger than both in the US but weaker (to a lesser degree) in rest of the world.
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