Wells Fargo CIB
What are overall thoughts on WF for Investment Banking.
I have a summer associate offer there and the team has done a great job selling growth in the division. CEO Scharf is a Jamie Dimon protege and from what he has said, there is definitely an emphasis to focus on IB as a catalyst for growth at the firm. They've also hired tons of MDs as of late which supports that want to grow the IB division.
What are overall thoughts??
I work at WF and think you have a good point on the company emphasizing IB growth as seen through their insane office in Hudson Yards. Also the asset cap should get lifted within the next 3-5 years which will be huge for the stock. Downside is not as much M&A at other big shops but the culture is great. Far from a sweatshop. I work in a top group as an analyst and haven’t touched 80 hours. Usually around 50 sometimes less sometimes more. Comp is in line with street
Do u have insight into the lev fin, ecm, and dcm groups?
Lev Fin is amongs top in the street, DCM is very strong as well. Both of those two are in Charlotte. ECM is weak.
Which group? Have multiple alumni from my school that are getting destroyed
The type of ppl IB attracts makes it a badge to be getting “destroyed”. I’m sure they’ve had some bad weeks but would be surprised if they’ve been getting destroyed for months
Thanks so much for the insight!
Spoke with a Senior leader who is involved in development of junior bankers in his group. First of all, having a senior leader (MD with decades of experience) as an ally is amazing and really haven't seen that at other banks I've conversed with.
Additionally, from what he said, M&A is something he believes will take off soon. Charlie's emphasis on CIB and attracting rainmakers from other banks (head of tech from CS recently joined) is something that will bring the clients over and then can offer M&A along with other products. From our conversation, the vision and expectation is to compete with BAML and Citi. Competing with GS and MS isn't something that is expected because clients will always see WF for it's debt capabilities, whereas that isn't something associated with GS, MS, and boutiques.
I am focused on being a career banker and if I could start my career somewhere and become a MD at that same place, I will welcome that. From your experiences, would WF be a great place to be a career banker?
100%. They really value developing talent and really try to emphasize when recruiting that a lot of the senior bankers started as analysts.
BUMP
Any insight on the REGAL group culture/typical hours?
Are you in REGAL, FIG, Industrials?
Pm me please
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I received my offer back in early November. Right now I am working on making my decision.
FWIW, leaning WF due to the upside and accessibility of senior leaders.
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Bruh you got 2 weeks to make a decision once offered….. LOL
Hey all, I too received a SA offer and wanted to gain some insight on the M&A Team. I know above it was said, "not as much M&A as other big shops" but some clarity into the team would be great to hear about. Also, in terms of lateralling, where has everyone seen Wells bankers end up - bulges or independents?
What is Real Estate banking like? Not REGAL
Heard solid team but they do a lot of capital markets work
Hours? Culture?
bump
What’s their dcm group like?
Wells Fargo is more of a lending focused firm, so you'll see more DCM and LevFin activity compared to M&A
They did just crack the top 10 for the M&A league tables this year. There is a bloomberg article somewhere about it.
Indication is that they are trying to grow CIB division and in my opinion from conversations, they will continue to grow in M&A. They have what it takes to make it happen
I thought their m&a group was middle market.
What are their best coverage teams?
Interesting. As a result of more revenue per banker, does the FIG team gets paid more than other teams? The few people I know who are / were in FIG sound like they did not like the sector.
Opposite of middle market if you look at total transaction value and number of deals
Yea Wells Fargo CIB is a lot of middle market. They have Regional Investment Bankers that cover a lot of these middle market clients. However, you will see them in large deals as well as evident by being top 10 in the league tables based on deal value.
Best coverage teams I heard are REGAL and Industrials. TMT seems to be a focus and bankers from the group were excited about what they were seeing. They did just recently grab Brian Gudofsky who was the global head of tech banking at CS.
Product group wise I have heard Levfin is very strong.
I myself am going into Financial Sponsors at Wells.
Is the FSG at WF based in NY? Currently 1st year FSG analyst looking for some lateral opportunities and interested in WF
Just curious to those on this post who are current or past Wells employees... how hard is it to switch groups internally? Say DCM to M&A or corporate banking to IB coverage?
Bump
Not hard if there are spots.
Bonuses pretty good this year relative to street…I don’t work there anymore but was told avg aso1 was $120k
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