Wedbush NY IB
Anyone have thoughts on Wedbush's IB group in NY. Any thoughts welcome not much info out there, thanks.
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Hey Intern in IB - Cov, I'm the WSO Monkey Bot and I'm here since nobody responded to your topic! Bummer...could just be unlucky but one of these topics will help shed some light:
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Are you in the process for 2022 sa?
just received offer for SF
Congrats! Were you in the same process as ny?
I will answer as I have fairly deep knowledge about the NY process. Firstly, this company is significantly different than pre 2020 for IB. The company founder (Ed Wedbush) died at the start of 2020 and after his sons took over the business they have been pushing to increase IB & generally grow the company much more. Before they took over the company was basically stagnant for years. They have been hiring quite a lot at all levels, but for deal flow its very group specific. Some are great quality (HC/TMT/FIG), others are fairly new and need a bit of help. At a junior level we get pretty good exposure to clients and all aspects of a deal, also there are also not many associates at the firm so our analysts a lot for one deal. Hours are good, we are out of the office by 8-10 most nights, weekends are very predictable. For pay, base is currently eh - they still haven't raised base salary as of this comment, but they have good bonuses so all in comp has been fine.
Its a very eat what you kill shop and they do a lot of ECM/DCM, M&A (group dependent but I have been doing a lot the past few months), a few IPO's, but the firm is usually a co-manager on those sorts of transactions. Overall for groups, FIG/TMT/HC have been doing very well this year. The company probably has a way to go before its brand name becomes meaningful, but for IB without a large name brand its an alright gig.
Thanks for your answer! What bank would you say they're comparable to/on the level of? Also do you know about the exits from the firm?
Probably in the realm of a b.riley (A tad smaller than), JMP (recently was acquired), or others. Its a hard comparison because some of our groups like HC/TMT do incredibly well, significantly better than most people would assume - while others are new and need to get more traction & deal flow. Just compare the deals they are working on and see their % vs say Jefferies or other larger banks, they are literally one team that pulls an insane amount. TMT and FIG have recently gotten on some deals that previously would have been 'punching above our weight' as well. The company has been looking to bring in a lot of new MD's, keep in mind our TMT / FIG Groups didn't even exist ~2 years ago. Their growth has been impressive, but they have plenty of areas to improve still.
For exists, we usually joke about it because the 3 most recent departures went to Black Stone (real estate, was a summer actually), UBS and HL. Some of the HC guys may go to a medical company, PE or stay in IB. We have headhunters that contact us (like everyone else with any job in the industry), but we don't have say 'Bob' from x that comes to recruit every year from our class. Its hard to gauge when / if that will happen as it really hasn't been that long since our group has started this level of growth. Most of the people that leave will go to a brand name place within IB, small pe, or do something more entrepreneurial. I haven't gone through the process so I can't comment on it as much. I will say I've seen some people leave and go to a 'comparable banks' that honestly work them harder and pay them less (Not top MM or BB, but within our competitive space). This never made much sense to me, unless you love the group you are moving to. If I wanted to lateral to a bigger bank right now I could fairly easily, but I have gotten far more exposure here than I thought I would.
Like I said before, if you don't care for brand name its a fairly good gig. The higher ups are trying to promote retention and have people stay, but time will tell how successful they are. If I were to leave today, I would either lateral to a larger firm with the idea of exiting, a small/ maybe mid pe firm, or something more entrepreneurial (Probably the latter). Its a hard choice because I find IB a tad bland, but I really like the team I'm working with. I can't give a hard answer on some parts but that is basically my thought process. I think if you were looking to stay in IB, the company would appeal to you. The hours are good and the comp is very eat what you kill.
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Same here. Have not heard back either
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FWIW as an investor I respect the Wedbush TMT guys as strong gaming bankers. Not a Raine / LionTree quite yet but some of the mandates I've seen them work on demonstrate that they're worth their salt
anyone else in SA process?
Had sd last week, got dinged this morning
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Honestly bro… seems they have super limited headcount
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An update on pay. They are currently matching the market in the NY office idk about others, and they are still trying to hire more hire ups for the NYC office for all groups.
Bump - any updated thoughts?
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Bump. Does anyone have recent insight on comp/hours?
Anyone have any updates on the firm? How’s the deal flow? Does the comp match the street?
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