Wells Fargo CIB - thoughts?
looking up BBG league tables they tend to rank in top 10 for debt (IG and HY nearer to like #5-7), top 5 for lev loans (i think they were #1 at some point), top 20 for equity offerings, top 30? for M&A etc. not the best but respectable.
not too bad for a company that only recently established a CIB division. it's a good start and i guess once they get that asset cap off they could be ready to aggressively grow.
the impression i got from WSO is that they were bad lol.
what is everyone's thoughts? is it worth applying there?
It’s definitely not a top bank but I don’t think it’s as bad as this forum makes it out to be.
my understanding is that it’s pretty group dependent. From my understanding the stronger groups are FIG, Industrials, lev fin, and real estate. Probably not a bad place to be if you want to get out of nyc. Sounds like the new CEO is focused on growing CIB over the coming years.
what makes you say FIG? i don't understand what that division even does..
They’re pretty strong in insurance and have the benefit of doing m&a for the parent company. Right now wells is selling its asset management division for 2.1B. When I recruited there I thought I remember hearing that FIG accounted for 30% of CIB revenue.
Energy was historically probably their strongest coverage group, but is mostly a casualty of the sorry state of the industry at this point. Extreme capital intensity of oil and gas combined with an outsized capital commitment to the sector (previously top lender to the space and agent on most credit facilities, now second to JPM) drove a healthy share of fees flying around.
But with industry M&A activity way down there isn’t really enough activity to go around. So the large cap deals that do happen will go to CS/Citi/GS/Barcap/EVR, the A&D that happens will go to Jefferies/TPH/RBC etc. And that still leaves JPM, MS, BAML, Simmons to soak up other deals. Sponsors are fleeing the sector or winding down and aren’t as concerned with “tipping” their facility agent banks with M&A fees for their portco transactions. Bond transactions are way down.
Would second FIG or LevFin as the best spots to be. M&A probably too, purely because it’s M&A (not because it’s particularly good).
Aren’t they decent in power and utilities as well?
real estate is extremely strong there. They are the biggest underwriter of CRE loans in the US.
Yeah it is worth it to apply there. WSO loves to shit on WF (especially on the west coast) because of pRiStIgE but my peers that started at WF and left had plenty of great career/lateral opportunities. Those that stayed mention the low hours and pretty good pay. Sounds like an alright gig to me all things considered...
There is simply not enough preffftiegge and they don’t do enough M&A. Banks should only do M&A (see: Evercore) and other REAL elite boutiques. Everyone at my top target agrees.
Their REGAL group is very very strong. Probably second after BAML who’s group is 2x as big. The eastdil connections are still present so definitely one of the best groups hands down
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