Jeff vs Wells
hey! I’m basically wrapped up with recruiting and hold exploding offers from Wells (group placement later! and Jeff generalist. Really on the fence because the people I’ve met on both sides have been very encouraging and seem like the platforms themselves are growing super quickly (with results to back that growth up)
Ig I’ve done some research and overall see Jeff as the slightly more reputable firm, but more of a sweatshop while Wells seems to have advised on the big deals last year and pay about the same if not more?
In terms of exits, I honestly haven’t thought about my long term plans too much besides at least trying banking short term.
Any insights would be appreciated!!!
I think it depends on two things. Firstly, what groups have you networked with at Wells, as in what groups will you be well positioned for when placement happens because Wells placement is in person. Secondly, what exits are you looking for, because this is in turn tied to your group placement. If you're willing to be a banker beyond 2 and out then Wells given better pay and far better WLB.
Hey! I’ve networked with Industrials and corporate finance advisory for wells. I honestly may exit early but also am considering long term banking; I guess it would be nicer to have flexibility with exits tho?
I mean industrials has had a great year but exits are somewhat (but not super) limited in other sectors. But working at a firm that works on major deals won't close doors especially relative to the exits available to Jefferies. Also, you still have time to network with other groups that may be more interesting to you since placement is a year away.
Been discussed to death here
https://www.wallstreetoasis.com/forum/investment-banking/wf-vs-jeff
^^
Wells pays substantially more. Secondly, at Wells, you can do networking prior to placement day to lock in your preferred group. I’d say 95% of interns get their desired group.
Wells Fargo 2x transaction volume in M&A over Jefferies, but Jefferies led in M&A fees due to higher volume of smaller deals. Wells has a much better NYC office needless to say. Pay at Wells is def better than Jefferies, since Jefferies give most of its pay share to MDs. Really neck to neck offer and very-group dependent.
Wells for sure. Jeff is so overrated
WF is paradise
Interesting because I think Wells filled the hole of the missing Bulge Bracket presence that Credit Suisse left and that UBS has failed to even half realize, while legacy BB Deutsche is almost a non-player.
It was looking like Jefferies could have become the next bulge bracket, a true old school Wall Street BB that didn't have a commercial banking arm; however, I think they've established themselves as somewhere in between a large middle market group and a true BB.
Reputation is hard to change, and they've certainly not had the best one over the past couple decades with culture. While culture may be changing, comp is still comparably lower and their office is ugly.
Agree, Wells Fargo apparently poached the Ex CS Head of Cov and Advisory (Malcolm P), Ex CS Head of TMT (Brian G), etc.
Brian is an absolute beauty
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