Wells Fargo
Hi guys, I'm talking to a few people at Wells Fargo right now and would appreciate some outside insight into the bank! What's the general vibe of the work culture?
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Culture depends on the group and location but generally heard goods things culturewise across the board. Regarding it as an avenue worth pursuing for IB, it really depends on your background. If you did a sophomore IB internship with BAML and are at a target (why'd I say the same thing twice lol) then it's probably not worth pursuing vs other opportunities you may be more interested in, if you're just some random kid at a non-target with a search fund/PWM/boutique IB internship then I think you'd be pretty happy with a Wells offer even if its not your top choice.
Granted even if you're at a target or whatever it's still going to be hard to land an internship anywhere lol so if you think you can get an offer at Wells and you like the people you've spoken to, give it a shot but don't count on being able to get an offer there or anywhere until you actually get the call.
WF CIB is a great place to be. People are really nice and culture is great. Base comp is on street level and bonuses have been better than at most BB these past 2 years, despite hours are not as bad as at most places.
In terms of reputation, the bank is far from the likes of GS, MS, JPM, but management is finally getting things right. There is a clear intention to grow the IB business and gain more market share. They are poaching a lot of great names at senior level (most from CS), and once the asset cap is lifted growing should be easier. Groups such as REGAL, Energy, FIG, and industrials are doing very well, and both deal count and deal size are on the rise.
On the bad side, the brand is tainted by the endless scandals coming from the retail division. Wells is probably considered one of the most evil corporations in America. The bank is great if you want to have a career in banking as there are plenty of opportunities to grow in their platform. You can also easily lateral to a BB after 1 or 2 years, however it is very difficult to get a gig in PE from WF, MF recruitment is ruled out, the best exit I’ve seen is an associate who got a job at H.I.G
Was literally about to comment about the best PE exit I saw was H.I.G. as well. Same dude is at a MF now which is crazy.
💅
They are on a tear and growing out their IB platform. Lots of room for growth. They have the balance sheet and just look at the recent MDs they brought in late 22 and this year.
I think it would be exciting to be at a company that is growing rather than being a plug and chug. As for the brand name, people say it is tainted but I don't think anyone on the street cares about that. The entire management team is new and wasn't part of the old regime. Scharff is a boss and has made some nice moves since starting, and I think the focus on IB and using their corporate ties to grow that division is the biggest. Just look at the recent deals where they advised Blackstone. There's at least 5 deals I saw.
As for culture, I don't think their is a bank that beats the WLB. 40-60 hours is typically what I see reported and a lot of the bankers I encountered from WF are sharp and very very down to earth. They don't make banking their entire personality. Ended up in a Friday night bender with a few Wells bankers at NY, and they were very nice and wanted to talk about sports, chinese spy balloons, etc. Whereas with the Goldman bankers, we ended up at a late-night cart that said they couldn't serve us because they are closing soon and a banker replied "its not like you have a pitch in the morning"
I wouldn't take getting an offer as guaranteed. There's a lot of recent interest in the firm and junior from other banks are also joining. If you don't show the interest and treat it as a backup, you won't get an offer.
What group are you in? 40-60 hours is way underestimating hours for most people I know
It's lit
Bank is doing much better than 3-4 years ago. Strong leadership, better deal flow, and notable senior hires. PE exits have historically have been on the MM side, but I would expect a solid improvement the next couple cycles.
Largely depends on the group. I've seen REGAL and P&U with the best exits. FIG is dominant but obviously very niche
WF employee here. Have been here since summer analyst and enjoy working at the firm and generally only have positive things to say. Not sure if you meant to come off like this but it’s a competitive process so…I’ll just leave that there.
I interned at Wells Fargo and my experience was awful (based off of the group that I interned with, other groups I heard were amazing). The group didn’t have any formal training compared to the other groups, and didn’t learn much (except mindless PowerPoint and basic excel stuff). The work was completely brain dead and no creativity, and if you do try to think outside the box you get shut down. It was difficult to get contact with associates and VP the way our group was structured. Also a couple of MDs were very unprofessional and obvious favoritism. WF is an ok place to get started in IB, but not a good place if you want to get any meaningful deal flow experience. You only lateral into WF if you want to end your career. Also the placement process is stupid af.
What group was this if you don’t mind me asking? Also admittedly, IB really isn’t the place for creativity I feel at least not at the analyst/associate levels
I know that, but it was even to the point if you suggested or questioned an analyst/associate comment (even to learn the rational behind it) you got crap for it
How you going to post without saying group
Which group?
Smh
Sounds like someone didn’t get a return offer.
You will get a WF bank account whether you want one or not.
Senior hires truly speak for themselves. Sesh Raghavan (P&U), Jeff Hogan (M&A), Kirk Meighan (IND), Brian Gudofsky (TMT), etc.
These are some of the top dealmakers in their fields. This new leadership will help Wells Fargo continue to create a name for itself in the M&A market going forward.
This right here is what is important to pay attention to. Senior MDs will dictate the access to corporate clients and the new strategic focus WF has in extending their IB arm.
Anyone have any insight on Wells following SVB?
I’m curious why it would’ve changed? They didn’t buy SVB or anything did they?
No. Just wondering as they’ve got large losses on unhedged bonds.
Was hoping someone could provide some insight into whether they’ve been experiencing stress.
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