Hi WSO,
I am a 1st year analyst for Wells Fargo's IBD and seeing recent news with the new CFO and plans for $10 bil of cuts in expenses is making me a little nervous. Do any of you have insights/thoughts as to how this will potentially affect Wells Fargo's investment banking and S&T business? Thanks.
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bump
I doubt it it will be on the IB side. Maybe an underperforming MD. Wells runs its IB pretty lean and its trying to grow that area of the bank. I think the retail side of the business will get cut.
Read the emails that they send out it sheds light on where cuts will happen and when to expect them (November seems to be when the significant cuts will be done). I think analysts will be fine as you are performing, it's pointless to worry about it keep plugging away.
"We have a series of employees who've been told that their jobs will ultimately go away, but we were going to let some time pass as we got through the initial stages of the COVID crisis," President and CEO Charles Scharf said on a July 14 call to discuss second-quarter results.
No news is good news.
no analyst will be cut at BB
.
wait how'd you get an offer already? The S&T superday is on aug 20.
diversity I think?
I'm an intern and kinda confused about the messaging because i thought wells wants to grow its ibd but recent calls with Jon Weiss (CEO of CIB) have made it sound like he wants cuts since he wants things to be faster and more efficient...can anyone FT give insight on what it's really sounding like?
bump
I just signed there for next summer and my all my interviewers told me they were looking to grow CIB so yea it is weird.
I think WF is relatively top heavy and maybe a lot of seniors still floating around from Wachovia, that may be what the job cuts are referring to and thats typically where the cutting starts. Also, ive heard that they are looking to move more of their CIB people to Hudson Yards, so maybe this is their way of downsizing and cutting anyone too expensive to give a relocation package to. IMO you should be fine as a junior employee.
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