Just curious what everyone's thoughts are about Wachovia's IB? They have made a number of changes in management and have restructured their IB department. Does anyone have some opinions on which group will be, or continue to be, their strongest? Also, what are your thoughts about the future of the IB there? Rumors are circulating that the new CEO might be selling off portions of the bank, any speculation and reasons supporting would be great.
I had a friend that did his summer gig their and he said he was really impressed. He thought everything ran smooth and that they were a pretty solid bunch of analyst in his class. Subsequently, he did receive an FT offer (I think for the TMT group, possibly) for June so he went ahead and accepted.
Obviously any job at this point is worth taking (for the most part) but what do you guys think the likelihood of the IB department getting sold in the near future. From my understanding that probably wouldn't be Bob Steel's first choice but obviously the overall health of the bank is more important than anything. There are always mixed reviews on this board about Wachovia's and BoA's IBD but are they seriously no producing enough to just sell it off?
Any and all opinions are appreciated, even you Mark Klein MD, as I am most certain you have an opinion.
Thanks.
Chris
Walk-all-ova-ya's only had 8 deals in the past quarter, worth about ~$40bn. Many of the BB have at least triple this deal value, with Goldman more than quintupling it. Also, all the good banks have closed around 80 or more deals, even if not every deal was a blockbuster.
Wachovia (and BoA) is not a BB, but they are a good place to work in the grand scheme of things. I don't know a ton about their groups, but if you have only an offer at Wachovia vs. a lesser-known MM or boutique (or no bank at all), then take Wachovia. The only thing that scares me is the overall health of the bank. Meredith Whitney's latest research report on them was pretty damning.
I would agree with gomes about the health of the bank question. Wachovia has strong retail distribution due to the AG Edwards acquisition but if they get very strapped for cash, that may be one of the easiest assets to sell off. If they have to sell off their retail distribution investment banking would take a huge hit.
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