I’ve been seeing some sentiment change with Wells Fargo from both the bank side and the student side. I’ve heard bankers call themselves a BB on calls and finance clubs at my semi target label WF a BB as well. Is this sentiment shared by other bankers?
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Problem with this bank is that it outperforms DB, Barc, and UBS in the U.S., but it underperforms or no-presence in APAC or EMEA. Yeah, by deal flow in the U.S., it is a BB, but the firm has little to none prestige outside of U.S.
The reason why the firm has been performing so well is because it has infinite dry powder to poach or hire MDs from other BBs or EBs, but the culture you will experience as analyst is very different from being in a team where the MD is home-grown like MS/JPM/GS/CITI/EVR/CVP
Sounds like a European banker coping
This is not coping. Also MS/JPM/GS/CITI/EVR/CVP are all U.S. banks. I don't think anywhere in this post is biased toward European banks. Its a simple stated truth that an indisputable BB requires prestige and presence every market, even though U.S. is indeed the largest market.
RBC calls itself a BB internally
Focus on yourself buddy
Wells Fargo is a BB confirmed
Not until they changed their logo colors
IB division uses their own color scheme
del
It definitely is at the stage where being a BB is very realistic
Wells Fargo is not a BB. A BB is definitionally a firm that will naturally act on the top line of a securities offering of consequence separate from its commercial banking activities. This is not Wells Fargo yet.
There are only six firms in this category. Jefferies is close.
Doesn’t mean Wells isn’t a bad firm or that it’s doing a decent job throwing money around to win some high profile deals but bulge bracket has specific meaning and Wells isn’t there.
Asperiores ducimus quia qui asperiores sint laudantium. Quos maiores molestias laudantium numquam. Ea aut minus facere et.
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