Wells Fargo Investment Banking NYC
Any word on WFC IBD?
Strengths? Prospects?
Been reading about this group lately...any further color on their situation, outlook, or culture is much appreciated.
Thanks!
I have a few friends in both the Charlotte and NYC offices. I haven't heard anything about pay cuts yet, so that's a strength. They work brutal hours, as you would expect, but I think Wells has their mind set on becoming known as a strong BB.
They seem to be on the way up, but this is too extreme. Not even close to BB status. Would definitely prefer Wells NYC > Charlotte.
They killed it this year, and are on their way up..
Stumpf, the CEO, recently addressed his thoughts on their IBD division. Additionally, Buffet loves these guys (for their debt businesses).
http://www.bloomberg.com/news/2012-01-18/wells-fargo-chief-could-care-l…
I know there CMBS desk is hiring in NYC. Have friends working for WF in Charlotte and haven't heard terrible things about the hours (still not great, but hardly the worst I have heard of, which may be a regional thing).
Thanks guys. Any word on their summer analyst program?
Do you have an offer? If not, you should get it first before you inquire about their reputation.
Once you have an offer this type of question is relevant. Apply everywhere, Network, Network, Network
What are the strongest groups at wells Fargo? Im very curious.
My understanding is that their Industrials and Healthcare, Consumer Retail, and Gaming groups get the most deal flow. They also have a generalist M&A group.
Strongest coverage groups at Wells:
Real Estate (Eastdil Secured) - top top top real estate group; I believe they recruit separately from the rest of securities
Energy & Power (mostly in Texas but some in NYC) - this group is totally silo'd and does all of their own origination/execution. They are one of the best energy teams on the street.
Industrials (depending on silo)
Some Consumer (but Consumer analysts also grouped with Healthcare & Gaming, which are less strong. I think WF is OK in gaming - recently added new gaming coverage from Citadel)
Wells is very strong in debt, particularly leveraged loan products. As a result, FSG tends to be the most highly sought after team at the bank, with the best exit opps (primarily private equity for obvious reasons). The DCM team is also popular, but is located in Charlotte and does not have NYC positions.
Re: comp, all sources indicate that WF paid the highest bonuses (at the associate level) on wall street this year. The bank had a very good year.
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