I am starting at WF soon.
I will be in a coverage group that is ranked highly at the bank (think REGAL, FIG, Energy). I am excited to join but also very focused on my long-term career. How will the exits be? I understand that the deal flow won't be as high as at BofA, GS, MS.
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You’re fine. Strong bank with great people regardless of the hardos shitting on it
Also going to be at WF but in a weaker group and share the same concerns. These things are always opaque, especially as juniors, but I wish there was a way to know if the uptick in M&A my group did when things were all crazy was going to be an indicator of the direction the group was going to be able to maintain once things get back to normal or if it was just a flash in the pan because there was so much activity at the time and we're going back to pitch city + debt stuff once the market recovers.
Makes me feel like one has to lateral the first chance they get to get a look at buyside especially if they're in one of the weaker groups like myself. It doesn't help that nearly every thread on WSO calls WF a joke. I know I'm being stupid/an intern about this stuff but its hard to get some perspective on this stuff
I don't think everyone calls it a joke. Hardos that are recruiting and are Goldman or bust obviously will shit on it. But I think lately the forums have been paying respect to WF and the top 10 league tables definitely helped with that.
I guess it ultimately depends on the group. FIG, REGAL, Power (Coverage) and Levfin, FSG (product) seems to get the love.
The wells platform is on a serious tear. Hired Tim O Hara from blackrock last year to run Banking. Hired the head of TMT from CS, Brian Gudofsky (an old colleague of Frank Quattrone) last winter to head IB, hired Andy Rosenburgh to head FIG, hired Sesh Raghavan from Evercore to lead Power and just poached Jeff Hogan to co head M&A from MS.The IB also broke the top ten of deal advisors last year.BBG just wrote a pretty good article about all of this
How is REGAL doing in market share and new hires? They had the massive ACC deal with Blackstone a few months ago. Hearing good things but curious about how strong g the group is
Bump
Wow didn't know all that.
I definitely do think the platform has many strengths and can absolutely tear it up once that asset cap is lifted. Seems like the CEO and other top guys want to focus on IB, unlike previous executives. Stepping out of the mortgage business should also be huge
Just saw the Jeff Hogan news, that's huge for M&A !
To those reading this, it’s all very simple. The place was run poorly by a Mgmt team that was uninterested in IB and barely understood how to leverage their balance sheet to get involved with sponsors. The old management teams didn’t even want ambitious people around. I’ve been here since my An years and love where things are headed. The people who are uncomfortable with the changes tells you all you need to know.
That mismanagement began to change when Charlie came, Jon Weiss, Tim O’Hara (former CEO of CS IB), Brian Gudofsky (former head of TMT at CS), Jeff Hogan (Head of TMT M&A at MS)…I think our TMT group is heading in the right direction. For what it’s worth, I know FIG has a new group head coming in soon from CS.
It’s also worth noting that I just got paid multiples of what some bUlgR tOp brAckeTs get paid. Wells not a BB tho!!
https://www.bloomberg.com/news/articles/2022-11-04/wells-fargo-hires-se…
https://www.reuters.com/markets/deals/wells-fargo-taps-morgan-stanley-v…
https://www.businesswire.com/news/home/20220418005383/en/Tim-O’Hara-to-Join-Corporate-Investment-Bank-as-Head-of-Banking-Rob-Engel-Named-Chairman-of-Banking
Awesome insight and much appreciated!
TMT definitely seems to be on a tear. This year from my Associate group, they were looking to add 8 new summer associates which to me signaled they except a lot of activity there. FIG and REGAL always seemed strong. Additionally, every senior I spoke with at WF mentioned the FSG growth is something the bank is super focused on. They want to use that balance sheet and get very active with sponsor deals. I know a MD from RBC joined the FSG recently and is positioned in the West Coast.
Since you have been working there since Analyst years, have you seen the level of work change? The ability to compete with other BBs changing? The quality of talent the bank is attracting?
Fellow WF banker here (6 years with the firm).
Spot on assessment. The balance sheet is no longer open for the pure sake of growing outstandings. Big focus on a quid pro quo for the use of the balance sheet to leverage strategic mandates. So it’s now becoming the competitive advantage it always should have been. Corporate bankers and investment bankers are more aligned then ever - folding everything into a CIB helped.
WF certainly has a sleepy, non-strategic, reputation to shake, but it’s easy to see it’s happening. Overall the culture is great, but you can certainly feel an increased demand for performance internally.
Compensation wise, the firm has taken care of its performers very well over the last few years. Received over 1x salary as an Associate 3 (VP promote).
Question, outside of the hires what’s the WF TMT platform doing well? I mean this as a genuine question, not tryna shit on WF
Does the fsg group work under FIG pr how does that work in wf?
I'm currently getting into SA processes for Wells Fargo and Credit Suisse. Can someone shed light into what factors I should be considering? It seems like a lot of people on this site seem to favor CS, but every other factor says otherwise.
Bump
I mean there is so much uncertainty with CS. They are in the process of spinning out their IB to CS-First Boston but who knows how that will go.
CS MDs are leaving to other firms (Brian Gudofky, head of TMT just left to WF). He spent 25 years at CS prior to the move to WF. Other CS MDs are doing the same. They won't have that balance sheet to perform the way they historically did.
I personally would favor WF. They are growing out IB under new leadership, head a top 10 M&A year in 2022, lots of MDs coming in (Gudofky, Jeff Hogan (MS M&A for TMT), Evercore MD who spent 12 years there, and a FIG guy. They have the momentum and are in serious growth mode. They are using those corporate partnerships to win in IB, something they should have always done. But what can you do when you have incompetent leadership. But Charlie is changing that.
Update: Got both offers and ended up signing Wells. Thanks guys!
BUMP
Any intel concerning the outlook for WF Healthcare?
They need to grow the healthcare platform
Platform is growing rapidly, sharp people
Del
The group in CLT? They are solid. They work closely with the Houston team, but from everything, I heard its a solid group. Highly coveted group
I have an offer from a top business school to the WF HC services team in Charlotte. All my classmates are shitting on me for even considering it because it's "trash and not GS or Evercore", but honestly, the team is chill, the comp is decent, Charlotte is nice, the hours are more manageable, and it seems to be growing so there is some excitement there. I am extremely tempted despite having "top" options. Am I stupid? lol
I heard that big hires happened in industrials and power as well over the last year. It seems like industrials, power, and TMT will provide the most exposure to M&A opportunities (from a coverage standpoint) given their existing reputation and hiring sprees. Overall seems like WF has leveled up significantly and caught wind at the right time.
I sincerely hope you're not lumping Energy into the other coverage groups because you're in that group and trying to justify being at Wells (assuming you mean Energy as in O&G and not the Power & Utilities group)
Wells O&G IB group gets invited to every pitch because their Corporate Bank leads 90% of the privates' credit facility so we play nice and hear them out. They haven't been mandated on any large A&D as the lead to my recollection and actually their head of Energy A&D left to go head Opportune's A&D practice. Good enough people, but the IB rankings are skewed in this case because their Corporate Banking relationships.
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I was responding to OP, not you, and he said energy
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Power group is solid. Met management that works in CLT and they are very impressive.
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